3.3 financial dependents . However , only 52 % hold life assurance and just 25 % have sickness cover . This is a surprising disconnect , especially given that 49 % of women prioritise intergenerational wealth transfer . However , conversely , only 15 % to 23 % prioritise estate planning and the creation of a Will .
The research further found that 69 % of postgraduate women have some type of unsecured debt ( credit card , personal loans , overdraft ), with 34 % focused on the short-term goal of eradicating high-interest debt .
FINANCIAL PRIORITIES AND CONCERNS
The research also identified the primary concerns that keep professional women awake at night . Economic instability , inflation , extended family responsibilities and job security were all major factors . This is not surprising given that 38 % of South African households are financially led by women – a number expected to rise , according to additional research done by McKinsey .
When making financial decisions , women overwhelmingly prioritise their extended families and dependents , a distinct contrast to men who generally focus on the nuclear family . Despite this , there remains a gap in terms of estate planning , which suggests the need for more focused financial education on long-term wealth transfer and security strategies .
THE PATH FORWARD : EMPOWERMENT THROUGH EDUCATION
PPS Wealth Advisory ’ s research uncovered that despite professional women ’ s increasing control over their financial futures , there is a pressing need for more holistic , trusted and tailored financial advice . Participants noted a desire for education that goes beyond basic financial planning and addresses their specific needs , such as balancing short-term goals ( like debt eradication ) with long-term financial security .
In response , PPS Wealth Advisory has launched the Women in Wealth Circle , a platform designed to empower professional women through educational modules and regional summits . These initiatives aim to address the financial issues highlighted in the research , providing a community where women can learn , share and grow their financial knowledge .
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Money represents much more than just financial security for women – it symbolises freedom , comfort and independence .
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This research underscores the fact that while professional women have made strides in taking control of their financial futures , there is still a long road ahead . The findings illustrate the importance of focusing on tailored financial solutions that cater specifically to the needs of women , ensuring they are equipped to make informed decisions that secure both their present and future .
Money represents much more than just financial security for women – it symbolises freedom , comfort and independence . However , achieving those goals can be challenging without the right tools , education and support . The PPS Wealth Advisory research highlights that by empowering women with the knowledge and agency to manage their finances effectively , we can help close the gaps that still exist and support the growing number of women leading their households and shaping the future of wealth in South Africa .
* Kindly note that this article does not constitute financial advice . The information provided is purely informational . Consult your PPSaccredited financial adviser for more information about insurance cover .
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