Financial independence isn’t just about managing money – it’s vital to protecting yourself against financial abuse. Nedbank is committed to supporting women in taking control of your finances and investments, empowering you to make informed decisions to secure your future.

Understanding financial abuse

Despite efforts to make progress in achieving gender equality, financial abuse remains a widespread but often invisible issue. Examples of financial abuse are when someone restricts your access to financial resources, takes out loans in your name, or damages your credit score. This in turn limits your independence and ability to leave the abusive relationship.

We have made great strides towards equality in South African law, but many women remain financially dependent on their partners, which can lead to financial abuse. This often-overlooked form of abuse can have a devastating long-term effect on your ability to save for the future, elevate your living circumstances, and provide adequately for your dependents.

Why women face unique financial challenges

There are several reasons why women’s financial needs differ from men’s:

• Career interruptions: Many women take breaks from their careers to raise children, which can result in lower lifetime earnings and reduced savings.
  
  
• Earning disparities: On average, women earn less than their male counterparts for similar work, further limiting their ability to build wealth.
  
  
• Longevity: Women tend to live longer than men, requiring more savings to sustain them through retirement.
  
  
• Financial literacy: A lack of confidence and knowledge often prevents women from managing and growing their wealth effectively.

How to improve your financial wellness

Taking control of your money is one of the most effective ways to guard against financial abuse and achieve long-term independence. Here are 6 practical tips to help you secure your financial well-being:

1. Get advice from Nedbank experts

Start a conversation with one of our financial planners or wealth managers as soon as possible. They can help you create a financial plan tailored to your needs and guide you in understanding money matters.

2. Educate yourself about your finances 

Knowledge is power. familiarise yourself with budgeting, saving, and investing so that you can confidently make informed decisions.

3. Start building an emergency fund 

Aim to save 3 to 6 months’ worth of living expenses in a separate account. An emergency fund provides a safety net for unforeseen circumstances, such as job loss or a health crisis.

4. Take control of your investments

Don’t let fear hold you back. Start small, learn as you go, and gradually increase your investments. The earlier you begin, the more time your money will have to grow.

5. Understand your family’s financial situation

Make sure you are aware of all the accounts, investments, and assets shared with your partner. Keep copies of essential documents and don’t hesitate to ask questions.

6. Empower yourself to plan for the long term

Work with professionals towards your financial longevity, ensuring you save enough for future life goals and retirement.

7. Be prepared for the unexpected 

Every woman deserves to live free from financial control and dependency – and while a sound financial plan cannot prevent life’s challenges, it equips you to handle them with confidence. By following these steps and taking responsibility for your financial affairs, you can protect yourself from potential abuse and create a pathway to lasting financial freedom.

Speak to one of Nedbank’s financial planners or wealth managers today and take the first step towards securing your financial independence.

If you or someone you know are experiencing abuse at the hands of an intimate partner, call POWA for support

Helpline: 011 591 6803