MBOMBELA – The decline of women’s financial literacy over the past three years is a worrying trend in the country, hence the need for them to be financially fit.
This was revealed by Ms Tamrynne Peyper of the Consumer Education Department Financial Services Board during her presentation she made to hundreds of women who attended the recently held Mpumalanga Women’s Economic Empowerment Summit held at Ingwenyama Conference and Sport Resort.
According to the Consumer Financial Protection Bureau, 2015: 18, financial wellness is a state of being wherein a person can fully meet current and ongoing financial obligations, has secured the future, and is able to make choices that allow enjoyment of life. Peyper said women needed to fully understand financial fitness.
“This is so because women are most likely to be responsible for the day-to-day money management of their households. They are largely responsible for raising their families and play a central role in teaching their children financial habits which will take them forward into adulthood,” she said.
Here are few tips to help women in becoming financially fit
• Take stock and ask yourself the question “where am I?”
• Know your income
• Know your financial obligations
• Know your credit report
• Set realistic goals for yourself
• Seek professional financial advice
• Conduct research
• Aim to have some sort of financial independence
• Have a valid will and be realistic about your spending.
