If you're a single mom, sound financial planning is all the more critical as your stretched income must provide for many needs and you have to have a plan for your children in the event of your death, disability or critical illness. A whopping 46% of mothers in metropolitan SA describe themselves as single mothers, according to last year's Old Mutual Savings & Investment Monitor. Though this number has come down from 50% in 2017, the poorer the household, the higher the incidence of single motherhood. Financial planning for single parents is an issue close to Mary J Fourie's heart. The Cape Town-based financial planner and coach lost her father when she was only five years old. He didn't have life insurance. "It impacted my relationship with money and it's why I do the job I do now." If you're a single mom, there are five bases that you absolutely have to cover, she and other planners say. Your risks We are all at risk of dying in an accident, becoming disabled, either temporarily o...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now