South Africa commemorates Women’s Day during August, with the theme “Celebrating 30 years of democracy Towards Women's Development”. However, according to StatsSA, the labour market in South Africa still favours men over women, revealing large gender gaps in employment and indicating that women’s development still has a long way to go.

This issue is not unique to South Africa. Globally, workplace inequalities between men and women persist, with less women participating in the labour force than men. Additionally, women are less likely to secure employment compared to men.

Importance of Empowering Women Financially

When women are employed, they are more likely to work in low income jobs in vulnerable conditions, and there is a slow improvement forecast for the future. Also, women continue to earn less than their male counterparts. Ultimately, work is the most effective economic empowerment strategy for women and increasing their participation in the labour market benefits them, their families and society as a whole.

Increasing financial inclusion for women working in blue-collar jobs is crucial, as they are more likely to live in poverty due to unequal labour distribution and limited control over economic resources.

Also, women spend, save and invest money in ways that significantly differ from men. A key distinction is that when women have control over their financial decisions, they often prioritise spending on their families.

In this blog, we aim to offer employers effective strategies for financially empowering the women in their blue-collar workforce.

Challenges faced by women working in blue-collar jobs

Women working in blue-collar jobs in South Africa face significant workplace challenges, including extensive gender inequality and economic disparity.

To effectively support these women, businesses must address the challenges by, among others, promoting equal opportunities, ensuring fair wages, and dismantling gender stereotypes within the work environment. In doing so, employers can create a more inclusive environment where women feel valued and have the opportunity to thrive, ultimately leading to a more diverse and productive workforce.

Promote financial literacy for better financial health

Financial literacy is the key to helping women thrive. The more women know about finance, from budgeting to saving and investing, the more likely they are to be able to make responsible decisions when it comes to their finances.

Financial literacy empowers women to take control of their financial health, which leads to a knock-on effect of long-term benefits for themselves, their families, and their communities.

We believe that financial literacy, just like basic education, should be made accessible to everyone. Here are some ways to help you promote financial literacy in your workplace:

Encourage budgeting and financial planning through resources and workshops, possibly partnering with organisations like Picsa for interactive financial literacy sessions.
Offer financial education and literacy programs on debt management, investment planning, and understanding financial products.
Provide access to financial management tools and resources, such as apps and online calculators.
Implement workplace savings programs, like employer-matched savings plans or retirement plans, to promote financial security.
Explore partnerships with responsible financial institutions to offer affordable loan options for employees facing financial challenges. Picsa’s Emergency Loans and Loan Consolidation options help employees only borrow what they can afford and save while they do so.
Promote a supportive and inclusive workplace culture where employees feel comfortable discussing financial concerns and asking for advice.

Some women we’ve been able to help

We recently conducted research among our current clients to find out how Picsa has helped them save and get out of debt, and the testimonies we received from these women show how Picsa is helping them build their confidence and improve their financial health - for them and their families.

“I really didn't expect my long-term savings to grow so quickly so well. I knew it was going to grow, my savings increased comfortably, and I already increased my savings amount because of the rapid growth I saw. Picsa is so accommodating. They understand and work out a plan for you that is best for you.”

Nadene Pieterse (Goosen Farming, Prince Alfred Hamlet)

“Picsa helps until your pension fund pays out one day. I had never saved before, and Picsa gave me the opportunity to save. My daughter passed away, and I was left with three children, two of which have to go to school. During January I was able to make purchases for stationery and school clothes. Sometimes my 82-year old mother asks where I get all the money from. The savings help so much with the children and with my mother and I can take care of them.”

Elizabeth Prins (Two-a-Day, Grabouw)

“We live from hand to mouth. With Picsa, you don't have to save a lot of money - even if it's only R50 or R20. It made a big difference for me. I could see the impact each month's savings made on me, and the interest I was earning. I see results. I never thought about saving. As a result, I was able to take my grandchildren to Vanwyksvlei, my birthplace.”

Maria Samuels (Bronaar Farm, Koue Bokkeveld)

At Picsa, we understand the needs of our clients and we have learned that they require more than just a one-size fits all approach to their finances. We believe that, by partnering with us, we can help you implement a financial literacy programme and provide you with financial health solutions to help your low income workers, especially women, thrive.

References