It is hard to deny that women are playing an increasingly central role in the earning and administration of household finances.
Today, four in ten US homes with children under the age of eighteen now include a mother who is either the sole or primary breadwinner for her family. These statistics, compiled by Pew Research Centre based on American polling and census data, indicate that this number has quadrupled since 1960 and is now at its highest level ever.
The motives are relatively easy to understand. It is the norm for married women to join the workforce. It is also common for single mothers to raise children on their own.
This clearly signals a massive shift in modern family dynamics. With more empowered women coming forward to actively manage household income, is the necessary financial education in place to ensure that this new dynamic evolves naturally?
According to Visa's 2013 International Barometer of Women's Financial Literacy, local statistics suggest not. South African women are among the least financially literate in the world, measuring in at 23rd out of 27 countries surveyed. Furthermore local mothers do not frequently engage their children in money conversations. Alarmingly, only 16% indicated that they speak to the kids at least once a month about money matters.
Although these figures are somewhat distressing, Liberty's legal marketing specialist Michelle Human believes that this challenge can be overcome through willing participation and a thirst for financial knowledge.
"Just as women are playing a more prominent role in the earning of household income so they should be seeking out information to improve their financial literacy.
"Traditionally, female responsibilities were strongly focussed on the family and its wellbeing. For this reason many women shied away from investments, passing the buck to their husbands or financial managers. Today, there is no good motive why mothers or wives cannot exert influence over how household income is spent. We now live in a far more equitable society when it comes to gender; women must be willing to educate themselves," says Human.
This process, adds Human, need not be an insurmountable challenge. There are several financial resources available to female breadwinners designed to impart key investment knowledge at no cost.
"Anyone seeking out sound assistance or advice should approach a certified financial adviser.
Liberty's head of marketing for the emerging consumer market, Killy Bacela adds that part of their workplace and community financial training programme is aimed at women.
"We engage South African women by providing basic financial literacy and investment workshops at no cost.
In addition, 80% of trainers that we use for our financial education programme are women running their own micro training enterprises - we do this to empower women.
Women are an important segment for us. With these training resources available, we want more women to be exposed and to seek out financial management knowledge in order for them to take control of their financial wellbeing," adds Bacela.
