How do we change the industry to reflect society? Black people are earning an income but are highly indebted. There is the gender wage gap as well as maternity leave for women.

At 38, Hwalani Mabaso is the same age her aunt was when she died from cancer several years ago. She held a relatively senior position in government but still did not have enough income or life cover and so racked up significant debt to cover her medical expenses while she was battling the disease.

“A month after she passed away, there was another woman moving into her house, looking after her children,” Mabaso says as she talks about how she came to realise that she could make a difference as a financial adviser, educating women.

Her interest in financial services was sparked in 2010 when she met a financial adviser. Mabaso realised then that despite her professional career — she had worked in communications at Alexander Forbes, the Council for Scientific and Industrial Research (CSIR) and also ran her own communications agency – she had a very limited knowledge of money.

She applied to Liberty Life for a job and was named one of their best financial advisers in 2011. She then moved to Old Mutual as a development manager and groomed a team of black female advisers in the male-dominated industry. She now works for Absa’s wealth investment and management insurance division.

She suggests that women become actively involved in their households’ finances and emphasises the importance of retirement planning, especially while women earn less than men, otherwise “you will expose your children to black tax”.

“As women, let us start talking to each other about being money curious. Find out about compound interest … the implications of different marriage certificates. We go to events like Bridal Expo but there are things that can educate us more,” she says.

— Tehillah Niselow