As many women take on the financial responsibilities of themselves and their families, research from the Bureau of Market Research (BMR) and Momentum finds that 79.3% of women identify as the primary decision-makers and heads of their households. In comparison, 73.3% manage their household finances independently.
However, this doesn’t necessarily mean they have the financial literacy to make the most of their finances.
RCS found that more than 40% of households are financially dependent on women, highlighting the scale of their responsibility.
In 2025, the financial services provider found that women-led households are more common in areas with low financial literacy, meaning many lack the knowledge and resources to secure their economic futures.
Women like Wonga senior finance manager and leader of the company’s senior leadership team, Monica Hitge, are working to expand financial access for South African women.
Amid the economic disparities that plague our country, she has added value by helping excluded communities build credit profiles and one day enter the traditional financial market.
She believes that South African women’s financial independence lies in financial literacy.
“I believe laying the foundation for teaching practical financial skills to young females, both at home and in the education system, is the first and most important step toward encouraging women to be financially independent in the long term,” Hitge says.
She spoke to Bizcommunity about financial empowerment, building resilient economies for all, and her love of numbers.
From around age eight, I was always with my parents in their stores because they didn’t have childcare for me when they needed to work on weekends.
Watching them work with customers sparked my curiosity about how the consumer-driven system worked, so my parents saw it as an opportunity to expose me to customer service, handling cash, and ultimately reconciling their financial records.
From this, I developed an affinity for numbers and accounting that followed me throughout my schooling, and in 2010 I was allowed to build the finance department from the ground up at a startup company where the leaders all came from a financial services background.
Working with them was eye-opening: I saw that people not only in South Africa but across Africa as a whole lack access to affordable, safe financial products and services, and I wanted to be part of the solution.
This did not come naturally, but rather with experience and many knocks along the way; however, as a woman and for me particularly, I found that being assertive and having direct communication turns any conversation into an opportunity to solve problems and even clear up any misunderstandings.
There is no need to fight the differences between men and women; they are there for a reason. Instead, understand them and use that knowledge to create a collaborative workspace.
A quote by Audrey Hepburn I love: “To plant a garden is to believe in tomorrow.”
Why? We all have lives outside the workplace; finding what brings you joy, whatever it may be, will help you come to work confident and content. So, start from within.
In its simplest form, make sure you are in the room, not only in a formal setting but more importantly in the corridor conversations.
These moments are special because they create opportunities to build trust with your colleagues, laying the foundation for you to share honest opinions and solve problems quickly.
We live in an online world, sure, but nothing beats face-to-face interaction for nurturing these relationships, which can open the door to influencing important business decisions.
The need for women’s financial independence could never be accurately quantified, especially in a family where the woman is the sole breadwinner.
Understanding how to budget and plan not only for everyday needs but also for the unexpected costs that might come your way will teach you to be cost-conscious, create stability for your family and provide inner peace for yourself that allows you to be more present in life.
As someone who learned about money at a young age, I believe laying the foundation of practical financial skills for young females, both at home and in the education system, is the first and most important step toward encouraging women to be financially independent in the long term.
There are many ways, but since I am passionate about education, I would focus on strengthening basic education and expanding technical and vocational training aligned with growth in digital industries.
This should not only focus on practical application but also incorporate an understanding of psychological empowerment.
If we start educating our youth early, it would improve financial literacy in South Africa and help them, as adults, manage long-term savings and avoid high levels of debt relative to their income.
There will be moments when your achievements will not feel real or deserved, but you should own them because you are not an imposter; you earned them.
