A survey by retailer Game carried out in the run-up to Women’s Month has found that 71% of women consider themselves financially savvy, and 77% have a detailed budget in place that carefully tracks income and expenditure.
Despite this, 50% of women confirmed that they are in debt, and very few are consulting with a professional on money matters.
The survey, which was taken by more than 1 400 South African women and detailed their saving, spending and shopping habits, found that 87% of respondents were responsible for managing the household budget. When asked what they spend the bulk of their budget on each month, groceries and household items came out tops, followed by mortgage bond, car repayments and clothing.
Katherine Madley, vice-president of marketing at Game, says: “As the world continues to shift during these hard times, so do consumer saving, spending and shopping habits. As a retailer, we need to remain aware of the current trends and ensure we are responding accordingly and responsibly, in order to remain relevant to our consumers.”
Mapalo Makhu, founder of Woman & Finance and author of You’re Not Broke, You’re Pre-Rich, says it is interesting to see from the survey that only 16% are consulting with a finance professional. “In my experience, this happens for two reasons. First, women often assume they need a lot of money in order to access a financial planner. This is not true, as most financial planners do not carry an upfront cost. Second, women often feel overwhelmed by all the jargon involved in financial planning. It is important for women to educate themselves on personal finance matters in order to understand how financial planning can help them in working toward their goals, and ensure they are asking the right questions when dealing with a professional,” Makhu says.
PERSONAL FINANCE