Women manage debt better than men but face higher financial stress: report

South African women generally shoulder less debt than their male counterparts and manage it with greater responsibility, according to recent research published in the South African Journal of Economics. In contrast, however, women report experiencing higher levels of financial stress, with home-life pressures reaching a five-year peak.

A survey of 18,000 South Africans found that 72% of respondents admitted to feeling financially stressed, a figure that has remained relatively stable since peaking at 78% in 2023, though still notably high.

Among couples included in the study, 44% of men held debt, compared to 37% of women. This disparity extended to the amount owed, with men carrying, on average, 61% more financial debt than women. Similarly, men's real-estate debt exceeded that of women by 22%. Across various categories, men were more likely to hold debt, including real estate, vehicles, and financial debt.

Standard Bank's data corroborates these findings, indicating that women's average outstanding unsecured-credit balances were 8.45% lower than men's in 2025. Moreover, women demonstrated higher credit scores. Despite managing credit more responsibly, only 42% of Standard Bank users who installed the Credit Score feature were women, despite the app having a higher proportion of female users.

Statistical analysis by Stats SA, in its Gender Series Volume XI: Women Empowerment, 2014–2024, revealed that men were more likely to borrow from banks, whereas women favored non-bank formal financial sources. Female-headed households were slightly more likely to be punctual with repayments on credit cards, debt consolidation, and other bank debt compared to male-headed households.

Nedbank's 2025 Financial Health Monitor reported that women were more inclined than men to describe their debt as manageable (43% vs. 36% of men), although women were more likely to take out personal loans. The bank observed a growing sense of financial agency, particularly among higher-income earners and women. Nevertheless, 28% of both men and women admitted to having somewhat more debt than they could comfortably manage.

Despite lower debt levels not translating into reduced financial concern, DebtBusters' fifth annual Money Stress Tracker, which surveyed around 18,000 respondents, found that 72% of South Africans reported feeling financially stressed. This figure was slightly down from the 78% peak in 2023 but remained elevated. Women continued to experience higher financial stress than men across seven out of eight key metrics, with home-life stress among women reaching a five-year high.

Immediate household needs took priority, leading to emotional depletion, decreased patience, deteriorated communication, increased conflict, and a shift from restoration to psychological pressure within the home.

Psychologist Andrea Kellerman cautioned that money pressures can erode emotional resources, negatively impacting mental well-being. The findings are set against the backdrop of continued financial strain on South African households. DebtBusters' first quarter Debt Index revealed that consumers entering debt counselling were using 64% of their take-home pay to service debt, down from 73% five years prior.

However, new applicants were also carrying an average of 8.5 credit agreements, the highest level since 2017. Personal loans were particularly common among debt counselling applicants, with 96% having one at application and 61% having a one-month or payday loan.