South African women are remarkable. They are holding down demanding jobs, providing for their families, and taking on the responsibility of caregiving for children and elderly relatives – all while facing systemic inequalities such as the 30% wage gap and single parenthood.
Despite these challenges, women are increasingly recognising the importance of financial independence as a key indicator of success. In fact, over 60% of South African women view financial security as a top priority, according to Momentum’s research.
South African women are natural planners and multitaskers, qualities that serve them well when it comes to long-term financial security. Many are already taking proactive steps to secure their futures, with 45% of women reported to be debt-free, according to Momentum’s The Success Women Want 2025 report.
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 hidden vulnerability
Women’s lower wages and overall worse financial position mean that at retirement men are significantly better off. 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, you may still have 20-30 years ahead of you. 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.
Leveraging your “Power Decades”: 30s and 40s
Your 30s and 40s are your “power decades” – a time when you’re likely at the peak of your 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.
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 control of your financial journey
South African women are striving for autonomy, and financial independence is a key indicator of true success.
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.
A Momentum financial adviser can provide the personalised guidance and support you need to retire comfortably. By taking control of your financial journey today, you can set yourself up for the secure, fulfilling future you deserve.
