Ladies, Why You Should Take Control Of Your Money

Aug 7, 2023 | Money

Typically, women, especially those less educated and from lower income brackets, tend to display lower levels of financial literacy than their male counterparts. That is to say, women are traditionally considered to lack the skills and know-how when it comes to managing their money when compared to men.

In South Africa, however, research shows that women are on an equal playing field with men when it comes to financial literacy. There’s seems to be no statistically significant difference between men and women in this regard, and yet in spite of this, women are still lagging behind men in areas directly related to their financial wellbeing.

The reality is that the gigantic strides women have made in education, independence, and career opportunities notwithstanding, women in South Africa absolutely need to take control of their money.

Here is a closer look at a few of the reasons why women should seek control over their money, and what actions can be taken in order for women to experience improved financial health.

Believe In Financial Independence

The ability to rely on no one else but yourself when it comes to financial planning and decision-making gives you the freedom to live the life you want. This is a highly motivational reason to manage your own money, but it necessitates a complete shift in mindset.

This is a cause-and-effect situation, whereby you innately believe in yourself to earn a competitive salary, save for retirement or other goals, and display general financial capability – and out of this perspective, act accordingly.

It truly starts with changing your own beliefs around what you deserve and what you are capable of. Once you believe it, you’ll have the confidence to learn and act.

Protection Against Financial Abuse

Unfortunately, financial abuse is a common problem in South Africa. Women who don’t take control of their money are more vulnerable to financial abuse from partners or family members. Taking control of your money can protect you from financial abuse and give you the power to make your own decisions.

Just as importantly, this gives you a shot at better financial outcomes. Managing your own financial health doesn’t only prevent abuse, but it also puts you in a position where you’re more likely to save money, invest in your future, and make smarter financial decisions.

Improved Mental Health

Financial stress can take a toll on your mental health. Essentially, women who take control of their money are less likely to experience financial stress and anxiety. They are also more likely to feel empowered and confident in their financial decisions.

This doesn’t only benefit you, though. In looking after your money and by extension, yourself, you become a powerful role model to those around you. By showing other women and girls that it is possible to be financially independent and successful, you can inspire others to take control of their own finances and break the cycle of financial dependence.

The Need For Corporate Support Is Vital

In South Africa, women have fought to be acknowledged for their power, strength, and individuality. Businesses need to actively support these advancements through their internal and public policies, as well as through corporate social investment (CSI) programmes. Finding ways to amplify female voices, diversifying leadership by promoting women, establishing goals for improving gender diversity, participating in out-of-work activities that empower women… these are all powerful tools that have the ability to empower women and transform society.

Feeling informed?

If women are going to inspire future generations to break the cycle of financial dependence in South Africa, it’s vital that they take the next step forward. The good news is that it’s never too late to start taking control of your money, and there are many resources available to help you get started. You can start by checking financial status by getting a free credit report emailed to you instantly.

Don’t forget that AA Inform is also home to a range of useful tools and resources, including our Monthly Personal Budget Calculator, free property valuation reports, multiple car and home insurance quotes through the AA Insurance Supermarket, and much more.

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