Sanlam : Make Your Daughters Money Smart

By René Roux, 15 August 2017

In South Africa, about 41% of households are female-headed.

As social roles continue to evolve, the need to empower girls with the knowledge and skills to manage their personal and household finances later in life becomes non-negotiable. By equipping girls at a young age with the knowledge to make smarter financial decisions and display positive financial behavior, they may be better able to protect their income and assets, grow their wealth, and avoid or manage debt later in life.

Furthermore, because women who earn and save may typically be better positioned to educate their own children, save for retirement, and become active consumers, it stands to reason that they have greater potential to positively contribute to the country's GDP, reduce the strain on government to provide social grants, and play a small part in breaking the cycle of poverty.

Financial literacy should be a focus area throughout the year, particularly in light of the fact that South Africa recently came last in a poll of 30 countries and economies, according to the 2016 OECD/INFE International Survey of Adult Financial Literacy Competencies. However, Women's Month provides an added opportunity to highlight the issues, and share insights to work towards sustainable change.

This Women's Month, we provide some practical ways parents can begin to introduce basic financial concepts to their kids, including their daughters - and get the process started one small step at a time.