Who's Holding The Purse Strings?

Women in their forties and fifties are more likely to be the main earners in their households, with the power to spend and invest, says Andréa Childs.

- Stephanie Van Der Plank

On a recent catch-up with friends, we covered the following topics: the yoga range at Lorna Jane (the Refresh Long Line Sports Bra for R1 099 is a thing of beauty), scoring a discounted Smeg toaster online (classic luxe for less), and whether the savings on said toaster justified buying a pair of Skagen earrings on Zando (answer: it would be rude not to). While my friends and I all earn different amounts, it would be wrong to define us as ‘the spender’, ‘the saver’ and ‘the smart shopper’. Depending on our moods and bank balances, we could be all of the above.

“Midlife women today are asset-rich. They’re often the first generation to go to university and hold executive jobs, and they’re inheriting from the baby boomers before them,” claims Rebecca Rhodes, an expert in strategic communication. “We’re running countries, media companies and banks, so it’s no surprise that this up-for-it attitude filters back to our home lives.”

Investments and savings expert Claire Francis says women tend to be household CEO, as well. “Increasingly, women are managing the day-to-day finances – everything from paying the monthly bills to booking family holidays,” she explains. “We’re experts at both shopping and making savings. But we also feel that there are things worth treating ourselves to, particularly if we’ve cut back in other areas. We work hard and spend our money wisely, so a facial or a new handbag feels like a reward.”

HOW WE SPEND OUR MONEY