Women Are Key-Decision Makers

In many South African households, it’s often women who make the toughest financial sacrifices – from managing groceries on a tight budget to stretching their salaries to cover an extra birthday gift or a small upgrade to the family home.

But data from Standard Bank Insurance and Fiduciary reveals that these efforts go even deeper. Women are not only managing day-to-day expenses, but they are also emerging as the key decision-makers and primary purchasers of funeral cover. And they’re starting early.

Among clients under 35, women are significantly more likely to hold funeral cover than men and to use that cover to insure not just themselves, but large family groups.

“Their insurance buying patterns are often family oriented. Policies covering eight or more lives, mostly taken out by women. This points to a broader caregiving and financial stewardship role women take up from a young age,” says Shaka Zwane, Head of Insurance & Fiduciary at Standard Bank SA.

The data also suggests that in many cases, young women earning modest incomes worry about covering parents, and extended family members, choosing to protect their families from the financial shock of bereavement even if it means delaying their own investments or reducing spending elsewhere. This reveals a financial mindset that prioritises pragmatic action.

“It shows an incredible sense of responsibility, one that often goes unseen, but has a deep impact in moments of crisis,” adds Elaine Markus, Head of Personal Lines Insurance Products at Standard Bank Insurance Brokers.

Markus says that in South Africa, younger women often step into financial decision-making roles earlier because many are not just building their own lives, they’re also supporting others. With a high probability that young professionals are the primary breadwinners in many families, the financial responsibilities they shoulder extend beyond themselves.

“In South Africa, many young professionals financially care for parents approaching retirement age, younger siblings still in school, and extended family members. This reality means young women often prioritise products like funeral cover early on because if anyone passed away, the financial responsibility of burying them would fall on their shoulders,” says Markus.

However, Markus notes that women must balance short-term responsibilities with long-term financial planning. While funeral cover provides immediate support when tragedy strikes, allowing young people to step up without falling into debt, it doesn’t address all long-term needs to build lasting financial security, women also need to prioritise life insurance and other long-term protection strategies.