SA women to be empowered by a dedicated fund

It is time to take concrete action to enable women to achieve financial freedom, states the Presidential Working Group on Women (PWGW). And very soon, women of South Africa will benefit from a savings fund specially created to fulfil in their financial needs.

The announcement of the creation of the fund coincides with the Sixteen Days of Activism for No Violence Against Women and Children. The campaign began on 25 Nov and runs until 10 December.

Gloria Serobe, representing Women in Business and chairperson of the PWGW says, "The PWGW is a working committee set up by President Thabo Mbeki to focus on the social and economic issues facing women and consists of leading SA business women, labour organisations and NGO's".

Serobe says the purpose of the fund is two-fold: to influence the economy by harnessing the collective power of current retirement savings of women to create a greater role for women (about 1/3 of the trillion rand retirement savings industry is attributable to woman, but less than 10% of trustees are women); and to provide greater access to savings through increasing coverage for vulnerable groups such as women in rural areas, domestic workers, farmworkers and single parents.

The fund will also help with the fight to reduce poverty and to create greater equality for women in all walks of life

"Many women are trapped in abusive relationships because of economic dependence and the womens fund is a mechanism to redress this. It would allow women more latitude to leave abusive relationships and contribute to the empowerment of women," says Delphine Serumaga, Executive Director of People Opposing Women Abuse (POWA), and member of the PWGW.

"Also, the statistics on the current socio-economic status of women in South Africa are frightening," says Maggie Nkwe, of The Widows Forum of SA, a member of PWGW. For example:

*  87% of widowed or divorced women over the age of 60 are dependent on their children or on welfare;

* 60% of women over 55 are left destitute after the death of their husbands;

*  44% of women are single - 43% of  these are single mothers;

*  in more than 42% of families, women are the chief breadwinners; and

*  women are more likely to contract HIV than men, many through abuse or violent attack.

Joyce Seroke of the Commission on Gender Equality (CGE), a member of PWGW, emphasised that the proposed savings fund will be governed by women and will focus on the specific needs of women in targeted market segments. Furthermore, she says it will:

* develop investment mandates that meet the needs of women, such as investing in companies that promote gender equality and activities that are not harmful to women, as well as target socially responsible investments that proactively enhance women's development;

*  provide financial education and financial literacy support as well as appropriate tools to assist women arriving at their financial decisions; and

* provide access to life assurance, disability, and other financial instruments that meet the needs of women.

"It is also a fact that true empowerment can only be fully achieved through financial freedom. Since it is also anticipated that the fund will be managed by women, for women, this will assist in ensuring that the future investments will be those critical to womens needs," says Mmabatho Matiwane of the South African Women's Entrepreneurs Network (SAWEN), and a member of PWGW 

It is important that structures such as the PWGW and various organisations of civil society support the national strategic and developmental agenda. This can only strengthen the protection and development of women, children and people with disabilities in our country," concluded Mabel Rantla, Acting Chief Director for Programmes in the Presidency.