How female breadwinners can achieve financial stability

Forty-two percent of South African households are headed by women, and 7.5 million South African women are either the sole or the main income earners in their families. Making sure that all the bills are paid, the future is secure, and everyone’s needs are taken care of can be physically, mentally, and emotionally taxing, especially when you are doing everything all on your own.

One of the major challenges that female breadwinners face is their ability to ensure what lies ahead. According to the 2022 Association for Savings and Investment South Africa (Asisa) Insurance Gap Study, while women make up roughly 42% of the total insurance gap, the value of their cover is lower than that of men for both death and disability events. One of the main reasons for this is that South African women are paid between 23% and 35% less than men, yet they have to make their money stretch just as far.

The good news is that putting the right financial strategies in place can help to make your salary go further every month and build financial stability down the line.

Here are some practical advice for making every cent count twice:

Protect your ability to earn an income. While assets like your home or car are indeed valuable, they are not your most important asset. Your most valuable asset is your ability to earn an income.

The crucial question that female breadwinners should ask themselves is whether they could afford to meet their monthly financial commitments, like paying the bond, school fees, and other expenses, if they were unable to work due to illness or injury. 

Cloete says that having sufficient income protection should be your number one financial priority. Your chance of not being able to earn is much higher than you might think. According to Bidvest Life’s 2023 Claims Report, millennials (28–43 years old) were 55x more likely to claim on their income protection benefits than their death benefits, and 49% of income claims were made by policyholders who had previously claimed on the same policy.

Find your financial superpower. Empower yourself by taking advantage of the many educational resources that are freely available. Whether you read personal finance blogs and books or listen to podcasts, increasing your financial knowledge can help you become more confident that your budgeting, saving, and investing decisions support both your immediate needs and long-term goals. 

Build an emergency fund. Unexpected medical bills, car repairs, and essential appliance breakdowns can strike at any time. Creating a financial safety net will help you to deal with these emergencies without impacting your monthly budget, so even if you start small, start putting money into a high-interest, tax-free savings account, or a similarly efficient investment plan every month.

Get ahead of rising education costs. Start saving as early as you can for your children’s education, because costs are increasing dramatically. According to Stats SA, the cost of school fees increased by 5,0% in March 2025, outstripping inflation by more than 2%5. Consider education savings plans, tax-free savings accounts, or even investing in low-risk funds to make sure that your children have access to the best opportunities in the future. And remember, the earlier you start, the more you will save.

Draw up a valid will. Your will states your wishes for the guardianship of minor children and dictates how your assets should be distributed. Without a will, the state decides how your estate is divided, which can lead to delays, disputes, or unintended outcomes. When it comes to guardianship, the surviving parent is the legal fallback, but appointing someone else in your will, especially if you have concerns about the surviving parent’s ability to care for your children, ensures that your children are placed in the care you have chosen.

Work with an adviser who speaks your language. Partnering with a qualified financial adviser is one of the best decisions you can make as a female breadwinner. The right adviser can help you to draw up a budget that works, find the right insurance and investment options, and plan for your long-term goals, ensuring that you do not just ‘get by’ every month but that you flourish. Choosing an adviser who understands your needs, risks, and budget can help you build a solid financial future for you and your family.

Being a female breadwinner comes with unique challenges, but the right strategies will enable you to take control. Financial security is not just about meeting your day-to-day expenses; it is about building a legacy for tomorrow. Think big, but start small and stay consistent.

* Cloete is the training specialist at Bidvest Life.

PERSONAL FINANCE