South African women are beautiful, strong and resilient.
The 9th of August we are paying tribute to the more than 20 000 women who marched up to the Union Buildings in protest against the extension of Pass Laws to women in 1956. We have come a long way since.
Women make up 45.47% of the total labour force in South Africa according to the World Bank collection of development indicators.
The Department of Higher Education indicates that there has been a marked increase in female doctoral degrees over the years – 53%!
According to 1 Life’ survey on 7000 females aged between 24 -44 years, 69% of the respondents are the main breadwinners in their households.
There is still a lot of gender inequality in South Africa with reference to income and position but let’s rather focus on the positive.
Being women’s month, I thought it would be appropriate to share some ideas to encourage and empower women to help them with their finances and achieving their goals and dreams.
Don’t feel intimidated or scared to ask questions. There is no such thing as a dumb question!
Find yourself a good financial advisor with experience and knowledge. One you can trust and relate to and one that understands your unique needs.
Together with your financial advisor, draw up a financial plan (roadmap) taking into consideration your current position and future goals.
Have an annual meeting with your financial advisor to review your progress and to keep you accountable.
Plan for different life stages. (Marriage, children, retirement etc) Set short term, medium term and long term goals and stick to your plan
When you get married, make sure you know and understand your marriage contract. Get help or advise before you enter into any contract.
Make sure you have a valid will and if you are married make sure you know how your husband’s will read.
Have your own bank account.
Start saving early.
Make sure you protect your biggest asset…. your ability to earn income.
Make provision for unexpected calamities such as cancer that can impact you financially.
Stay home moms and wives – it is also very important to plan your future. You have unique needs to address.
There is a lot more detail to share but should you wish to discuss any of the above points, please don’t hesitate to contact any of the Bovest advisors.
I’ll close with Benjamin Franklin’s quote: “If you fail to plan, you are planning to fail”.