Women still earn less than men, despite being sole breadwinners across 42% of SA households

As Women’s Month draws to a close, recent discussion on Creating Financial Resilience facilitated by Discovery has shed light on the critical issue of women’s financial empowerment.

During the discussion, the global trends that influence women’s economic prosperity was highlighted.

The discussion underlined both the challenges they face and the strategies they can adopt to build robust financial security.

Financial disparities and risks

The talk drew insights from a range of sources, including the World Economic Forum Global Gender Gap Report 2023, International Labour Organisation (ILO) reports, and World Health Organisation (WHO) data. These sources collectively emphasised the financial disparities and risks that women encounter on a global scale.

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According to Discovery, earnings inequality remains a significant concern, with women still earning 35% less than their male counterparts across various regions.

This was particularly concerning, Discovery said, considering that in South Africa, a country with diverse economic dynamics, approximately 42% of households have women as primary breadwinners.

This scenario is compounded by the fact that women live longer than men, which requires them to stretch their retirement funds over a more extended period. Moreover, considering women are likely more hands on with children and closer to their financial needs, women now tend to have 25% lower average savings compared to men, indicating a persistent gender savings gap.

In the face of these challenges, the financial institution encouraged a message of empowerment and proactive planning. It emphasises that while adversity cannot always be avoided, women have the agency to choose their responses.

Mental health and cancer

The discussion also highlighted the critical issue of mental health and cancer challenges that women often confront. Notably, the institution disclosed that cancer stands as the leading cause of female disability, while mental health claims are on the rise.

Education for children also emerges as a focal point, with the discussion emphasising the rising costs and hidden expenses associated with it – much of which women have to bear.

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As women take the lead in shaping their financial futures, Discovery’s presentation encourages them to embrace shared-value initiatives.

The financial company said that this Women’s Month, it hoped its insights would inspire women to craft a prosperous financial future, ultimately shaping a more inclusive and empowered society.