As South Africa celebrates Women’s Month, attention turns toward an often underappreciated pillar of empowerment: financial literacy. This critical skill is more than just understanding numbers; it’s a transformative force that can change lives and shape futures.

Transforming Lives Through Numbers

In the dynamic world of small business, the importance of financial literacy stands paramount. Carmen Field, a Chartered Accountant and co-founder of Finance Studio, emphasizes how grasping the language of money can empower individuals, especially women, to live life on their own terms.

Having worked internationally, Carmen’s experiences underscore the universal need for financial independence among women. As she notes, “When women understand money management, they become architects of their futures.”

Women Entrepreneurs on the Rise

South Africa is a beacon in fostering women’s entrepreneurship; ranked second in Africa for the percentage of female-owned businesses. Yet, the gender disparity remains stark, with female unemployment at 35.5% compared to 32.6% for males. Financial literacy offers a pathway to bridge this gap, enabling women to start businesses and make astute investment decisions.

Building Skills for Growth

The journey to unlocking potential for many begins with acquiring financial skills. Carmen’s story of a client using a cell phone contract sale to fund a business exemplifies ingenuity and adaptability, showcasing how financial literacy can ignite business growth.

“Our clients’ success stories are testaments to the importance of understanding your finances. It’s not just about numbers; it’s about envisioning possibilities,” Carmen shares.

Leveraging Tools and Support

Finance Studio’s success highlights the importance of using tools like Xero in comprehending business finances, empowering entrepreneurs to focus on their passions. As Carmen enthuses, “Knowing your numbers is foundational to making impactful business decisions.”

The Power of Financial Independence

As Women’s Month continues, it’s a call to action for greater financial empowerment. Women everywhere should seize this opportunity to gain financial literacy, leverage digital tools, and ultimately, take charge of their futures. According to IOL.

Whether a seasoned entrepreneur or starting out, these skills can transform dreams into reality, contributing significantly to community and economic development.

By Carmen Field, co-founder and director at Finance Studio, Xero Partner.