As the world continues to celebrate International Women’s Month, discussions surrounding the importance of financial independence for women have also taken center stage, aiming to help women overcome barriers and achieve success on their terms.
Mmasechaba Gxolo, Insights Lead: Research and Reporting at Momentum Group, shares crucial insights into the path toward economic empowerment and success for women in South Africa.
In a recent study influenced by the World Economic Forum's Global Gender Gap Report of 2023, it was revealed that closing the gender gap could take another 131 years globally, with Sub-Saharan Africa currently assumed to be 68.4% of the way there.
Gxolo says observing this alarming statistic highlights the importance of addressing economic participation and opportunity for women while also focusing on educational attainment.
How do you advise women to focus on achieving financial independence, and why is it crucial?
As the world observes International Women's Month, according to the World Economic Forum's Global Gender Gap Report 2023, it will take exactly 131 years for the gender gap to close. For Sub-Saharan Africa, we are 68.4% of the way there. Momentum Group has embarked on this study to understand the portion of this gender parity dimension around economic participation and opportunity as well as an element of educational attainment, finding out from women in South Africa to understand their true drivers in what they aspire to do and what they are trying to achieve in their lives. We asked women what success looks like to them, and we found that continuous learning empowers South African women with the skills and knowledge necessary to adapt to the agile job market. Juggling multiple jobs, generating income brings financial stability in challenging economic times. Access to diverse career options also helps women achieve professional growth and financial independence. These opportunities collectively help women progress and work towards closing this gap.
What are the foundational elements of success that women need to understand?
Success is a journey and not a destination. It is self-defined and self-fulfilled. Women in South Africa, it is about being able to build a legacy that they can be proud of, and in so doing, they are determined to secure their future and that of generations to come.
How can women overcome barriers that continue to limit their advancement?
The main barriers to the advancement of women are access to opportunities, having strong support systems and real support. 39% of women feel self-doubt is the key to success; this directly contributes to the lack of belief and confidence in taking up leadership roles or placing themselves in spaces they have identified as contributors to their success. Women need to take on the control and reach out to their networks.
What are some of the essential ways that can assist them to thrive financially?
Only 1 in 3 women feel financially secure. For women in South Africa, achieving financial independence and liberation is critical to ensure she doesn’t just survive but thrives. She is looking for mastery when it comes to managing her finances. This includes the need to manage money well and stretch it further to generate additional income. While women inherently know this, they struggle to find the resources to do so. To do so, this is where getting professional financial advice is recommended, to meet them where they are on their journey to success.
Saturday Star