Cape Town - Being a single mother can put a devastating strain on your finances, but there is a way of attaining financial freedom.
According to the 2016 Old Mutual Savings and Investment Monitor, only 20% of single mothers surveyed feel financially secure.
Due to financial constraints, mothers have the expectation that their adult children would eventually help them in achieving financial stability, ultimately leaving them with little to no savings of their own.
"Without proper financial planning, these single mothers are destined to become the financial responsibility of their children, perpetuating a vicious cycle of socio-economic inequality," says Lizl Budhram of Old Mutual Personal Finance.
However, Budhram remains hopeful and believes that, despite the current challenges that they face, it is possible for young, single mothers to achieve financial freedom.
"The first step towards financial security is to draw up a budget as part of a broader financial plan,” Budhram advises.
“Without a budget, it’s hard to know and control your financial situation.
* Start by using Fin24's easy-to-use Budget Planner.
INVITE: Help us to celebrate SA's top women
Many women face adversity at work daily - from discrimination, sexual harassment and sidelining to unequal treatment in terms of pay, working hours and job expectations.
Then they still have to juggle that with full-time family demands.
Despite this many women break through ceilings, with many thriving and some running successful businesses in very male-dominated industries.
Speaking to some of these women, a common thread is that they have all, at one stage of their business journey, felt undermined with clients asking them: ‘Can I please speak to your boss!’
For Women's Month, Fin24 aims to feature as many women as possible by giving them a platform to share their stories, celebrate their successes and in turn encourage other South African women to follow their dreams – no matter how impossible or challenging they may seem.Fin24’s top stories