Women and their finances
According to the World Economic Forum’s 2017 Global Gender Gap Report, South Africa features among the top 20 of 144 countries in terms of gender equality.
Worryingly, however, the country is ranked at just 89 for economic participation and opportunity, and a shocking 114 for wage equality for work performed in similar positions.
Advocating that more South African women therefore need to feel encouraged to find their voice in the workplace, Citadel advisory partner, Anelisa Mti, also notes that the financial services industry should be doing more to help empower women to take charge of their own financial health.
“More women need to find the courage to be outspoken about what they are looking for and the value that they bring to their organisation, because as a woman it is often a reality that you need to push for your position as an equal to male colleagues,” Mti observes.
“It is also worrying to still see the stereotype persisting whereby men are expected to take care of financial responsibilities and women to look after their family, remaining in the dark about the real state of their financial affairs and often being left to try and pick up the pieces at a later stage.
“My initial impression of financial planning was simply of people selling financial products, which continues to be a misconception.”
While financial planning remains a largely male-dominated field, Mti believes that female financial planners are able to offer a unique perspective of client’s financial needs at a family and individual level.
“I’ve also found that as clients, women and especially younger women are often more willing to be open about their living and financial situations,” she says. “This makes it much easier to walk through and guide their financial decisionmaking, enriching the whole process even when they attend a meeting with a partner.”
Mti‘s advice to women is to take an active interest in managing their finances and to equip themselves with as much knowledge as possible through reading and research, and having frank discussions with a professional. “Your advisor should act as your voice of reason, introducing you to important financial principles and helping you to adapt your investment strategy as you move through different life stages.”
Working in a society infamous for being poor savers, with a household savings rate of just 1.3% of the gross domestic product, Mti is particularly passionate about guiding South Africans in understanding the principles of financial planning for reaching their goals.
The Statistics SA figures indicate that as many as 41.36% of South African households are female-headed, pointing to the particular need for greater financial education training for women.