The stats have spoken.
Financial security often begins with everyday decisions. Budgeting, saving and spending patterns shape the way people approach the larger financial commitments in life. However, for men and women there is often a difference in financial behaviour and financial wellness. In the past, men were the sole providers or they brought in the lion’s share of the money. But this is changing.
According to Raazia Ganie, executive head of investments at advisory firm NMG Benefits, the role women play in financial decision-making is shifting “We’re seeing that they are increasingly the decision-makers in their households. This makes it more important than ever for women to be financially literate and empowered.”
The same differences appear in long-term wealth planning. Landi notes that men often gravitate towards growth-oriented or aggressive allocations at an earlier age, while women prioritise steady growth and capital preservation, especially around major life events like having children.
Decision-making drivers also vary.
“Men might focus on potential gains and market momentum; women may emphasise fee sensitivity, transparency and alignment with values (for example, ethical investing) or family goals.”
Planning for the future brings another dimension to these differences. “Women often adopt more conservative withdrawal strategies and are more meticulous about retirement planning and Insurance alignment.”
Worth the risk?
Differences in financial choices often appear in how individuals approach risk. Managing partner at Accountants on Point, Landi Khumalo, states that gender patterns in financial behaviour reflect broader economic and social conditions.
“Men are often more inclined towards higher-risk, higher-reward financial moves, while women tend to lean towards cautious, risk-averse strategies. In South Africa, these patterns can be further influenced by labour market security, financial education and household responsibilities.”
These tendencies have an influence on investment choices. “Men might be quicker to engage with stock market volatility, specialised funds or higher-leverage investment products, whereas women tend to prefer diversified, long-term growth with clearer risk controls,” adds Landi.
What’s needed to level the playing field for men and women?
Inclusive financial education that supports diverse preferences, encourages diversification and improves access to advice.
Secure, user-friendly digital tools for both new and experienced investors, emphasising scam awareness, password hygiene and two-factor authentication.
Personalised financial planning prioritised over broad generalisations, recognising that risk tolerance varies by income, debt and goals.
Financial priorities also reflect different concerns within families. “Women may prioritise emergency buffers, education for children, healthcare and retirement funding. Men may place more emphasis on investment opportunities, status-related purchases or larger discretionary spends.”
Balancing security and flexibility is another factor influencing financial decisions.
“There’s often a tension between wanting security with savings and insurance, and a desire for flexibility, availability of credit and accessible investments. Context-specific factors such as cost of living, unemployment risk and housing costs strongly influence these choices,” says Lindi.
The Gender Pay gap
Recent data provides further insight into financial behaviour across genders. The 2024 Nedbank Financial Health Monitor shows women currently outperform men in overall financial wellness. The key findings showed women have a financial health score of 57.5, while men’s is 53.7. The gender gap widened from 0.9 points in 2023 to 3.8 points in 2024.
These stats may be the reason behind the recent rise in wealth-building. Building wealth does not start with complex investment strategies, especially for women.
Investing itself has become easier to access. Digital platforms and bank-linked applications allow people to start investing with small amounts. “You don’t need thousands upfront. Small, consistent investments compound over time, and grow quietly in the background,” says Raazia.
Futuristic Financial Shift
Digital finance has added another layer to how people manage money. Online banking, digital payments and investing platforms are now widely used across all demographics.
Lindi notes that behaviour online can also show subtle differences. “Many people, regardless of gender, are increasingly engaging with digital finance tools, but some studies show women are more conservative about taking financial actions online, while men may experiment more with a wider range of digital services.”
“Preferences for financial platforms also vary. Women prefer user-friendly interfaces, transparent fees and customer support, whereas men prioritise advanced features, analytics and speed of execution.”
As financial tools become more accessible and financial roles within households evolve, these behavioural patterns will shift. But the fundamentals remain grounded in practical decisions around budgeting, saving, investing and planning for the future.
As Raazia advises: “Build your financial foundation first and then you can enjoy life’s luxuries. When your debts are paid off and you’re investing regularly in your future, you and your family can live without stressing about what’s to come. That’s the real power of investing as a woman today.”
@ohh_aishaTop lessons from my journey. Learning about money and financial responsibility gave me a level of stability, peace of mind and safety I wish for everyone.
Words: Viwe Ndongeni-Ntlebi
Photography: Gallo/Getty images
