By: Natasha Archary
New research shared by Discovery Life shows that nearly 43% of South African households have female breadwinners.
Information shared at a Women’s Month Roundtable on Tuesday, 29 August also revealed that women are more likely to stay home to care for a sick child.
Discovery Life Deputy CEO, Gareth Friedlander made startling comparisons on the yawning pay gap between men and women’s income, highlighting the socio-economic inequalities that affect women.
“The problem is that the value of unpaid care work that women perform is not quantified in Rands and cents because they do it for free. So, their human capital worth is understated, which is why women in South Africa, and many other countries face a huge insurance gap.
All this points to the need for women to safeguard their income and thus their financial futures against life-changing events.”
Discovery Life Deputy CEO, Gareth Friedlander
Discovery Life Research and Market Analytics Senior Manager, Kashmeera Kanji noted that a whopping 40% of families are headed by single mothers.
Kanji pointed out the concern this raises in the event of death, which will leave children to fend for themselves, unless women take charge of their finances and put a plan in place.
“Nearly 43% of every household in South Africa is single-handedly being raised by a woman. They are breadwinners, and at the same time, they are the caretakers of these families.”
Discovery Life Research and Market Analytics Senior Manager, Kashmeera Kanji
The Association for Savings and Investment South Africa’s 2022 insurance gap study showed that South African women only have 40% death cover and 45% of the disability benefits they need.
This means in the event of death, their families would have to do 60% less support than they used to get from their mothers, wives, and other female figures, who kept the household running.
In addition, Discovery Health data insights show that screenings for pap smears dropped by 12% between 2019 and 2022.
Mammogram screenings were down by 15%, and Friedlander says Discovery Life is encouraging and rewarding preventative screenings, to enable women to safeguard their financial future and health.
Discovery Life’s 2022 claims data reveals why it is urgent to close the insurance gap women currently face:
- In 2022, Discovery Life recorded an increase in the proportion of late-stage (Stage 3 and 4) cancers under Severe Illness Benefit claims.
- Under the age of 30, women are 1.6 times more likely to claim for cancer than men.
- 42% of female severe illness claims were due to cancer for clients between the ages of 31 and 40.
- In the age bracket of 41 to 50 years, 44% of all income protection claims came from female clients.
- Between ages 51 to 60, 35% of income protection claims paid to women were for permanent disabilities.
- Above 60, 51% of female severe illness claims were due to cancer.
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