The financial burden on South African women: A growing debt crisis

South African women, often the sole breadwinners, caregivers, and financial decision-makers in their households, are increasingly turning to debt for survival.

According to recent data from Statistics South Africa, 42.3% of households are headed by women.

Many are single parents, earning less than their male counterparts, and carrying more unsecured debt.

In fact, some reports show that most women in debt counselling are burdened by high-interest personal loans and credit cards.

The 2025 Old Mutual Savings & Investment Monitor indicated that, year-on-year, the gap between male and female financial stress levels widened again. In addition, when it comes to their financial situation, women continue to have lower satisfaction levels than men.

“Once again, when it comes to getting the best returns on investments, women are less focused on this than men are. Their attention is more on income security,” said the report.

Alpheus Legodi, Product Head at FNB Loans said “these statistics reflect the lived experiences of millions of women who are trying to do everything right yet still falling behind. This is not just a financial issue, it’s a crisis.”

He said that “women often have no choice but to take on debt to meet basic needs”.

The DebtBusters second quarter Debt Index found that, overall, high-interest personal loans continue to place consumers under pressure, and on average, the share of income required to service debt has increased to 70%. This is the highest level since 2017.

FNB said that the emotional toll of over indebtedness can be immense, affecting one’s ability to plan, save, and get ahead financially. It can lead to one carrying an invisible weight, worrying about debit orders, dodging calls from creditors, feeling exhausted by trying to stretch finances that continually fall short. For many women, it’s a cycle that feels impossible to break, the bank said.

Yet, Legodi advised that debt consolidation can be a powerful tool for those who feel trapped. By combining multiple debts into a single personal loan, women can reduce their monthly repayments, simplify their finances, and unlock cashflow.

“Take Mamosa, a 40-year-old from KwaZulu-Natal, for example. She was juggling five agreements, including two retail accounts, two loans, and a balloon repayment agreement,” he said. Mamosa cut her monthly instalments by R1,306 through consolidating her debt, FNB said.

“She now has one repayment, one provider to engage with, is no longer paying interest on multiple agreements, and has unlocked R1,306 towards her monthly budget,” says Legodi.

Ester Ochse, integrated advice product head at FNB says debt consolidation is not just about reducing repayments. “It’s about reducing anxiety. When women can manage their debt more effectively, they regain control over their finances and their futures.”

The reality in our country is that a woman is the backbone of her community. She is the one who makes a plan, who goes without, so her children don’t have to. She carries the emotional and financial weight of an entire family. But she shouldn’t have to do it alone or in silence, said FNB.

“While debt consolidation isn’t a miracle cure, it can be a lifeline, a way to plan again, hope again, and breathe again,” said Ochse.