Gender inequality in the workplace. How financial independence plays a role

Many women are qualified to be in senior and managerial roles. However, there has been a lack of opportunities in the workplace.

Research by Momentum revealed that women’s success is closely linked to financial stability, health and education, but many women find themselves far from these ideals.

Mmasechaba Gxolo, Momentum Group’s Insights Lead for Research and Reporting, says financial independence is the largest gap preventing women from reaching their full potential.

“Many issues surrounding women still need urgent attention, with women’s financial independence in the spotlight. While progress has been made in workplace representation, the gender wealth gap remains a major barrier to true equality.”

Success in SA

She told The Citizen that success has been defined as climbing the corporate ladder and achieving in spaces where the accumulation of assets and status is possible.

Success means different things for women today, it’s about being true to yourself and what it means for you.

“For women in South Africa, it is about being able to build a legacy that they can be proud of and in so doing, are determined to secure their future and that of generations to come.”

ALSO READ: More women encouraged to enter STEM sectors

Challenges women face

She said 68% of South African women consider financial independence the ultimate marker of financial success. However, this goal seems elusive and reserved for a privileged few.

Personalised financial education is key to fostering financial confidence and independence among South African women.

“Tailored financial know-how empowers women to understand and navigate the complexities of personal finance, including saving, managing debt and investing.

“The key barriers also holding women back from achieving success are a lack of opportunities, with 50% stating so, as well as financial constraints (45%), pointing to systemic issues that hinder their ability to progress in life financially.”

Different levels of financial independence

Gxolo added that financial independence for women is mainly foundational.

This means having a level of security offered through having savings, being debt free or having a stable income.

“This financial stability gives women the security to live a comfortable lifestyle, ensuring their needs are met without stress.

“This goes beyond meeting immediate needs and allows women to focus on long-term financial growth.

“The ultimate level of financial independence is about having the right products that give women the protection they need to ensure they have peace of mind for themselves and their loved ones.”

Significant barriers  

She added that 39% of women in the study claim self-doubt as a barrier to success, which directly impacts their belief and confidence in taking up and advancing in leadership roles.

Through the right support systems and networks, this self-doubt can be reduced.

NOW READ: Gender inequality: More females needed in the business world