Home Career Financial Planning Financial vulnerability is one of our greatest risks today as women

Financial vulnerability is one of our greatest risks today as women

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While today’s woman has many more opportunities than previous generations had, it brings with it many more choices, and potential pitfalls.  Traditionally, many women still rely on someone else to take care of them financially – their fathers, their partners or their employers.

‘A solid financial base forms the bedrock of our lives, allowing us to cope with life’s challenges’ continues Sylvia, who is a divorced mother of two teenagers.  ‘Many women chose to remain single, but for those that marry, or live with a partner, it is a misconception to think that financially they are now secure.’

Relying on a partner is no guarantee of success.  South Africa has amongst the highest rates of abuse against women, divorce is rife, and there are illnesses that can cripple women or their partners financially, if adequate provision has not been made.  Women also outlive men by a good 5 to 7 years, on average, so most women will grow old alone, highlighting the dire need for women to save for retirement.

No-one can predict the future, but there are two critical elements we all need to consider – protecting our income earning ability, and saving for old age.  Whether a woman has a partner or not, her income is critical to maintaining a lifestyle for her family.  This can be severely hampered by illnesses such as cancer or heart disease, or by death or disability. On the other hand, saving for future goals and needs, such as a comfortable old age, is not a luxury, but a necessity.  Women need to empower themselves, and create their own financial futures.

Sylvia has always been a firm believer in creating her own future, and is passionate about empowering other women to do the same.  She speaks at numerous workshops on financial empowerment for women, and has written numerous media articles on the subject.  If you would like to attend one of her workshops, please contact her at swalker@oldmutual.com

“It’s up to each and every woman to take control of her money. There is no magic wand or formula, just discipline and proper financial planning, which are key elements in securing a secure financial future,’ Sylvia concludes.

Sylvia Walker, Market Development Manager at Old Mutual.

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