A quiet revolution is underway for South Africa’s financial services sector. Particularly in insurance, financial advice, and wealth management. Women are entering the sector in growing numbers, and also assuming more prominent roles in financial planning, risk management, underwriting, and executive leadership. The question is no longer if women belong in finance, but what’s driving this shift, and how far it can go.
The Numbers: Momentum and Milestones
South African women are steadily claiming their place in the country’s financial services industry. According to Stats SA, next to the community and social services sector, financial services employs the highest number of women compared to other sectors of the economy. Moreover, Statista data for Q4 in 2023 showed that over 1,3 million women were employed in the finance industry, surpassing many other industries traditionally associated with male employment.
Within this context, the insurance sector stands out for the growing number of women in specialised financial roles. As reported by the Financial Planning Institute (FPI) in 2017, over 30% of Certified Financial Planner® (CFP) professionals in South Africa are women.
This trend is also mirrored globally. The 2025 Mastercard Index of Women Entrepreneurs shows that 57% of South African women identify as entrepreneurs. Women are increasingly drawn to financial services for both employment and business ownership.
What’s Driving the Shift?
- Changing Educational Attainment and Professionalisation
The increased accessibility of tertiary education for women has played a central role. More women are pursuing qualifications in finance, economics, and business management. Institutions like the University of Stellenbosch Business School have long advocated for equal participation in leadership and technical roles, citing the positive ripple effects for productivity and GDP growth.
At the same time, financial certifications have become more inclusive. The Financial Planning Institute of Southern Africa (FPI) formalised its collaboration with the Women in Finance Network (WIFN) in a Memorandum of Understanding (MOU) in March 2020. Under this partnership, the FPI committed to actively increasing the representation of South African women in the financial planning profession, particularly by encouraging them to pursue the CFP® designation. The initiative includes structured mentorship, peer‑to‑peer engagement, and sharing of best practices, effectively creating a clear professional pathway for women to enter and advance in the sector.
- Government and Industry Policy Support
Policy pressure and industry charters have accelerated the shift. Employment Equity legislation, coupled with the Financial Sector Transformation Charter, have set targets for gender inclusion in senior and executive roles. Major insurers and asset managers have responded with talent development pipelines specifically designed to recruit, mentor, and retain women across technical and leadership functions.
Creation Capital, a private equity firm, highlighted this shift in a recent feature noting that women are not only being recruited at graduate level but are also forming a growing contingent of mid-tier managers and executives.
- A Growing Tax Contribution and Economic Voice
According to the South African Revenue Service (SARS), women now account for 52.6% of individual income tax contributors, outpacing their male counterparts. This underlines a powerful shift in financial participation and purchasing power.
However, the Stellenbosch Business School argues that this comes with an unintended burden: women are paying more relative tax than men, largely due to being overrepresented in mid-income bands and underrepresented in higher-paying leadership roles. Nonetheless, this growing tax contribution signifies economic clout that is difficult for the industry to ignore.
- Role Models and Representation
Visibility matters. As more women rise through the ranks and succeed in senior positions, they serve as tangible proof of possibility. Industry bodies, publications, and networks like the Women’s Report Africa are helping showcase female leadership, providing inspiration and aspiration for young professionals.
This representation is also shaping how financial services products are developed and marketed. Women are increasingly seen not only as consumers, but as creators of products that serve a wider demographic more holistically.
The Road Ahead: Challenges Remain
Despite the gains, women still face significant structural and cultural hurdles. The gender pay gap persists. Access to capital for women-owned advisory businesses is limited. The industry also grapples with deeply embedded biases that can hinder advancement beyond a certain level.
Moreover, many female professionals shoulder dual burdens at work and home, which may affect their long-term earning potential and career trajectory, especially in high-pressure financial environments.
A Tipping Point Within Reach
The data is clear: women are not merely participating they are shaping the financial sector’s future. From tax contribution to certification, and from entry-level roles to entrepreneurship, the momentum is building. Yet, as an industry, the life insurance sector has work to do in terms of meeting the risk protection needs of female entrepreneurs and income earners. According to media reports, a recent study by the Life and Health Foundation for Education (LIFE) found that only 36% of South African women have life insurance cover. For the life and financial advice industry, this is a concerning statistic, indicating that we have work to do, to provide financial planning services and insurance products that meet women’s needs.