About 70% of SA women have no short-term insurance

The survey from a sample of 2‚000 women across all income groups also found that only 27% looked for professional advice on financial matters while up to 10% of those in a relationship owned a secret bank account.

The study was meant to find out the attitudes of women towards financial matters and is believed by Visa to be the most comprehensive ever done so far in SA.

Visa country manager for South Africa‚ Mandy Lamb‚ said the report was an important one as it gave insights into how South African women approached money and flagged areas of concern and potential improvement.

"Increasingly it's women who have their hands on the purse strings. Even for traditionally 'male' purchases such as cars‚ women are having a greater say‚" Lamb said.

"We want the report to identify areas where women are putting themselves at financial risk so they are aware of the problems and can protect themselves accordingly. For instance‚ nearly 10% of women have no savings whatsoever. Naturally this is an alarming statistic and something that each woman needs to address‚" she said.

The survey captured the views of women about their finances - how they spend their money‚ what they spend their money on and how much they are willing to spend on certain items. The women surveyed had financial decision-making responsibilities in their households.