It's International Women’s Day and the conversation around financial empowerment takes centre stage in South Africa, where more than 40% of households are financially dependent on women. Women-led households are more common in areas with low financial literacy, leaving many without the knowledge and resources to secure their economic futures.

“Studies show that financially astute households not only raise more financially literate children but also contribute to stronger communities and economic growth,” says Sandi Richardson, HR Executive at RCS. “The ripple effect is undeniable - when women take control of their finances, they create a foundation for long-term stability not only for them – but for their families too.”

Women who achieve financial independence are more likely to invest in their families’ education, healthcare, and overall well-being, directly improving the quality of life for their children and dependents. They are also more likely to start businesses, driving entrepreneurship and job creation, a crucial aspect of combatting unemployment – a critical issue in South Africa.

“However, access to financial education remains a key barrier,” notes Richardson. “Many South African women lack exposure to financial literacy programmes that could equip them with the tools they need to make informed decisions about savings, investments, and debt management.”

Breaking down the barriers to financial literacy

The availability of free resources plays a critical role in making financial literacy accessible to women of all backgrounds. “There is a misconception that financial education is limited or costly,” says Richardson. “In reality, many free resources are available online. Women need to actively seek out these opportunities to educate themselves, and pass this knowledge on to their children, grandchildren, and communities.”

Beyond online platforms, community-based initiatives are also driving change. Richardson reports being inspired to see the number of initiatives coming out of the communities she’s worked in that teach essential financial skills like budgeting, money management and entrepreneurship. “We’ve seen incredible efforts within communities to make financial literacy a conversation we don’t shy away from, such as with the Whitaker Peace and Development Initiative (WPDI) in the Cape Flats,” adds Richardson.

The link between financial education and empowerment

Financial education is also a powerful tool in combating financial abuse – a lesser-discussed but deeply damaging form of gender-based violence (GBV). Many women remain financially dependent on their partners, making them vulnerable to exploitation and limiting their ability to leave unsafe situations.

“Financial abuse often goes unnoticed, yet it can be as crippling as any other form of abuse,” explains Richardson. “We’ve also heard the stories of husbands signing up for credit without their wives’ consent. It is for this exact reason that women need to know their rights when it comes to shared finances, debt, and access to banking, as well as how to monitor their credit rating. This is why RCS has provided access to a free credit report available via our Credit Gateway, in partnership with Welltec, along with accessible tools and education on finances & budgeting at no cost to South African women and consumers.”

Creating financial habits for generational success

Taking control of one’s finances starts with small, deliberate actions. “Financial empowerment isn’t just about earning more – it’s about making smarter choices with what you have,” says Richardson. “Start with a budget, track your spending, and set financial goals. The satisfaction of achieving even small financial milestones can be incredibly motivating and can set you up towards achieving even greater financial wins in the long-term.”

She also stresses the importance of setting financial boundaries. “Women often feel the pressure to support extended family and friends. While generosity is important and an endearing quality, it’s equally important to secure your own financial future first, before lending a hand to others.”

Women are in a position today to leave a legacy of strong financial habits that will benefit families and communities for years to come. “We believe in leading by example,” says Richardson. “Whether we offer comprehensive financial wellness offerings to our own team members or through partnerships with organisations like the WPDI, we are actively supporting the financial independence of women.”

This International Women’s Day, the call to action is clear: financial empowerment is within reach, but it requires a proactive approach. “By financially strengthening women, we strengthen families, communities, and the nation as a whole,” Richardson concludes.