South Africa’s women are financially savvy with more women having life cover, and keeping it, than men.
1Life’s research shows that 12% more women have life cover than men. Similarly, women have also been more careful about keeping this cover in place during COVID-19 compared not only to their male counterparts but, to the same time last year.
Fundamental pillar to economic growth
“Women are a fundamental pillar to the economic growth of the country and we believe that these stats not only indicate the importance of such cover in the female consideration set when it comes to their financial future, but also that, despite very challenging times, financial wellbeing and making sure their dependents are taken care of is mission critical for South Africa’s women,” says Laurence Hillman, CEO at 1Life Insurance.
48% of the sample are single, divorced or widowed women – with majority between the ages of 35 – 44 – where many of them are reliant on their own income to support their financial future.
“Our research also indicates that South African women are in tune with their long-term financial needs and are financially savvy when it comes to protecting their loved ones’ financial futures.”
One area of concern that the research highlighted however, is the fact that only a very small percentage of women are covered for dread disease – with only around 4% of them having such cover in place.
Part of financial planning
“As we face higher female-related cancers each year, as well as childhood cancers that are often forgotten about, it is important that consumers understand the financial impact of such diseases and that they plan ahead for these as best as possible – dread disease cover enables them to do just this and should be a key consideration as part of their financial planning,” says Hillman.
“While women are still paid 28% (1) less than males counterparts in SA – as well as live longer (2) and need to make their money and investments stretch further -, we celebrate the strides women are making in taking control of their own financial wellbeing, despite this fact, by getting their house in order and taking their financial planning seriously,” concludes Hillman.