Women need to take charge of their unique financial futures and ensure they have the right cover in place for their families and themselves

Marie van Schalkwyk

As South Africa prepares to commemorate Human Rights Day, it’s crucial to highlight an often-overlooked aspect of women’s rights: financial security. Women form the backbone of many families, providing care, financial support, and stability.

Yet, in securing their families’ futures, many neglect their own financial wellbeing.

According to Statistics South Africa (Stats SA), South African women live, on average, almost six years longer than men. While this longevity is a gift, it also comes with financial challenges.

Women are more likely to outlive their spouses, face extended retirement periods, and, in some cases, spend years managing finances alone.

Women and financial planning: a necessary shift
Marie van Schalkwyk, Marketing Manager at Momentum Life Insurance, highlights the significance of this reality. “Women are natural planners and nurturers, yet many still overlook the importance of independent financial security. What will happen to their families if they pass away? How will they manage if they become disabled and unable to earn an income? Life insurance isn’t just about protection – it’s about empowerment. It provides peace of mind that, no matter what happens, families remain financially secure.”

Traditionally, financial planning has often been left to male partners, largely due to societal norms and historical barriers to financial independence. However, as more women enter the workforce and contribute significantly to household income, the importance of securing their own financial futures is becoming clearer.

“Women need to be part of the long-term financial planning for their households,” says van Schalkwyk. “By securing risk protection that reflects their unique needs, they are not only protecting their families but also taking a stand for their own financial independence.”

Life insurance: a tool for financial freedom
Life insurance plays a critical role in ensuring financial stability in the event of death, disability or critical illness. It can cover outstanding debts, provide for dependants, and help families maintain their standard of living. Women who take a proactive approach to financial planning are better positioned to secure their futures and provide for future generations. According to the 2022 ASISA Life and Disability Insurance Gap Study, South African women have, on average, only 40% of the life cover and 45% of the disability cover they need. This significant gap underscores the urgent need for greater financial awareness and proactive planning. "van Schalkwyk believes Human Rights Day is a reminder that financial security is a fundamental right, not a privilege, and emphasises the importance of taking personal responsibility for planning and securing one’s financial future."

Financial security isn’t just about preparing for the unexpected — it’s about creating a stable future for yourself and your family. "The ability to make independent financial decisions, free from reliance on a partner or external circumstances, is a crucial step towards true empowerment.”

She encourages women to seek financial advice tailored to their personal and family goals. “There is no one-size-fits-all approach to financial planning. Every woman’s journey is different, and her insurance cover should reflect that,” says van Schalkwyk.

A future-proof approach
Women are often the long-term planners in their families – thinking ahead not just for themselves but for those they love. Yet, many still lack adequate financial protection. “By prioritising life insurance, women are taking an important step toward securing their future. It’s about peace of mind, knowing that whatever life brings, you and your family are prepared and protected”, concludes van Schalkwyk. “Their financial security matters, and they have the power to shape their own destinies.”