A Tribute to Moms… What Mothers Wouldn’t Do for Their Children

5/09/2017


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 and give their children the best possible future (and life).

As most South Africans will be celebrating Mother’s Day the 14th of May 2017, 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% are Single Mom’s, 30% are Married Mom’s and 22% are Single Ladies.

Thus over 70% 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% Single Mothers takes care of their finances while 56% of Married Mothers take care of their household’s finances.
  • Forty-nine percent of Single Mothers indicate that more than 10% of their nett salary is spent on their children compared to a 54% Married Mothers.
  • Fifty-five percent of Married Moms see themselves as sometimes savers and 20% as super savers. While 49% Single Moms are sometimes savers and 27% are super savers.
  • Although 35% of Single Mothers say that life is too expensive to put some money away, 51% of Single Mothers put 1-5% of their salaries away for savings.  And interesting enough 59% of Married Moms specify that life is too expensive to put a huge amount of money away, but this 59% also say that they do indeed put 1 – 5% of their salaries away as savings.
  • Fifty-nine percent of Single Mothers say that they specifically save for their child’s/children’s education, 26% indicate that they save for a rainy day and 12% tend to save for their home (a house and home related expenditure). While 40% of Married Moms save for their child’s/children’s education, 36% save for a rainy day and an attention-grabbing 20% say they save for vacations.
  • Mothers also have similar debts to pay:
o   Single Mothers’ debt -Clothing account (49%)
  • Personal loan (33%)
  • Credit card (22%)
  • Cell phone (21%) 
o   Married Mothers’ debt -
  • Clothing account (48%)
  • Personal loan (38%)
  • Cell phone (37%)
  • Credit card (35%) 
Mothers are special, save savvy and bitter-enders. It is time to give a big shout out to all the 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 moneywise mothers for your kids.

We 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 Program designed for women by women.

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