Female breadwinners: How to cope

According to a recent post by Stats SA, around four-tenths of South African households (42%) are headed by women. This means around 7.5 million women are the primary breadwinners in their families – and this figure may well increase.  

We examine some of the challenges of being a breadwinner, and the financial strategies women can employ to cope better.

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Challenges for female breadwinners

Women face an array of challenges irrespective of their contribution to household finances, but being the primary earner in the home can compound their everyday struggles.

“In addition to being the breadwinner, women are expected to tend to children and household needs,” notes certified financial planner Erin White, a director at Crue Invest.

“Career women have to work hard to be taken seriously in the workplace, while simultaneously avoiding guilt for not being as available for their children as traditional housewives.”

An additional struggle is the gender pay gap. A 2022 study by The Borgen Project has found that South Africa’s median gender pay gap is between 23% and 35%, exceeding the global average of 20%. 

“This makes the risk of loss to income, or not saving enough for retirement, very real for women,” says White. 

Most women don’t set out to be breadwinners and therefore don’t plan accordingly. “In many cases, circumstances have forced them to be the primary earners,” notes financial planner Sylvia Walker, author of Smartwoman: How to gain financial independence and create wealth.

“Not having financial support from other family members means family budgets are tight. Women may have to take a second job to make ends meet, as most households need two salaries to survive.”

Befriend your budget

Women who find themselves in this position must pay careful attention to their budget – but it should remain realistic.

“Accept the cards you’ve been dealt and work systematically to improve your situation,” Walker says.

“This means creating a budget that aligns with your current circumstances, not the lifestyle you’d like to have. There may not be money for luxuries, but you’ll avoid debt and be able to save for the future, whether building an emergency fund or thinking ahead to retirement.”

White says budgeting should ideally be a family affair. “Including your children in your financial discussions will give them realistic expectations of what you can and can’t afford and will also teach them valuable life skills.”

Reviewing your finances at least once a month will alert you to any overspending, shortfalls, or missed debit orders.

“This includes reviewing your policies and making sure they’re up to date and relevant for your current situation,” she notes.

Set achievable goals

Setting goals is easier once you have a handle on monthly expenses.

“It’s crucial to set some medium- and long-term goals, such as saving for a car to drive your children to school, or putting money away for retirement,” says White. “In this way, you’re defining what you’re working towards and planning how you’ll grow your wealth.”

She recommends setting up a debit order to enforce saving. “This is crucial when you are managing a tight budget and needing to save for retirement, bearing in mind that women generally live longer than men,” she points out.

It’s a good idea to review your goals regularly to ensure they remain relevant and on track.

“You’ll be thrown off course by setbacks and unplanned events, so learn to be flexible and adjust your goals and budget as needed,” says White.  

Tips for female breadwinners

Women who are primary breadwinners may feel financially strained having to pay for childcare. However, building a career may help you earn more money to care for your children, says Walker.

“In my case, I hired a full-time nanny. It’s better to pay for a service and know your children are being taken care of.”

White says women should educate themselves about their finances, as it may help them to identify budgeting hacks, tax savings, and other routes to financial security.

“Read financial blogs, listen to financial podcasts, and work with a financial adviser to overcome some of the disadvantages of being a female breadwinner,” she recommends.

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