View the demonstration: SA Women Strategize and Proclaim Their Achievements
Momentum Group's Insights Lead, Mmasechaba Gxolo, has highlighted the need to address the feelings of inaccessibility and exclusivity associated with financial independence for women. In a discussion revolving around the perceived elusiveness of financial independence for women, Gxolo believes the main gap to address is women's understanding of their ability to reach financial independence.
According to the "The Success Women Want 2025" report, South African women can improve their understanding and achieve financial independence by building confidence, enhancing financial literacy, leveraging their natural planning and multitasking skills, and seeking professional financial advice. Confidence is identified as the top predictor of success, and financial independence is a critical foundation for long-term achievement.
The report suggests several key strategies to help women on their journey towards financial independence:
- Building Confidence: Overcoming self-doubt is a significant barrier to success for nearly 40% of women, and building confidence is a crucial step towards financial independence.
- Improving Financial Literacy: Workshops and masterclasses covering branding, legal guidance, personal development, and financial management can help improve financial literacy. Events like Momentum’s Women Who Make Moves Summit offer such opportunities.
- Long-Term Financial Planning: Many women face challenges such as wage gaps and career breaks, which reduce retirement savings by an average of 26% compared to men. Recognizing the importance of long-term financial planning is essential for women to secure their financial future.
- Seeking Professional Advice: Women who work with financial advisers have significantly higher savings and wealth levels compared to those who are self-reliant. Seeking professional advice is a valuable strategy for financial independence.
- Leveraging Intangible Traits: The "Invisible Success Code" refers to intangible traits such as intuition, adaptability, and proactive problem-solving. These traits can help women thrive professionally and financially.
Momentum’s report reveals that more than 60% of South African women prioritize financial security and many are proactively managing debt and saving for the future. This demonstrates an increased awareness and action towards financial independence despite systemic challenges.
In summary, confidence-building, financial education, long-term planning, and professional support are pivotal for South African women to deepen their financial understanding and secure independence as emphasized in the "Success Women Want 2025" report.
By recognizing the importance of confidence, financial literacy, long-term planning, and seeking professional advice, women can strive towards improving their financial independence, aligning with the recommendations from the "Success Women Want 2025" report. Additionally, embracing and leveraging their unique traits such as intuition, adaptability, and problem-solving skills can contribute to their success in health-and-wellness, womens-health, and lifestyle management.
