Advancing gender equality in the context of domestic, legal and financial issues that directly affect women in their personal and professional capacities is one of the greatest global challenges of the 21st century. Sister In Law (SIL), in partnership with Private Clients from Nedbank, hosted a workshop on 25 March 2023 themed ‘Embrace Equity‘. The workshop explored the ways in which women can start taking charge of their lives on issues such as marriage contracts, divorce, child maintenance, wills, deceased estatesand financial education.

Despite concerted efforts to bridge the gender inequality gap in South Africa, women still lag behind their male counterparts in almost every aspect of their lives. Gender equality in relation to financial inclusion remains one of the greatest battles still fought to date. Today’s generation of women view financial well-being and security to be more important than ever, recognising how being in control of their money can give them financial freedom and the ability to carve out and work towards the future they want.

Focused on the inclusion of all women, particularly through legal and financial education, it was fitting to have the workshop take place during International Women’s Month. Lulama Robertson, Responsible Investment Analyst at Nedbank Group Investments unpacked the value of financial wellness for women, as well as useful tips for those who find it challenging to achieve financial wellness.

Relationship with money

In all relationships, it is key to be open about money habits. Lifestyle differences can have a huge impact on how your relationship with money differs from that of others. It’s easy to get into debt with or for other people. The servicing of the debt can be a source of anxiety when the consistent payment obligations keep coming in and one party feels like they’re alone. Here are some tips to improve your relationship with money:

•     Plan ahead.

•     Always be weary of lifestyle vs reality.

•     Talk openly about money habits.

•     Manage debt appetite differences.

•     Teach children healthy financial habits.

•     Share family responsibilities more (division of family labour).

Financial Independence

Financial independence should be a lifetime consideration as it allows people to save, invest and enjoy their money. Achieving a lifetime of financial independence enables you to be ready for whatever life’s circumstances may throw at you and to live a dignified life on your own terms. Achieving financial independence allows you to have a lifestyle that you’re likely to be satisfied with during your midlife, at retirement and after retirement. It allows you to have the autonomy you need instead of involuntarily depending on family or the government. ‘How well you maintain your financial independence will impact your overall emotional well-being – be it positively or negatively,’ says Robertson. South African women need to be empowered and uplifted through collaborative initiatives such as SIL to drive growth. 

Sister In Law (SIL) is a legal consulting company founded in 2018 by Tebello Motshwane, with the sole purpose of helping women with domestic legal issues that directly affect them in their personal and professional capacities.