Own your financial journey and thrive: a guide by Momentum’s women of success

Ana Scott, Financial Advisor at Momentum

Charlotte Nsubuga – Mukasa, Head of Marketing at Momentum

It’s a long-held truth that if you uplift women, you uplift society. Women have come a long way in empowering themselves, excelling in areas from the arts and sport to business and politics.

Yet, when it comes to their finances most women still shy away. A Financial Wellness Component Score as seen in the Momentum/Unisa Household Financial Wellness Index revealed that households led by female FKPs (Financially Knowledgeable Persons, i.e. the budget holder) have less education, lower salaries, lower net wealth and education scores, when compared to their male counterparts. This has hurt the overall level of the financial wellness of female FKP households. “Women need financial independence because it gives them the autonomy to shape their future,” says Charlotte Nsubuga-Mukasa, Head of Marketing at Momentum.

As women continue to fight to shatter the barriers of success, they are increasingly empowered to reach greater achievements, yet too many remain uninvolved in the financial decision-making processes in their households and about their financial well-being.
“We are increasingly witnessing women rising to the top of their chosen fields, boldly claiming their success and owning it, but are still hesitant about being financially independent,” says Nsubuga-Mukasa.

This past woman’s month, as part of the “She Owns her Success” campaign, Momentum not only encouraged women to own their success but, encouraged them to start their journey to financial independence and financial freedom, unashamedly owning that space as well.
“As women, we need to understand our financial positions better, while being cognizant of the shifts towards success that can and do take place. These shifts include, as discovered by the index, a critical need to improve women’s ability to take control of situations, their financial literacy, their access to affordable and quality financial advice, assistance with financial planning and goal setting, as well as providing them with the opportunity to gain relevant experience in the work place. Money provides security and freedom to manage one’s own life, to challenge oneself to a greater purpose and to achieve goals that might seem unattainable.”

According to Ana Scott, a Momentum financial advisor, many women still rely on the men in their lives to assist with financial planning and decision-making. “There is a paradigm shift happening and we are starting to see a change in this regard, but we are far from where we need to be. Women must become more financially literate and take responsibility for their financial well-being,” she says.

“As women, we need to step up to the plate and take charge of our financial futures ourselves, making decisions independently from our husbands, brothers, uncles and fathers. When managing finances with a partner it is essential to take an active role in the process and be part of the decision-making,” she continues.

As an adviser, Scott says she has seen first-hand the repercussions that a lack of financial knowledge or understanding of policies and investment portfolios has had on women. “Women must be upskilled to be confident enough to make their own informed decisions. When we empower women with financial literacy, we enable them to make an even bigger impact and bring a great change in their lives.”