Life Insurer and Financial services provider Liberty has released a report, shedding light on the evolving dynamics of marriage and motherhood among South African women.
As societal norms shift, this research seeks to understand the underlying factors influencing these changes and explores whether the financial services industry is keeping pace with the needs of modern women.
Called the Liberty Womenomics report, based on a cohort that the insurer has tracked over years, the report was released in August, to coincide with Women’s month.
“The idea that women are delaying marriage and motherhood solely for career advancement is outdated,” says Zandile Makhoba, Lead Specialist for Research and Insights at Liberty. “Our research shows that these decisions are influenced by a broader set of factors, including economic stability and personal fulfilment. For many women, it’s about creating a life that aligns with their values and long-term goals.”
The top 5 factors influencing the delay in having children are:
- Financial stability (25%) – Many women prioritise financial security before starting a family.
- Career goals (12%) – Ambitious career objectives often delay family planning.
- Emotionally ready & mature (12%) – Women want to feel emotionally prepared before becoming parents.
- Support structure /reliable partner (10%) – A strong support system and a dependable partner are crucial considerations.
- Economic conditions (10%) – Broader economic factors also play a significant role.
Makhoba states, “looking at the top five reasons mentioned, it is important to note that the timing of motherhood is an empowering choice and that the decision to delay childbirth ensures that women are being fair on themselves in meeting their own needs and the foundations they see critical for a life of parenting.”
Makhoba adds, “It’s worth remembering that women are different. And this is why we decided to dive deep and unpack the diverse female personas that exist to our society.”
Liberty's research identifies four distinct female personas:
- Family Ambassadors (52%): Mostly Black women aged 22-44, who, despite having demanding careers, prioritise family and face challenges like health issues.
- Harmony Keepers (25%): Women aged 35-44, mainly business owners, who focus on maintaining family balance and financial stability.
- Family Visionaries (11%): Young, highly educated women aged 22-34, aiming to build a strong foundation before starting a family.
- Childfree by Choice (12%): Older women aged 45-54 who have opted not to have children, influenced by personal and professional goals.
What does this mean for SA’s insurance industry?
As women’s roles and choices evolve, it’s crucial for insurance companies to adapt their offerings. Makhoba emphasises the need for comprehensive fertility and reproductive health coverage.
“Women’s priorities are changing, and our products must reflect their needs. Flexible financial planning tools, including vigorous support for fertility and maternity care, are essential,” she says.
Liberty has long been a leader in creating specialised cover for South Africans, and with the advent of women choosing to delay childbirth, this might present unique health challenges related to the pregnancy and the health of their children directly after birth. Liberty’s Female Living Lifestyle Benefit provides an extensive range of much needed assistance should the unexpected happen and helps to protect against the financial impact associated with serious birth-related and pregnancy complications.
Over and above specialised products for women, financial planning products must be dynamic and cater to women’s diverse life stages and goals. “Investment options and health insurance should be as flexible as women’s lives,” Makhoba adds. Employers are also encouraged to enhance their maternity benefits and family planning resources to support women’s career and family aspirations.
Makhoba adds that given these findings, it's clear that financial products and services must evolve to meet the diverse needs of modern women. “As Liberty, we are committed to providing flexible, comprehensive cover and enhancing financial literacy through educational resources and personalised planning. By doing so, we aim to support women in navigating their financial journeys and achieving their goals with confidence.”
PERSONAL FINANCE