As Women's Month begins, South African women are experiencing systematic injustices

Many women are already taking proactive steps to ensure their futures, with Momentum's The Success Women Want 2025 report revealing that 45% are debt-free.

By Dumisani Sigogo

According to the research, women's lower income and overall weaker financial situation mean that men will be much better off in retirement.

South African women face systematic inequities, such as a 30% salary difference and single motherhood.

Despite these hurdles, Momentum's research shows that women increasingly understand the value of financial independence as a major measure of success.

According to the data, more than 60% of South African women prioritise financial security.

It goes on to explain that South African women are remarkable.  They are working tough jobs, supporting their families, and caring for children and ageing relatives, all while dealing with societal injustices.

South African women are natural planners and multitaskers, which helps them achieve long-term financial security.  Many women are already taking proactive steps to ensure their futures, with Momentum's The Success Women Want 2025 report revealing that 45% are debt-free.

It notes: “Given the increasing cost of living, it’s no wonder that women may be feeling overstretched financially and looking for ways to cut corners. But if you’ve been tempted to skimp on your long-term savings in order to provide for the here-and-now, this is why you should think twice.”

The pension gap: a concealed vulnerability

According to the research, women's lower income and overall weaker financial situation mean that men will be much better off in retirement.

It elaborates: “If you’ve been unemployed or taken career breaks to raise children, you may have even less money saved. In fact, on average, women have 26% less savings at retirement age. In this situation, you may have to delay retirement, carry on working part-time, or have to live on a smaller pension.”

Momentum’s claims statistics show an increasing number of people are living into their 80s and 90s, so if you are planning to retire at 65, one may still have 20-30 years ahead of them.

It adds: “Of course, a long life may also bring greater health needs, underlining the urgency of critical illness benefits.

“This makes it even more important that women think ahead and do proactive financial planning while still working - and preferably, while you’re in your career peak.”

Utilising Your "Power Decades": 30s and 40s

It goes on to caution that one’s 30s and 40s are "power decades" - a time when one is  likely at the peak of  earning potential and hitting major life milestones - like having children and buying a home.

“These years also present a prime opportunity to get intentional about your long-term financial health. By making strategic choices now, you can set yourself up for greater independence and security down the road,” says the report.

It adds: “Under these circumstances, it might seem impossible to plan for what will happen in 20 years’ time. Yet the decisions you take now will have an outsized impact later on.

Taking charge of your financial situation

In providing guidance, the report says South African women are striving for autonomy, and financial independence is a key indicator of true success.

It cautions: “But at the same time, most South Africans - women included - hesitate to seek expert advice when it comes to money. Momentum’s Financial Advice Research Report found that 77% of South Africans rely on their own skills and expertise for financial decisions, and 12% ask friends and family.

“Only 9% worked with a financial adviser, and those who did were wealthier and more secure. Households that were self-reliant had the lowest wealth levels, while those who worked with an adviser had almost 10 times the amount invested as their peers.”