The Finance Gym can safely say that Women’s Day cemented our mandate to use our platform as a mobilising force for change, and encouraging women to take their financial literacy seriously. From our guest speakers, Vuyiswa Mutshekwane, Amanda John and Itumeleng Barnard, to our collaborating organisations, Amaqhawekazi and the Businesswomen’s Association Wits Student Chapter, a content-rich conversation about financial literacy for women was had.
Women’s Day this year was not only important for the conversation that we ignited but it served as the official launch of a division of The Finance Gym called FinWomen headed by Sthandiwe Msomi. Within the context of the overarching mission and vision of The Finance Gym, FinWomen recognises that there is an overwhelming percentage of women in South Africa who find themselves in vulnerable positions in a society largely driven by low economic empowerment.
We envision a future where the financial literacy of women translates into:
Women with the business and financial acumen to run functional businesses and personal finances.
An equal contribution of women to household wealth
Our mission is to eradicate financial illiteracy in women by the year 2040
By publishing written content that addresses the challenges faced by women and their finances.
Creating video content of interviews and “FinWomen” sessions addressing a topic of financial literacy regularly
Collaborating with organisations that are committed to female economic empowerment.
Offering educational programmes for women who are at different life stages
Create a generation of women who will have the confidence to acquire assets wisely and be financially independent.
We are also incredibly grateful for the sponsored financial fitness journals by Congealed Legacy, a company run by Amanda John, that we gave away to two lucky ladies. We asked our followers to let us know why they believe that financial fitness for women is important. These are the responses we got from our two lucky winners:
In a society where women are taught from a young age that your male preference should always be someone who will be wealthier than you, our independence gets stripped away from that point as a result of those little thoughts that we carry around subconsciously regarding considering a man as someone who will make our lives comfortable.
Being financially literate will replace the parts of us that have been stripped away. It will begin repairing, building, and moulding us into the independent women we are meant to be. I cannot stress how important this is because some statistics show that some women unfortunately stay in toxic abusive relationships because they know they will be poor without that man. Women will start realizing that the amount of money you have is not necessarily what makes you rich, but how you plan on using it. In my opinion financial literacy is important for all women to ensure we become the impeccable powerhouses we are destined to be.
I’ve never really paid attention to being financially literate because I thought I learnt that at school through accounting. Until this one day I prayed to God to guide and lead me into the right path of success - I prayed for eternal success so that I can be proud of myself and see how my success will benefit the people of the nation. A few weeks later I found a very interesting book called Poor Dad Rich Dad on a group chat that I am in. I gave myself some time to read the book and most of my plans changed from that day. I saw the importance of being financially literate.
Financial literacy is important because it equips us with the knowledge and skills we need to manage money effectively. Without it, our financial decisions, and the actions we take — or do not take — lack a solid foundation for success. Being financially literate as a woman will help you to be able to compete in the economic world. You will be able to see the little opportunities that people miss because of not being financially literate, and you will be able to grab them, run with them and do wonders with them because of being financially literate.
Taking the initiative to educate yourself about complex financial decisions will help you achieve your next major milestone. Every informed financial decision you make gets you closer to that goal. Women earn less, save less, and live longer — but are still responsible for the same living expenses men pay for. And since they live longer, they face additional costs, including more long-term and overall health care expenses. Overcoming these obstacles demands serious dedication to planning. Learning how to increase earnings, and make use of available resources to the fullest potential can help you make the most of paychecks and approach financial choices with confidence.
This is what I think financial literacy can do for women. Thank you for taking your time to read this. Much appreciated.
Congratulations to these two ladies who shared their perspectives with us. From our team, we want to wish every lady a very Happy Women’s Day, and great month ahead!
Be sure to catch our online gym content by signing up for our list of subscribers by entering your details below, or leave a comment to further the conversation on why they believe that financial fitness for women is important.