SA single moms can defy financial odds

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

August is Women's Month and Fin24, in collaboration with the Sanlam Enterprise Supplier Development Programme, invites you to help us celebrate and showcase SA's extraordinary women in business.

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!’ 

ADD YOUR VOICE: Share your stories, pics, recipe for success and tips for other women now!

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.

* August is Women's Month and Fin24, in collaboration with the Sanlam Enterprise Supplier Development Programme, invites you to help us celebrate and showcase SA's extraordinary women in business.

WATCH: When women take charge in a man’s world

ZAR/USD
16.81
(-0.26)
ZAR/GBP
21.34
(-0.12)
ZAR/EUR
19.02
(-0.13)
ZAR/AUD
11.73
(-0.21)
ZAR/JPY
0.15
(+0.60)
Gold
1681.70
(+0.13)
Silver
17.39
(+0.17)
Platinum
815.55
(+0.35)
Brent Crude
41.90
(+5.78)
Palladium
1949.00
(+0.59)
All Share
54722.38
(+2.85)
Top 40
50199.80
(+2.79)
Financial 15
11467.53
(+4.66)
Industrial 25
74264.52
(+2.52)
Resource 10
49969.31
(+2.29)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
20% - 228 votes
I am taking a hit, but should be able to recover in the next year
26% - 298 votes
My finances have been devastated
29% - 342 votes
It's still too early to know what the full effect will be
26% - 300 votes
Vote