‘Pink taxes’ for women to beat

SURVEY: PAYING MORE THAN MEN IN MANY CATEGORIES

Also factor this into financial planning and retirement savings.

Anew survey by Sanlam shows women are paying more than men across multiple categories of products and services. Conducted by research house Imagination Alliance, 500 men and 500 women were randomly sampled, and the findings reinforce pink tax as a reality women may have to factor into their financial planning.

Whatever the reasons may be that women find themselves pay more for certain items, over time, these price disparities can have major ramifications on long-term savings. But there are some simple ways which may allow you to work around it. Here are seven hacks for women to beat pink tax:

Be mindful of pink tax: do a price check

Do price comparisons for similar products in one store and then between stores. Check what goes into your basket: the size of products as well as what they cost. Don’t be misled into overpaying on the items by fancy packaging or smart marketing. If you’re paying more, make sure that there is a good reason for it.

Talk the talk and do your homework

You may be perfectly clued up about what’s happening under the bonnet, but make sure the service provider quoting you to replace your head gasket knows you can’t be bamboozled. People are sometimes taken advantage of due to a perceived lack of knowledge of certain products. If you’re repairing or buying a car, do some serious homework beforehand and challenge prices you think are unjustifiable. Stick to what you need and ignore costly accessories and add-ons.

Question the price difference when you suspect pink tax

As an example, if a man’s shirt costs less to dry-clean than a woman’s shirt, ask why. The same goes for a haircut. According to the survey, 65% of women spend more than R200 on a haircut versus 8% of men. By questioning cost disparities for the same products and services, you help sensitise others to pink tax.

Plan for the future

Women tend to live longer than men, which means you’ll need more for retirement. Manage pink tax by including it in your planning for the future, especially things like doctor visits and medical expenses. Involve a financial planner to assist you with your retirement planning and how you can save for the future.

Have an emergency fund

An emergency fund is crucial. Leave this fund untouched until you need it – ideally, it should only be accessed for medical emergencies and other unforeseen (and unavoidable) expenses. It should amount to between three to six months of salaries.

Have annual check-ups

According to the survey, over 30% of women spend more than R1 500 per annum on medical screening versus only 16% of men. Keep track of your medical expenditure. Involve your financial planner or medical aid broker to compare schemes to find the right scheme for you.

Be a role model

Encourage yourself and your friends to plan better, shop wisely and take control of their financial planning. Learn from other women and online resources. Do not hesitate to point out where you experience pink tax – make people aware of it.

And finally, remember to prioritise your own finances, even when everything else seems more important. All too often, women multitask and prioritise others’ needs so we put our own on the backburner.

Madri Jacobs is a senior financial planner at Sanlam