This Mother’s Day, let’s shine a light on the unsung heroes who not only nurture our families but also steer our financial futures. In many South African households where every rand counts and a single income often supports everyone, mothers step in as the financial managers, ensuring that every expense is carefully planned. Join us in celebrating the remarkable role mothers play—not just in raising us, but in building a secure financial foundation for our families.
“There is a reason for the saying that an apple doesn’t fall far from the tree – children absorb the behaviours instilled by their parents, regardless of whether it’s intentional or not,” says Sandi Richardson, HR Executive at RCS and mother of a teenager. “When mothers demonstrate financial discipline, prioritise savings, and make informed financial decisions, their children are more likely to adopt these habits.” And conversely, children will also pick up on irresponsible spending behaviour.
The impact of parental financial socialisation
Parental financial socialisation, or the way parents teach and model financial behaviours, has a significant influence on children’s financial literacy. A study focusing on young adults in low-income areas revealed that the financial behaviour, monitoring, and discussions from parents directly impacted their financial knowledge and future financial well-being.
Another study on families in the Eastern Cape found that a strong parent-child relationship enhances financial teaching and leads to better financial behaviours among young people. “Financial education is not only about formal lessons but also the relationship, everyday interactions and experiences within families,” says Richardson, who encourages mothers to include their children in routine bill payments and monthly budgeting discussions to help them understand the ins and outs of money management.
“When our kids see the reality of household expenses, they gain a better appreciation for financial responsibility,” she says.
Making budgeting a family activity
Mothers can make financial education fun and engaging by incorporating creative activities that help children understand the value of money. Practical approaches include envelope budgeting, where money is allocated into labelled envelopes for different expenses to visually demonstrate spending limits.
Setting savings goals can teach children delayed gratification by encouraging them to save towards a specific reward, such as a toy or an outing. Families can also introduce “money challenges”, such as finding the best deals on grocery items or earning extra money through monetised chores.
“There are also amazing budgeting apps these days that are designed especially for kids to help them track their allowances and spending in an interactive way,” adds Tali Anderssen, Legal & Compliance Executive at RCS and mother of 3 kids.
Anderssen has seen the benefits of financial education in her own home. “We set up a monthly family finance challenge where the kids track their expenses and try to save a portion of their pocket money. Seeing their progress motivates them to make smarter spending choices,” she shares.
Tools to support families building a legacy of financial stability
RCS recognises the importance of financial education and has made getting a free credit report available via its Credit Gateway, in partnership with Welltec, along with accessible tools and education on wealth-building at no cost to South African women and consumers. “Parents can access tools such as free credit reports, financial planning guides, and debt management advice,” says Richardson. “These resources are designed to empower families with the knowledge and skills needed to make sound financial decisions, strengthening their own financial understanding and passing these lessons on to their children.”
Mothers have the power to shape strong financial habits that will benefit their families for generations. “At RCS, we actively support the financial independence of women and mothers because we know that financially empowered women create a lasting legacy of financial well-being and stability for their families,” concludes Anderssen.
