By Cebile Zibi, Head of Trade Marketing at Momentum Advice
Financial success has traditionally been measured by career milestones, income growth, and personal asset accumulation. But for many South African women, the real measure of their financial success is also found in what their income makes possible for the people around them.
Beyond managing their own expenses, many professional women, entrepreneurs, and breadwinners have become financial anchors within their families - paying school fees, assisting ageing parents, supporting siblings, and stepping in when unexpected costs arise.
Their income does more than fund a lifestyle. It creates stability, opportunity and, in many cases, a financial safety net for others.
So what happens when the woman everyone relies on is no longer able to earn?
The gap between sufficient cover and having enough
Having financial cover and having adequate cover for the actual level of responsibility carried are two very different metrics.
Women represent nearly half of insured lives, according to standard industry indicators. Research from the Bureau of Market Research (BMR) and Momentum reveals that 79.3% of women identify as the primary decision-makers and heads of their household, and 73.3% manage their household finances independently. This paints a picture of women who are increasingly taking control of their financial lives – but financial independence does not necessarily mean financial protection is keeping pace with their responsibilities. The data shows that when financial strain occurs, women show exceptional resilience. Under budget pressures, 43.5% prioritise retaining their family’s protection and funeral cover above all other expenses.
But there is an important distinction between prioritising protection and knowing whether that protection is actually enough. As women progress through life, their financial responsibilities can grow alongside their income. A promotion can mean more financial capacity. Having children can mean more people depending on that income. Supporting ageing parents or becoming a breadwinner can expand that responsibility even further. Earning more does not automatically mean being adequately protected. Sometimes, it means there is simply more to protect.
Defining your unique protection number
To bridge this gap, financial planning must move beyond standard formulas based solely on individual earnings. Women need to look at their protection number, calculating the actual financial cover required to ensure everyone dependent on their income remains protected if that income suddenly stops.
Calculating your protection number requires asking key questions:
- Who relies on your monthly income? (Including immediate household members, parents, and extended family).
- How long could those dependents maintain their stability without your salary?
- Have your protection policies kept pace with your career growth and expanding caregiving responsibilities?
High-earning or career-focused women are not automatically fully protected. In fact, as income grows, extended family responsibilities often increase alongside it, making regular reviews of total financial liability essential.
Moving from self-reliance to strategic protection
Understanding your protection number is not about taking on more financial strain but rather about ensuring that the care and support you provide today is safeguarded for tomorrow.
Partnering with professional financial advice allows for a holistic view of financial health. Structured financial advice helps frame life insurance, income protection, and critical illness cover around real-world commitments, ensuring that as life changes through marriage, children, business growth, or supporting elderly relatives, your protection grows with you.
This Women’s Month as Momentum marks the eighth season of the She Owns Her Success we celebrate the strength, leadership, and generosity of women who anchor their families and communities, it’s time to turn the focus back to their long-term security. Understanding who relies on your income is the first step toward securing it - because the woman protecting everyone else deserves complete financial protection, too.
