The fastest way to change society is to mobilise the women of the world

Statesman Charles Malik once said, “The fastest way to change society is to mobilise the women of the world”. With that said, the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) released their Progress of the World’s Women 2015 - 2016 report earlier in the year and one of the most glaring insights was that, “women in Sub-Saharan Africa earn 30% less than men”.

Such a statistic is most shocking, as 36% of South African households are headed by women, with their hands tightly holding the draw strings of their purses as they nurture their families and make things happen. Deborah James, author of “Money from Nothing” shares that from her research, “Women often conceptualise themselves as the bastion of the domestic domain, responsible for saving, thrift, measuring expenditure. Whilst men (husbands) are seen as wasteful and ‘eating’ (wasting) household resources on nonessentials”.

As we commemorate and celebrate Women’s month this August, it is pertinent that we also acknowledge women’s present day dilemmas which are many, and some emanating from their relationship with money. Suze Orman in her 2007 book, “Women and Money” shares that, “the shifting roles of women at home and at work have dramatically changed where and how money interacts with a women’s life”. Research around women and their interaction with money illustrates that a key factor in how they use their money is informed by various circles of influence in their lives. Often, women’s finances are split to facilitate the care and upbringing of children and other dependents.

Scholarly research tends to theorise money as, “a link between the present and future”; whilst research shows that many women ordinarily expect their money to service their current circumstances. Creating balance, for many women, is geared towards stress free money management that facilitate a comfortable lifestyle today, with the future in mind, but not limiting current comfort. Moreover, women tend to also have a ‘reactive money management’ behaviour which unfortunately is often glanced over as just impulsive spending. Credit is often used to ‘cope with life’s shocks and help them manage risk’. Unfortunately this translates to credit being used to cover family funerals, home renovations and also basic necessities.

These insights paint a bleak picture, prompting the question; how can this be changed? Phumelele Ndumo author of “From Debt to Riches” poses a pertinent question, “what has your budget revealed to you about yourself?” A smart rhetorical question which has no quick smirk answer as it points to the intimacy with which money is positioned in our lives. Yet again in her 2007 book, “Woman and Money” Suze Orman warns, “If we [women] persist in denying money its place in our lives, if we don’t give it the respect it most certainly deserves, then it will surely lead to unhappiness”.

Although research shows that, “income seldom determines a women’s relationship with money” it is important to confront and alter this fact. For women to be efficient drivers of change within their households and communities, an intimate relationship with their money is needed to ensure they continue to provide for their dependents and further ensure they too will be taken care of in years to come.