A tribute to moms

(Photo: Newcastle Advertiser)

MOTHERS would do anything for their children, right? And it is about time to give a proper thank you to every mom. They can face tough financial challenges/ constraints, but still continue to try to give their children the best possible future (and life).

As most South Africans will be celebrating Mother’s Day on May 14, Zeeva’s team thought it best to share some statistics when it comes to finances and single mothers versus married moms. Over 3 200 female respondents took part in Zeeva’s “2017 Smart Woman, Smart Money” survey. To give an indication of the respondents: 47 per cent are single moms, 30 per cent are married moms and 22 per cent are single ladies. Thus, over 70 per cent of the ladies that took part in the survey have children.

Here are a few statistics that stood out from the rest, highlighting what mothers out there tend to do when it comes to savings and their children:

• A total of 47 per cent of single mothers take care of their finances while 56 per cent of married mothers take care of their household’s finances.

• Forty-nine percent of single mothers indicate that more than 10 percent of their nett salary is spent on their children compared to a 54 per cent of married mothers.

• Fifty-five percent of married moms see themselves as ‘sometimes’ savers and 20 per cent see themselves as ‘super’ savers; while 49 per cent of single moms are ‘sometimes’ savers and 27 percent are ‘super’ savers.

• Although 35 per cent of single mothers say that life is too expensive to put some money away, 51 per cent of single mothers put one to five per cent of their salaries away for savings. And, interestingly enough, 59 per cent of married moms say that life is too expensive to put a huge amount of money away, but this 59 per cent also says that they do indeed put one to five per cent of their salaries away as savings.

• Fifty-nine per cent of single mothers say that they save specifically for their child’s/children’s education, 26 per cent indicate that they save for a rainy day and 12 per cent tend to save for their homes (house- and home-related expenditure). While 40 per cent of married moms save for their child’s/children’s education, 36 per cent save for a rainy day and an attention-grabbing 20 per cent say they save for vacations.

• Mothers also have similar debts to pay:

1. Single mothers’ debt:

– Clothing account (49 per cent)

– Personal loan (33 per cent)

– Credit card (22 per cent)

– Cellphone (21 per cent)

2. Married mothers’ debt:

– Clothing account (48 per cent)

– Personal loan (38 per cent)

– Cellphone (37 per cent)

– Credit card (35 per cent)

Mothers are special, save-savvy and bittereinders. It is time to give a big shout out to all South African mothers. Although economic times are uncertain and difficult, you still tend to put a few bucks away for your children each month. Thank you and keep on doing what you do best – being money-wise mothers for your kids. Zeeva celebrates Mother’s Day with all the moms out there and also encourages ladies to get in contact with their team if they, however, currently feel burdened with too much debt. Zeeva is a debt management programme designed for women by women.

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  AUTHOR
Elzaan Pienaar
Journalist

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