Women under greater financial strain, but resourceful and determined

Women are under greater financial stress according to a new survey, but this same survey also shows that they are determined and resourceful.

According to Old Mutual’s female-focused findings from its annual Old Mutual Savings and Investment Monitor (OMSIM) 2025, 76% of women who are considerably financially stressed increased from 39% to 43%, with stress levels climbing to 49% among single mothers, significantly higher than the national average.

“Women are navigating an increasingly complex financial landscape but what stands out is their determination and optimism,” Vuyokazi Mabude, head of knowledge and insights at Old Mutual, says.

ALSO READ: South Africans experiencing less financial stress, but still under pressure — survey

Women experiencing greater financial strain

Although the OMSIM 2025 results reveal that overall financial stress indicators stabilised since 2024, women are experiencing greater strain than the broader market. However, despite these challenges, women are also displaying determination and resourcefulness, with 76% believing their personal financial situation will improve in the next six months, the highest score since 2020.

Belief in the country’s economic outlook is also strengthening, with 34% of women expressing optimism, up 6 percentage points from 2024.

“These results show that women remain focused on progress, even when faced with higher levels of financial stress. It highlights the pressure they face and the confidence they are building to shape their financial futures.”

Mabude points out that women are becoming more assured in their financial decision-making. “The proportion of women who feel very confident in their savings and investment decisions increased steadily over the last three years, reaching 36% in 2025.

“This trend is strongest among younger women and women earning higher incomes. The use of financial advisers is also increasing, with 45% of women now seeking professional advice compared to 40% in 2023.”

ALSO READ: South Africans’ income increased, but inequality still rules

Income security and debt

She says income security remains the top financial priority for women, particularly younger females.

“Many women are diversifying their income streams to manage risk and support household expenses, while 56% of working women are “poly-jobbers”, supplementing their regular jobs with side hustles, freelancing or after-hours work and 35% earn some income using social media platforms such as Facebook and WhatsApp and 47% own or part-own a business.”

Mabude warns that debt remains a significant concern, with more than half of working women frequently worrying about it although it is encouraging that 55% report that their debt levels have declined compared to a year ago. Women are also actively preserving savings, with fewer dipping into reserves or pausing investment contributions.

“Women continue to prioritise saving for retirement and their children’s education. Eight in ten have a savings goal in place, with retirement saving, education, emergencies and paying off debt ranking as top objectives.

“While many women set financial goals, fewer believe they can achieve their long-term ambitions, highlighting an important gap in financial planning. One in two working women still do not know where to turn for financial advice, which is why Old Mutual is focused on expanding access to advice and financial education.”

ALSO READ: Almost half of South Africa’s working women gamble their hard-earned money

Women have less financial confidence than men

Research found that women have less financial confidence than men. A McKinsey report from 2022 states that confidence gap influences women’s savings and investment patterns. Women save more than men but invest less, which reflects risk aversion shaped by lack of information and opportunities.

Sanet Egget, senior independent financial planner at ASI Wealth, says women’s access to capital, education and business opportunities foster more inclusive economies. And, since women reinvest almost 90% of their income compared to 30-40% for men, the positive social outcomes multiply.

She says financial empowerment is made up from various building blocks, such as access to financial services such as banking, insurance and mobile banking but the understanding, tools and confidence to use them effectively is equally important:

Financial literacy: Women need education tailored to their realities, helping demystify investing, budgeting and credit management.
Access to banking and credit: Removing barriers to financial services ensures women can save securely and access affordable credit.
Digital financial inclusion: Mobile banking and fintech innovations hold promise for reaching unbanked women, especially in remote areas.
Protection mechanisms: Insurance, medical aid and retirement plans reduce their vulnerability to health crises, unemployment and other shocks.

Egget says empowering women when it comes to their finances also have wider effects, from individuals and households to societies and nations. True financial empowerment requires more than access, it demands knowledge, tools and confidence.

“Financial habits and literacy create intergenerational changes, as the ability and habits to manage finances are known to transform generationally, altering the framework of poverty.”