Lindiwe Gumede | Women need to stay strong to overcome financial barriers

As we celebrate International Women’s Day on 8 March, it’s important to recognise that financial independence is a key pillar of gender equality. It’s essential for women to stay on track with prioritising their finances. While many financial barriers are beyond women’s control, self-doubt and a reluctance to seek expert advice often stands in the way of financial progress.

As an advocate for women being financially independent and encouraged to ‘vuka bazenzele’ (grab every opportunity), it’s important to recognise the different realities many women face, whether they are home makers or supporting their partners financially, or if they are victims of financial abuse who are left to fend for their children by any means necessary, such as taking on jobs that can help to make ends meet. Many women entering marriage may not be aware of contracts they could take to protect themselves financially, due to a lack of education on the legal implications involved, which automatically means they are married in community of property and have no understanding of the impact when things go wrong, such as being responsible for their partner’s debt.

It is so important to shift the narrative of women lacking financial independence and to encourage conversations at home around money, planning together and checking in on each other’s spending habits. Mothers often prioritise their kids, or people back home, yet forget to do things for themselves, which often results in neglecting their finances, or can lead to resentment, which is why it’s so key to find a balance.

According to the 2024 Momentum Group BMR Household Finance Survey, of the women who are the Financially Knowledgeable Persons (FKPs) in their household – the household member that knows the most about the household finances – only 8.3 % have a professional financial adviser, while 73% rely on their own knowledge. The research uncovered that women who consult a professional adviser on average have more wealth than those getting their advice from other sources.

The implication of not accessing professional advice is so serious for women because it limits their ability to generate wealth and secure the financial future of their families. Women aspire to financial independence, but barriers remain. It’s crucial to push forward and work with an adviser to achieve better financial outcomes.

Women can change their financial futures

Although men often hold the role of breadwinner in South African households, 62% of women are responsible for their household’s day-to-day money management and are considered to be the FKP, followed by 21% who share the responsibility with their partner. 

Despite this, 39% of respondents indicated that one of the biggest barriers to achieving their financial goals and reaching financial independence, was self-doubt. Even with being at the helm of their household’s finances, there is a disconnect between how women see their financial responsibilities and how they see themselves.

Self-doubt emerged as more of a barrier than insufficient qualifications, socioeconomic background, or gender pay disparities, and was topped only by lack of opportunity, financial constraints and gender discrimination.

Imposter syndrome – the persistent feeling of being a fraud despite evidence of success – is a common condition that disproportionately affects women. Research indicates that women are more likely to attribute their achievements to luck than to their own expertise.  If you’re doubting yourself then it’s not a good strategy to rely on your own advice to build wealth and financial knowledge, because that doubt creeps into every area of your life.

A vision for the future

Considering most women are relying on their own advice, it’s interesting to that just a small minority of women use a financial adviser and only 5% are satisfied with their finances. I think, as women, we struggle to ask for help when we need it. We have a natural inclination to please and accommodate others, but with that comes the tendency to diminish our own needs.

It is also important to not just seek advice in tough times but in good times as well. An athlete does not just have a coach for when they are learning the sport, they have a coach when they are competing at professional levels to ensure they continue winning.

This is where a professional adviser can work with you in formulating a financial plan. It will not only ensure you stay on track financially but also show you how much you’ve accomplished, that your progress isn’t by luck, and that you are capable of more than you believe.

Metropolitan currently has over 2500 qualified advisers around the country that can assist with planning and helping you to reach your financial goals. They are qualified to provide holistic advice around the products and services that can help make the most of your money because at Metropolitan, we believe that together we can build a more secure financial future.

*Lindiwe Gumede is Chief Marketing Officer, Metropolitan.