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Women take control of their finances

DESTINY's Personal Wealth Report takes a look at South Africans' financial situations - from those in debt to the top-enders.
One in 10 South African women have a secret bank account their partners are unaware of with an average of R17 681, according to the Personal Wealth Report in the January 2013 issue of DESTINY Magazine.

In the report, Visa's "Women's Money Matters" survey says women are increasingly taking control of their finance and making family purchasing decisions. Interestingly this also applies to traditionally "male" purchases like buying a car.

The results indicated:
  • 71% of women have a savings account at a bank;
  • 37% have a pension or provident fund;
  • 35% own a house; and
  • 53% would pay off their debt if they won the lottery.
The Personal Wealth Report further states that South Africas' "wealthy", who represent less than 10% of taxpayers, are responsible for over R300 billion a year in spending. The University of Cape Town's Unilever Institute teamed up with Ramsay Media Research and conducted an extensive research called Top End: A Wealth of Potential.

The study grouped the country's "top-enders" into three categories based on their net worth and named them: drivers, high-flyers and astronauts.

In monetary terms, here is what each means:
  • Drivers are upcoming wealthy South Africans who are worth between R100 000 and R1 million. Drivers spend on average R22 660 a month on household expenses.
  • High flyers represent half of all "top-enders" and are worth between R1 million and R5 million. They spend R26 850 a month on household expenses and are more confident they will achieve financial freedom.
  • Astronauts are worth more than R5 million and like the name suggests, are free of financial gravity. Astronauts are made up of 27% black people and are generally cautious about squandering their money and feel that flaunting it is distasteful.
For the full Personal Wealth Report, easy-to-read features and incredible revelations around finance and women as well as spending trends and wealth, pick up the January 2013 issue of DESTINY magazine, which is available at all good retailers or subscribe at:

Ndalo Media's press office

Ndalo Media
Ndalo Media is a print and digital media company that owns and publishes Destiny and Destiny Man magazines and the business and lifestyle social networking site The company is a joint venture between Khanyi Dhlomo and Media24.