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August marks Women’s Month in South Africa, a time to celebrate the achievements of women and address the challenges they continue to face. Koovi Moodley, Chief Operating Officer of the ASISA Foundation, shares her insights on the importance of financial education and the pivotal role women play in entrepreneurship and financial inclusion.

“Women have always constituted a significant portion of the participants in our consumer financial education programmes,” says Koovi. “Our FLAME programme, aimed at micro-enterprise business owners in rural and township areas, typically sees over 60% female participation, while the L+EARN #BIZ programme for young entrepreneurs usually has around 50% female representation. These statistics speak volumes about the entrepreneurial spirit of women.”

In her extensive experience working with entrepreneurs, Koovi has observed that many women start small business ventures as a means of survival for themselves and their families. “Because they are naturally inclined to sustain a household, they often have a good understanding of budgeting. However, financial inclusion goes beyond managing a household or budget. With more women entering the workforce, it’s vital they understand how to save, invest, and ensure long-term sustainability for themselves and their families,” she explains.

Koovi says women are particularly committed to learning about financial wellbeing because their focus goes beyond themselves. “Women are nurturers by nature, and being financially capable and savvy enhances their ability to support others. In many cases, they are the first teachers for the next generation. It’s important for women to recognise that they impact more than the household. They have an inherent ability to instil an understanding of savings in their children and in those they work with. If we want to influence a nation’s mindset, we need to start by influencing households.”

?The critical need for financial education

Koovi believes financial education is crucial in this process. “Many people, both men and women, only realise the importance of saving for retirement or planning for the future once they are well into their careers. This can be avoided if they acquire the knowledge and skills to manage their finances, control debt, and save for emergencies and retirement early on,” she says.

This long-term financial thinking, Koovi argues, is not yet ingrained in our society. “We are so used to dealing with things on an immediate or urgent basis that it doesn’t allow for long-term thinking.”

She stresses the need to break the cycle of short-term financial planning and foster a mindset focused on long-term financial security. “We at the Foundation constantly ask ourselves how we can ensure that the right messaging is getting through so that we can change this thinking and break these almost intergenerational shackles.”?

The ASISA Foundation’s programmes offer the same financial education to both men and women because financial challenges are universal. “However, I believe women often face unique challenges due to historical and societal factors in a male-dominated world, such as having to catch up educationally or starting businesses later in life out of necessity. Through financial education, women can better understand what the right financial plan and products are for them, as their needs and requirements are different. And to know what these are, women need education – financial education. By providing this, the Foundation and other industry players can help create a more equitable and sustainable future for all,” Koovi concludes.

? To join hands with the ASISA Foundation to equip more South African women to become financially empowered, send an email to [email protected].

Janete Nel Namarsha Singh Koovi Moodley Ivor Nkanyiso Msimang Helena Gavera Sibusiso Sagoda Francois AdriaanGrounded Media John Manyike Association for Savings & Investment South Africa (ASISA) ASISA Academy Marana Brand Smart About Money Laura du Preez, CFP? Busisa Jiya Ingrid Goodspeed Tebello Radebe Killy Bacela CM (SA)Rodger Walters Seipati Nekhondela Ramostshudi Isaac Ramputa Western Cape Government Sanlam The Ikusasa Student Financial Aid Programme Foundation NPC (ISFAP) Ninety One Financial Intermediaries Association of Southern Africa (FIA) Kamva Capital Bureau of Market Research (Pty) Ltd Jenny Gage Chantal Morifi Coco Cachalia Daphney Sibongile Neke Hallid Smith Ruth Benjamin-Swales Alyna Wyatt The Hope Factory Absa Jacolize Meiring Carel Van Aardt Atleha-Edu Ninety One