Single Mothers are Struggling
The financial industry relies heavily on statistics to give us an overview of how people are coping. Stats released by Tyme Bank revealed that 64% of most South African women run out of money before month end. These stats come from before Covid. So, it makes sense that if you take the financial turmoil experienced by most households in 2020 – this number is probably much higher.
Stats according to Eighty20’s Credit Bureau data revealed that single mothers have it the worst . The data shows the 8.8-million single mothers who are really being hit the hardest – and are also the most likely to turn to unsecured credit for personal loans, payday loans and credit card debt. With 60% of households being fatherless, all financial responsibilities fall onto the mother.
A Sanlam survey recently revealed that even though women have adopted money conscious behaviours, and cut down where they can on day-to-day expenses, living in ‘survival mode’ is a harsh reality facing millions of women in our country.
Among car repayments, bonds or rent, electricity, rates and taxes, cell phones and data, etc. the list of everyday expenses just gets higher – which leads to a higher risk of taking on (more) debt to finance these expenses.
Tyme bank stats reveal that 80% of women budget. They do so because they have to juggle their money to feed everyone and to see that all necessities are seen to as best as they possibly can.
We need to start helping out in the small ways, which can make a big difference.
- Offer to fetch the children of a single mother from crèche or after-care in time. So that she doesn’t have to pay late penalty fees.
- If you are cooking for yourself and you have extra to spare, send some over to the single mom who works till 7pm, still has to take public transport home and then make something to eat.
- If you are walking your own child to school, offer to do the same for her child. That peace of mind she will have through the entire day priceless.
- Don’t wait for her to ask. Pride and embarrassment, coupled with all she has already been through (and is probably still going through ) are often big stumbling blocks.
- Don’t judge. Offer help freely and unconditionally.
Financial literacy month
April is financial literacy month. Be on the lookout for clear, simple advice that you could pass onto a friend.
Sadly, many South Africans (male and female) are still left in the dark when it comes to their finances.
For instance, they are not aware that:
- They can seek the services of a debt counsellor and be placed under debt review when they receive a letter of demand from their creditor (within a specified number of days)
- Their assets will be safe from repossession once they are under debt review.
- They don’t have to deal with harassment from their creditors anymore. Their NCR registered debt counsellor handle all correspondence.
These snippets of advice may mean nothing to you, if your finances are in tip-top condition. But they could might mean the difference between financial and emotional breakdown, or freedom.
So whether you are a single mother or not – if you are struggling to make ends meet, get in touch with a debt counsellor today. Since National Debt Advisors has been voted the number one debt counselling company in the country – you need look no further.
Fill out a contact form and a consultant will be in touch ASAP.