New Momentum report reveals South African women lead household finances but face an advice bottleneck.
Although women are the primary financial decision-makers, only a small minority transition from self-reliance to structured professional financial advice.
This is one of the key findings of a comprehensive new research report, Women and Financial Advice: Engagement, Trust and Financial Resilience, compiled for Momentum Group by the Bureau of Market Research (BMR) ahead of Momentum She Owns Her Success Season 8 which implores women to take a deeper look at the numbers that may shape or detract from their financial success.
The study, based on a nationally representative sample of South African households, reveals that while 79.3% of financially knowledgeable women identify as the primary decision-makers and heads of their households, only a tiny fraction (4.1%) use a certified financial adviser. According to the research, this gap is not caused by a lack of capability or financial motivation. Instead, it’s driven by structural income constraints and a hesitation to trust, particularly within middle-income respondents.
Amongst the key findings of the research is a gender conversion gap. While self-reliance is the dominant financial management mode across South Africa (over 73% for both genders), a clear gap emerges in advisory uptake with 6.3% of men using a certified adviser, compared to just 4.1% of women.
The study found that advice participation naturally rises with income. However, the divergence between genders is most pronounced within the middle-income bracket (R25,000 to R70,000 per month). In this segment, even when affordability constraints are not as extreme, men convert to certified advice at a significantly higher rate than women.
Once women do engage with certified advisers, women’s trust evaluations are highly polarised: 46.5% report high trust, while 19.4% report low trust, compared to a mere 1.9% low-trust score among men. This suggests that women’s trust in advice is more relationally sensitive: when the relationship works, trust is strong; when it does not, scepticism is more pronounced.
Under financial stress, South African consumer behaviour is highly protection-led. An identical 43.5% of both women and men prioritise retaining their funeral cover above all else if circumstances worsen, while only 6.8% would choose to cancel it first.
A systemic shift beyond product selling
Mmasechaba Gxolo, Momentum’s Insights Lead Research and Reporting says these findings demand a complete industry shift in how financial services engage with women.
“The data challenges the incorrect narrative that women are financially passive or need to be ‘educated’ into financial literacy. The reality is that South African women are highly capable, active financial managers carrying massive household responsibilities. The industry’s challenge is not a motivation gap; it’s an advice gap. We must stop trying to sell products first and instead focus on reducing entry friction, offering transparent fee structures, and building relational credibility.”
The report reveals that women are highly cost-sensitive with 52% of women who don’t currently use a professional adviser perceiving professional advice as too expensive. Once they partner with an adviser, however, their mental model of advice broadens from basic budgeting and debt management to comprehensive estate planning, retirement structuring, and long-term wealth creation.
Gxolo explains that there is an anticipatory barrier where non-users assume advice is a costly transaction designed only to push products. “However, once women experience certified advice, they see it as a strategic, life-stage partnership. This transition indicates that the primary hurdle is building trust before the initial consultation ever takes place.”
Why this report matters
South African households are navigating severe macroeconomic headwinds, including high unemployment, structural inequality, and a relentless cost-of-living crisis. Because women disproportionately carry the burden of managing multi-dependent and extended family households under tight budget constraints, their financial resilience dictates the stability of local communities.
Understanding the behavioural patterns revealed by Momentum’s Women and Financial Advice report is crucial for the financial sector. It shows that financial resilience is sequential. Consumers instinctively prioritise immediate protection and dignity such as funeral and life cover before expanding into structured, long-term growth investments.
“For the financial services industry, this research is a call to action to align with the lived realities of South African consumers,” says Gxolo. “If we want to help women transition from immediate-event survival to long-term wealth accumulation, we must respect their protection-first logic. Advice must be positioned as a way to reinforce and secure the stability they are already working so hard to maintain.”
Closing the advice gap
The report provides an essential roadmap for closing the advice gap in South Africa. It shows that discovery and commitment are not the same. While 54.7% of women say they would search online for a professional financial adviser, willingness to engage is more strongly driven by trusted referral and local accessibility. This suggests that digital visibility may create awareness, but relational credibility is what moves women from interest to action. By shifting the financial advice conversation away from product transactions and toward structured, empathetic, and life-stage-aligned partnerships, the industry can help South African women unlock deeper financial resilience, turning everyday wealth management into lasting, multigenerational security.
