Shape your financial future like a pro

Despite significant strides in representation and empowerment, South African women continue to shoulder a disproportionately heavy burden of financial stress. DebtBusters’ latest Money Stress Tracker found that nearly 75% of female respondents reported high levels of financial anxiety – 10% more than men. 

The drivers behind this imbalance are deeply rooted in both societal dynamics and systemic barriers. As Wendy Myers, Head of Securities at PSG Wealth, explains, “Economically active women often carry a double burden as breadwinners and primary caregivers. This limits their ability to rise to senior roles, impacting income potential and causing financial strain.”

Ané Craig, Head of Fixed Income at PSG Asset Management, adds that financial literacy also plays a role. “Another key reason that women experience higher levels of financial stress is due to a gap in financial literacy, and adjacent to that, barriers to financial inclusion,” she says.

A lack of financial confidence further compounds anxiety around financial issues, notes Robyn Laubscher, Advice and Product Specialist at PSG Wealth. “Even when fully capable, many women underestimate their financial knowledge because they’ve received less encouragement to engage in financial decisions from a young age.”

For Linda Kleynscheldt, Head of Actuarial and Product at PSG Wealth, it typically boils down to fear of the unknown. “For women, the key to breaking through the unknown and understanding possible future outcomes lies in bridging the financial literacy gap. This is often the first step towards financial wellness.”

What does financial wellness actually look like?

While definitions may vary, the women all agree that real financial wellbeing is about more than money. “It’s about being able to meet both your current and future needs with a sense of ease and security,” says Myers. “Financial wellness can significantly contribute to improved mental health as financial stability reduces stress and anxiety.”

For Craig, it’s also about resilience and independence. “Can you meet your family’s basic needs – both now and in retirement – while navigating unexpected events? Financial autonomy is the goal: having the power to make informed decisions without fear.”

Kleynscheldt adds that long-term financial wellness comes down to consistent, quality decision-making. “It’s not about how much you have now, but whether you’ve got a solid plan in place. And can you break that plan into small, actionable steps?”

Don’t wait for the perfect moment 

One of the most common missteps, says Laubscher, is waiting for the right time to get started. “The sooner a financial plan is put into place, the better. Take full responsibility for your finances, regardless of your relationship status or life stage,” she advises. 

To do this, Craig urges women to become informed. “Build a basic understanding of your investment options and understand your requirements. Your needs change as you go through different phases of life, so this will determine what kind of product would be best for you.”

While the first step is to take ownership, this doesn’t mean going at it alone, insists Kleynscheldt. “There is so much information, guidance and advice out there. Start with what makes sense in the context of what is important to you. A certified financial planner is trained to assist you in taking this information and crafting an investment or savings plan to reach your goals.”

Investment tips for woman

Financial stress aside, many women have a natural inclination for investing and should lean into that. “Women are statistically better investors than men,” says Myers. “They’re more disciplined and less likely to trade reactively, which helps portfolio performance over time. So, I encourage all women to leverage their natural skills and start investing today.”

She warns, however, that women still invest in equities at lower rates than men, often due to risk aversion or lack of access. “Shares remain the best long-term hedge against inflation – so avoiding them can hurt your goals.”

Craig agrees. “Women often default to low-risk fixed income products. While they feel safer, the returns may be too low to meet long-term needs. The key is to understand how much risk you can take – and sometimes, how much risk you can’t afford not to take.”

Kleynscheldt cautions against being swayed by marketing promises. “Be critical of the costs and benefits of any product. If something sounds too good to be true, it probably is. Compare your options and read the fine print.”

Habits that work

Financial wellness isn’t built overnight – it’s the product of consistent habits, applied over time. For Craig, it’s the principle of paying yourself first. “I save before I spend. A debit order goes straight into investments on payday, before I budget for anything else. If you wait to save what’s left over, there’s often nothing left.”

Myers says that discipline, and a passion for investing, have been key to her financial journey. “There’s nothing more satisfying than watching your investments grow. The more engaged you are, the better the rewards.”

Kleynscheldt has always planned with purpose. “From my first pay cheque, I’ve looked at my salary net of taxes and retirement savings, before I even consider what I have to spend. I also like to set myself specific joy-goals, like travel, for which to save. Saving up with a goal and deadline in mind has given me life-long memories and experiences to treasure, without the burden of debt afterwards.”

Finally, Laubscher stresses the importance of putting one foot in front of other. “Planning can feel overwhelming, but like Mark Twain said, ‘The secret to getting ahead is getting started; and the secret to getting started is breaking your complex, overwhelming tasks into small, manageable tasks, and then starting on the first one’."

The truth is there’s no one-size-fits-all approach to financial wellness, but there’s no better time to start than right now. You don’t need to have all the answers, but you do need to take the first step and having a financial adviser walk your journey with you sets you up for success.