South African women facing heightened financial stress lead the way in seeking support
|Published
In South Africa, women face unique challenges when it comes to managing money. Recent studies show that women experience more financial stress than men. However, they are also more proactive in seeking help to manage their finances.
Many South African women worry about their financial future, feeling the pressure of everyday expenses, debt and saving for the future. This stress can be attributed to various factors, including wage gaps, career interruptions and societal expectations.
Despite these challenges, women are more likely than men to reach out for financial advice and support. Financial planners and advisers note that women often seek guidance on budgeting, investing, and planning for retirement.
This willingness to seek help can be empowering, enabling women to make informed decisions and gain better control over their finances
According to DebtBusters’ 2024 Money Stress Tracker, South African women experience significantly more financial stress compared to men.
The survey revealed that women are 10% more stressed about their finances, 20% more worried about their work life and health and 30% more concerned about their home life.
Nosiphiwo Nxawe, senior manager of payments and collections at DebtBusters, points out that these findings are consistent with previous research.
A 2020 Statistics South Africa survey showed that women are less likely to be employed and often hold lower-paying jobs compared to men. On average, women workers earn about 30% less than their male counterparts.
Psychological insights
To better understand the situation, DebtBusters consulted with psychologist, Andrea Kellerman.
Kellerman explained that women’s higher stress levels are not only due to fewer job opportunities and lower salaries but also because women are more likely to openly admit and express their stress.
Kellerman added: “Women’s higher levels of stress can partly be attributed to their willingness to talk about their challenges. This openness can sometimes make their stress more apparent.”
“This is attributed to society’s expectation for women to provide emotional support and nurture their families, rather than focus solely on being providers – something traditionally considered a male responsibility. Men may also be embarrassed to admit failure if they are not able to fulfil this role.”
She went on to explain that men often compartmentalise stress, focusing on one issue at a time. In contrast, women tend to keep all their stressors open and analyse them, juggling multiple concerns simultaneously.
This can lead to feeling overwhelmed. Additionally, women’s tendency to discuss their worries with others can sometimes intensify their stress.
Another key factor is the growing dual responsibility many women now face. Kellerman added: “Many women are not only managing their households but are also breadwinners for their families. This adds another layer of pressure.
“When combined with the wage gaps and fewer employment opportunities identified by Statistics South Africa, it creates a perfect storm of financial stress.”
The Money Stress Tracker found that women felt more anxious about almost all major financial stressors compared to men.
This includes running out of money before the end of the month, meeting debt commitments and school fees, and coping with inflation and living costs.
Women also expressed higher concern about interest-rate increases, unexpected expenses and the impact of load shedding.
Interestingly, the only area where women were slightly less stressed than men was retirement, though they were still quite concerned.
Seeking support
On a positive note, while women experience more financial stress, they are also more likely to seek help.
Nosiphiwo Nxawe from DebtBusters highlighted this proactive approach: “The good news is that while women are more financially stressed, they are more likely to ask for help.
“This willingness to seek support can be a valuable resource in managing and reducing their financial stress.”
“This may be why more women successfully complete debt counselling,” said Nxawe.