Mark Neil | Essential financial advice for female breadwinners

More than 42% of South African households are headed by women. They sit at the head of their families’ tables and carry the majority of the financial responsibilities; balancing school fees, medical needs, housing, groceries, transport, and other monthly costs, while also trying to work savings and planning for the future into their budgets. These 7.5 million South African women are the primary earners, decision-makers, and safety nets for their families… And yet, on average, they are paid between 23% and 35% less than men.

For financial advisers, these women represent a clear opportunity, and a pressing responsibility. When it comes to insuring their real risks, female breadwinners need tailored advice to protect their present and secure their future, with products that are suited to their needs and budgets.

Start with income protection. The ability to earn an income is every working South African’s most valuable asset. This is often the only asset standing between a family’s security and distress, making income protection the foundation of every resilient financial plan.

For all clients, but especially for breadwinners, is imperative to lead with income protection that pays up to 100% of their insured income when they’re unable to earn due to injury or illness. This ensures they can still meet their monthly financial commitments, like paying for housing, school fees and other expenses, when they can’t work.

Encourage the habit of saving, no matter how small. Emergency funds are essential. They cushion the effect of life’s curveballs, from unexpected car repairs to unplanned medical bills. Helping your female breadwinner clients to define a realistic monthly budget and then set up automatic contributions to an interest-bearing savings account, or a similarly efficient investment plan, better positions them to bounce back from unexpected expenses. 

Address the rising cost of education early. Clients should start saving as early as they can for their children’s education – because costs are increasing dramatically. According to Stats SA, the cost of school fees increased by 5% in March 2025, outstripping inflation by more than 2%4. 

Advisers should encourage early planning and explore options like education savings plans, tax-free savings accounts, or even endowment plans. The goal is to ensure children have access to quality education without compromising the household’s financial stability.

Guide clients toward Life Income over Life Lump Sum benefits. Many clients still default to traditional lump sum life cover. But managing a large payout after the death of a breadwinner can be overwhelming for the beneficiaries, and often leads to poor decisions and financial mismanagement. Life Income from Bidvest Life provides a monthly income to beneficiaries for a specified period after the insured's death, rather than a lump sum payout. 

The predictability and structure of a stable, regular income aligns more closely with real-world needs. It simplifies estate planning and ensures continued financial support for those left behind, putting breadwinners at ease that their children will be taken care of.

Ensure their will reflects their wishes. An up to date, legal will is essential for ensuring that children are cared for and that assets are distributed according to your clients’ wishes. And, the right time for everyone to draw up their will is right now.

Clients should be guided through the legal requirements: the will must be in writing, dated, and initialled on every page then signed in full on the last page by your client as well as by two witnesses who are not beneficiaries. More importantly, helping your clients to understand the implications of not having one – including delays, legal disputes, and unintended consequences – helps to ensure that their wishes are carried out.

Advisers are in a position of trust and influence

Helping female breadwinners thrive financially requires more than a one-size-fits-all approach. It calls for empathy, education, and ongoing support. Taking the time to understand your clients’ realities, from gender pay gaps to multigenerational care, can add immense value.

With the right financial strategies, you can empower your female breadwinner clients to build a financial future they can count on and leave a legacy they can be proud of.

*Mark Neil, Chief Distribution Officer at Bidvest Life.