Financial freedom for women a non-negotiable

In this day and age, financial planning and freedom for women cannot be left to chance, as has been the case in the past, says Paul Hanratty, MD of Old Mutual South Africa.

"Our countrys Constitution has equality, including gender equality, as a fundamental principle. Great strides have been made in achieving this since democracy", says Hanratty. "However, from a financial point of view, women continue to be treated as second class citizens in many respects."

According to Hanratty, while women have made inroads in business, the private sector and the government, they are yet to achieve financial freedom, particularly with regards to retirement planning.

He also points out that in times of family crisis such disability, retrenchment or death of the husband women often have to bear the brunt of the households financial distress.

Some statistics bear this out:
60% of women over 55 are left destitute after the death of their husbands.
44% of women are single 44% of are these single mothers.
In more than 42% of families, women are the chief breadwinners.
Women are more likely to contract HIV than men, many through abuse or violent attack.

"Furthermore," adds Hanratty, "research has shown that women live longer than men. Women are generally more likely than men to have breaks in employment and to need to access accumulated savings, such as retirement savings, to meet lifestyle crises. In many communities, women are the custodians of financial management and ensure that the basic needs of their families and community are met."

In a year in which there has been a specific focus on womens issues, its important that Old Mutual also shine the light on the critical issue of financial and retirement planning for women in South Africa.

As its contribution to this critical imperative, Old Mutual is hosting a Retirement Reform conference with the theme: "Securing Financial Freedom for the Women of South Africa. This is to be held in Sandton on the 10th and 11th of October.

The conference will consider both local and international issues relating to gender equality in the retirement field, including issues such as workplace equality, the management of life crises and poverty.

In addition, the conference will see a number of influential and high profile speakers addressing the need for compulsory saving and preservation of accumulated savings, governance and cost issues and the most appropriate manner to take care of the poor. The output from the conference will be documented and made available publicly.

Participants include leading personalities in this field such as Professor Elsa Fornero, Professor of Economics at the University of Turin in Italy, Gloria Serobe: CEO of Wipcapital, Dr Namane Magau: President of the Business Womens Association and Dr Danisa Baloyi: Executive Chair of SA Women Investment Holdings.

The male participants include independent actuary Rob Rusconi who will be sharing insights into local and international research, plus a host of leading industry experts from various institutions.

The conference promises to be an ideal stepping-stone in the journey towards financial freedom for women in this year of the 50th anniversary of the historic womens march to Pretoria.

For more information about the conference, visit www.oldmutualevents.co.za , or contact the organisers on (021) 592-5214 or email [email protected]