IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconFinancial Planners
IconLife Insurance Companies
IconLife Insurance Products
IconOnline Quotes
IconPublic Loss Adjustors
IconRe-insurance Companies
IconRegulatory Authorities
IconSocial Grants (Government)
IconWellness Programs
Advertise Here
  Subscribe To »

The financial industry has to become more inclusive of the female market






Over the last 30 years there have been significant changes in the role of women; both socially and financially. Traditionally, men tended to be the household breadwinners however, according to recent Statistics SA data, 41.3% of South African households are now headed by women. In addition, women accounted for 43.8% of total employment in the second quarter of 2018 with 32% of managers in South Africa being female.

“As women become more financially independent, their financial needs change accordingly. The financial industry still has a long way to go when it comes to catering for its female audience in a comprehensive manner though”, says Johan Nel, CEO of Iemas Financial Services.

Although some industries have caught on when it comes to tailor-made products such as insurance, a big gap still exists to address the issue of financial inclusion of women. Nel goes on to say that “The financial industry has to look at the fundamental differences between the financial needs of men versus those of women. Products and services need to be developed to address the unique needs of women and enable them to manage their finances effectively to become financially healthy and independent.”

A few realities to take into account when it comes to the development of female-specific financial products and services include:

  • According to the World Health Organisation (WHO), women generally outlive men by 7 to 10 years.  As such, they need retirement/pension products that will sustain them for longer.
  • According to the WHO, women generally earn 15% to 17% less than their male counterparts for the same job. Thus, women require more affordable financial products, to suit their specific financial needs.
  • In terms of divorce, women tend to be worse off financially than their male counterparts. Thus, affordable loan products and legal services will go a long way in assisting women during and after a divorce.
  • Most woman experience financial strain after child birth as there are added financial responsibilities when caring for a child as well as loss of income during maternity leave (in many cases women are not remunerated, or only receive a portion of their income). As such, savings plans could be developed that specifically cater for this need.

Co-operatives are people-centred enterprises and Iemas, South Africa’s largest financial services co-operative, is no different. The Co-operative continuously strives to empower women in the communities in which it operates. Iemas’ 2017 employee complement at financial yearend was 64% female and 36% male. “A comparison on equal work for equal pay based on gender within Iemas, revealed that there were no significant deviations. Something that we are very proud of. In addition, we also reach out to our wider female communities by supporting programmes specifically aimed at the upliftment of girls and women. One such example is our continued support of a transitional residential facility for young girls at risk. We believe that through programmes like these we can assist in helping young girls to uplift themselves and become economically and socially independent” Nel concludes.

About Iemas Financial Services (Co-operative) Limited

Iemas Financial Services is a co-operative that offers a wide range of affordable and competitive financial products and services to over 161,000 members across South Africa.

At the heart of Iemas’ co-operative business model is the principle that the organisation is owned by, and operated for the benefit of those using its services (referred to as its members), and Iemas members annually share in the profits of the organisation based on the products/services they utilised during the year. Iemas has agreements with over 600 employers authorising the co-operative to offer its financial products and services to their employees.

With a history spanning over 80 years, Iemas has extensive experience in providing financial services and its product portfolio includes: Vehicle financing | comprehensive insurance solutions | educational loans | secured and unsecured personal loans | a purchase card | housing solutions.

Insurance products are offered through Iemas’ wholly owned subsidiary Iemas Insurance Brokers (Pty) Ltd. Iemas Financial Services (Co-operative) Limited is a registered credit provider (NCRCP 1332) and Iemas Insurance Brokers (Pty) Ltd is an authorised financial services provider (FSP 47563). 

Source: Iemas Financial Services (Co-operative) Limited
« Back to previous page Print this page » |

Breaking News »

Introducing Our New Website!

The Insurance Gateway® team is excited to share our new website with you. Given our strategic objectives for 2019 and the fact that our last website redesign was over five years ago, we decided on a much anticipated ...
Read More »


FSCA appoint the new Divisional Executive for Conduct of Business Supervision

FSCA commissioner, Mr Abel Sithole has appointed Ms. Kedibone Dikokwe as the Divisional Executive: Conduct of Business Supervision, effective from 1 July 2019. This is the division that supervises the way financial ...
Read More »


Funeral cover leads insurance uptake, but are millennials bucking the trend?

          Vera Nagtegaal, the Executive Head of Hippo. co. za.                   In South Africa, burying a loved ...
Read More »


Breast cancer: managing the unthinkable

Due to widely published content regarding cancer and the impact thereof, the awareness of this silent killer is rapidly increasing. Not only are people becoming more aware of the prevalence of cancer but ...
Read More »


More News »


Healthcare »


Investment »


Retirement »


Short-term »

Advertise Here
Advertise Here

From The Glossary »


Pension Fund:

A funding arrangement as defined in the Pension Funds Act 1956 to provide pension and/or other benefits for members on retiring and, after a member’s death, for his or her dependents or nominees. At least two-thirds of the benefits due at retirement must be taken as a pension in terms of the Income Tax legislation.
More Definitions »






Contact IG


Media Pack


RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2019. All Rights Reserved.