National Women’s Day in South Africa, is a good time to reflect on why tailored financial planning for women matters. Women often face gaps in financial literacy, career interruptions, and longer life expectancy, all of which influence savings, investments, and retirement readiness. Because many women are the primary caregivers and decision-makers in families, their financial security benefits everyone.

Key considerations for women in financial planning:

– Financial literacy and planning: seek plain-language education, local workshops, and reliable online tools. track income, expenses, debt, and goals; automate savings where possible.

– Protection: life cover to support dependents, disability income protection, and critical illness cover are crucial. ensure funeral costs are covered and beneficiaries are up to date. policy ownership and beneficiary nominations should reflect current realities and dependents’ needs.

– Retirement and income: women often have shorter, or interrupted, work histories, which can reduce pension and retirement fund balances. aim for higher savings rates, maximize contributions to retirement annuities or pension funds, and consider guaranteed income options (like annuities) to avoid outliving savings.

– Estate and guardianship planning: have a will, appoint guardians for children, and set up durable powers of attorney and medical proxies. consider trusts where appropriate to protect assets for minors or vulnerable family members.

– Practical steps: start with a financial health check, build an emergency fund, reduce high-interest debt, set SMART goals, and review plans annually or after life changes. Work with a qualified adviser who understands gender-specific financial challenges.

In SA, protecting women’s financial futures strengthens families and communities. Given longer lifespans, focus on longevity planning and wealth transfer to secure women’s financial independence long into retirement.