South African women are struggling to make ends meet, with 81% of them running out of money before the end of the month (vs. 72% of males). This despite the fact that women are also more likely to draw up and stick to a budget, especially if in the age bracket 25 – 45 years old (80%). These were some of the outcomes of the TymeBank “More Month Than Money” Survey.
According to TymeBank’s CEO, Tauriq Keraan, the financial reality for most women is that their money doesn’t last the month, 59% of them run out by the 15th. The question therefore is where is the money going?
The reality is that women have more mouths to feed than just their own, they often take care of children and of other family members. Compounding this issue is the fact that many mothers are single, with the issue of absent fathers on the rise. They also earn on average 28% less than men, making it very clear that women have a far heavier financial burden to bear.
The survey further reveals that everyone’s priorities are in the right place, as people are spending on the Big Three first – housing, groceries and transport. However, it also shows that while debt is not the first expense to be paid, it constitutes a major portion of everyone’s monthly expenditure. Therefore finding ways to reduce costs in these areas can make a significant difference.
Changes in financial behaviour are certainly one way to curb costs. But, according to Sam Beckbessinger, best-selling personal finance author and entrepreneur, women also need to teach girls about money from a young age. “Finances can’t be seen as a man’s problem. We need to teach girls to be financially literate as they will need these skills later on in life when the inevitable financial responsibility falls onto their shoulders”, Beckbessinger shares.
Click here to download the media release and read more about the survey as well as Beckbessinger’s suggested money saving skills.