During Women's Month each year, we recognise and celebrate the achievements of South African women over the years. However, while women have made strides in access to education, jobs and the political and economic spheres, the fact remains that women still have a long way to go on the road to financial independence.

The 2007 Female Nation Survey shows that two-thirds of all women are stressed about their finances and believe that their income is insufficient. The survey also shows that over 75 percent of women have personal debt and 70 percent believe that they have not saved enough for retirement.

While more women are enjoying success in their professional lives, many risk being short of money in later years. Some do not have adequate financial plans when still single and after marriage tend to rely on their husbands to take care of the finances, much the same way their mothers and grandmothers did. However, better job prospects, increasing longevity and high divorce rates are resulting in more and more women having to manage their own finances.

If this in itself doesn't motivate you to take control of your own finances, consider the following:

1. Women live longer than men and because of this they may have to fend for themselves after their husbands or life partners die. According to StatsSA's Adult Mortality report from 1997 to 2004, the death rates for males over the age of 35 are nearly double that of females over the age 35.

2. Women earn less and have shorter career spans. According to the StatsSA's Women and Men in South Africa Report 2002, 23 percent of men and only 14 percent of women earn more than R4500 per month. In addition, the BWA Corporate Leadership Census of 2006 shows that out of 343 companies surveyed, 11.5 percent of women hold directorships, 16.8 percent hold executive management positions, seven are CEOs and 15 chair boards. The fact that the official retirement age for men is 65, as opposed to 60 for women, means that they effectively have an additional five years to save for their retirement.

3. Women are getting married later in life and many are single moms. According to StatsSA's Marriages and Divorces statistics in 2005, the percentage of women who are married or living together with a partner increases with age. In addition, according to the 2001 Census, 80 percent of women aged between 20 and 50 are mothers and only half of them aged 50 or less are married or living with a partner.

4. The divorce rate is climbing. According StatsSA's Marriages and Divorces statistics in 2005, the overall number of officially recorded marriages in 2005 was 180 657 and the total number of divorces during the same period was 32 484 – an increase of 716 from 2004.

5. Women are increasingly heading up households. According to the StatsSA Women and Men in South Africa Report 2002, 24 percent of South African households are headed up by women. For the black population, more than 40 percent of households are headed up by women.

These factors underline the importance of sound financial planning for the future and emphasise why you need to take a serious interest in your financial affairs.

Starting your journey on the road to financial independence

Plan now: Too many women get caught up in the moment, focusing on developing a successful career or spreading themselves thinly by juggling a job and family while putting off planning for the future.

Take control: Rather than leaving financial decisions to the man of the house, you need to plan with your husband. Joint actions are a must. It is also wise to build up a nest egg in addition to savings and other investments.

Review insurance policies and medical coverage: You need to know the benefits you have so you can see whether you are adequately covered. Relying on your husband's policy with his employer may be unwise, especially if you get divorced or if he dies.

Be smart: Don't only rely on your mandatory provident or pension fund. Given that women have shorter career spans, they are unlikely to have enough money from the fund to support themselves.

It is also unwise to keep money in fixed deposit or savings accounts where the interest rate is very low. Inflation can eat away at this money and make the returns nearly negligible. Instead, look at taking some calculated risks with a diversified investment portfolio that makes your money work harder and has the potential to yield higher returns.

What this all means is that women should gain knowledge of and exploit the investment opportunities available to them so that they can grow their wealth more effectively. In order to protect your successes and ensure they are not eroded further down the road, you need to take charge of your financial well being by setting financial goals early and making adequate provisions towards achieving them.

During Women's Month 2008, make a personal commitment to empower yourself and secure your financial well-being.

During August, acsis will be hosting a special edition financial planning club presentation for women encouraging financial independence and well-being. The presentation is entitled ‘Shape up your finances'. The presentation will cover important issues that affect your financial well-being by highlighting various case studies. It will also include an update on the legal environment and how the latest developments affect you. Debbie Netto CFP® and co-owner of Netto Financial Services and Megan Young CFP ®, Head of Legal and Compliance at acsis will be presenting. The presentations take place on 6 August in Johannesburg and 7 August in Cape Town. For more information, visit www.fpclub.co.za.