SA working women face dual health and wealth crisis

Sanlam Corporate’s Benchmark research shows only 8% of female retirement fund members feel very confident they’re on track to retire comfortably, while just 33% feel financially secure about their futures. Perhaps unsurprisingly, against this backdrop, DebtBusters’ latest Money Stress Tracker found nearly three in four women feel financially stressed – around 10% more stressed than men.

Mbali Khumalo, Managing Director of Simeka Health at Sanlam, and Portia Mogale, Managing Executive for Human Capital at Sanlam Corporate, stress the urgent need for organisations to prioritise women’s healthcare and create opportunities for wealth-building in the workplace.

Mogale says, “The scales of health and financial well-being for working women in South Africa remain unbalanced. These challenges impact physical health, mental well-being, economic participation, and overall quality of life. Businesses can drive equality by recognising and actively addressing women’s unique healthcare and wealth-care needs. This empowers our workforce and supports sustainable economic growth and social progress.”

Healthcare challenges working women face

Mogale points to breast and cervical cancer as stark examples of the link between health and wealth. “Sanlam’s 2024 claims data shows a 33% rise in breast cancer claims. One in 27 South African women is at risk of developing breast cancer, according to CANSA. Treatment can be hugely expensive. Even with medical aid, the financial strain can be severe.”

She adds, “Many women struggle to work at the same pace after a diagnosis or are forced to stop working entirely. This loss of income often leads to financial stress, which worsens mental and physical health, creating a difficult cycle to break.”

Khumalo highlights how women’s nurturing instincts also impact their financial security. “Many leave employment permanently to provide full-time care for loved ones. While admirable, this choice can have lasting financial and mental health consequences, often creating a domino effect.”

Even joyous life events like pregnancy can bring complex challenges. “Pregnancy comes with significant health considerations and potential complications. Without adequate medical coverage, the stress can be overwhelming for expectant mothers,” Mogale says.

Wealth-care challenges in South Africa

Health and wealth often form a feedback loop: economic struggles worsen health outcomes, while health crises lead to financial strain. Khumalo and Mogale highlight key hurdles:

Salary gap: “Women still earn less than men for equivalent work,” Khumalo notes. “This limits their ability to save, invest and access quality healthcare.”
Employment patterns: Mogale adds, “Many women work in informal sectors or are unemployed. These roles often come with lower pay and fewer benefits, making it harder to build financial security.”
Cultural practices: “In some communities, cultural norms prevent women from inheriting property or wealth,” says Khumalo. “This limits generational wealth transfer and impacts financial stability.”
How businesses can support women

Khumalo and Mogale believe organisations play a pivotal role in closing these gaps. Practical strategies include:

Comprehensive healthcare benefits: Businesses can offer holistic healthcare benefits covering services like mental health support and preventive care. Khumalo explains, "Sanlam Health Corporate Solutions, for example, provides a range of healthcare products and services to promote and enable healthy living, regular check-ups, preventative measures, and early detection."
Financial education and support: Mogale emphasises, “Educating employees on health and wealth planning should be a priority. Financial literacy programmes and resources can empower women to manage debt, save for retirement and make sound financial choices.”
Employee Assistance Programmes (EAPs): EAPs can offer counselling, mental health support, and resources for employees facing personal or work-related challenges. Mogale says these offerings should ideally include advice on money matters, relationships, and parenting.
Flexible work arrangements: To support women returning to work after maternity leave or those with caregiving responsibilities, Mogale suggests businesses introduce options that leverage the hybrid policy differently and the option to return on reduced hours.
Equitable career advancement: Mogale also highlights the importance of performance-based advancement. "Organisations should introduce an equitable promotion, remuneration and reward policy, considering employees’ performance and outcomes. That way, an employee’s maternity leave will rarely have a material impact on their chances for advancement and development opportunities."
Inclusive workplace culture: Khumalo adds, “Businesses can drive change by fostering diversity, flexibility, supporting women-owned businesses, offering mentorship, and implementing gender equity policies to create workplaces where women feel valued and supported.”
A call to action

By implementing comprehensive healthcare benefits, financial education, flexible work arrangements, and inclusive workplace policies, South African companies can advance gender equity and improve the well-being of women in the workforce.

Khumalo concludes, “For businesses to thrive, employee well-being must be central. Healthcare and wealth-care solutions should be at the heart of every employer’s value proposition. This approach not only improves women’s lives but also drives broader societal change – creating a more equitable and confident future for all South Africans.”