It costs more to be a woman than a man. Women face a higher financial burden than men do, not only because they earn less, but also because many products targeted at women are priced higher than equivalent items aimed at men.
Statistics South Africa data consistently shows that women in South Africa earn less than men. Yet paradoxically, they frequently pay more for products such as razors, face wash, clothing, and other essential items. These pricing disparities, a reflection of gender bias in consumer markets, create a double burden: lower income and higher everyday costs.
Nedbank is shining a spotlight on pink tax, a hidden phenomenon that places an undue financial strain on women, who already bear the weight of lower wages, unpaid domestic responsibilities and, in many cases, disempowering financial abuse.
"Our bold new Buy men’s campaign is about raising awareness about the everyday ways in which women are financially disadvantaged, not just in wages but in how they are expected to spend," says Khensani Nobanda, group executive for marketing and corporate affairs at Nedbank. "Women should not be penalised simply because products are marketed differently based on gender; and when a woman has to pay more for basic products, the simple fact is that she is being systematically disadvantaged."
Nedbank’s NedFinHealth Monitor Report shows that women in this country demonstrate significant financial resilience through their ability to manage debt, pay bills on time, and plan for the future – often better than their male counterparts. Women also tend to be better savers and more cautious borrowers than men.
However, their efforts to stretch their earnings are undermined by pricing disparities that make basic goods and services more expensive for them than for their male counterparts. Nobanda points out that this highlights the unfair reality that South African women are expected to do more with less.
"Buy men’s, encourages South African women to make more informed purchasing decisions and consider choosing men’s products when they offer the same functionality at a lower cost," Nobanda continues. "By actively comparing prices and challenging gender-based pricing, women can achieve greater control over their spending."
"Our purpose of using our financial expertise to do good means introducing thought provoking campaigns like our Money Warning campaign, the recent How Free Are You campaign and now Buy men’s campaign, all championing the financial independence of women, not as a once-off initiative, but as a strategic, long-term commitment to gender equality," says Nobanda.
Nobanda concludes: ‘We want to live in a world where women are not financially penalised simply for being women, and we believe that by bringing consumers, manufacturers, retailers, and government together on this issue, we can achieve a world in which economic opportunity is available to all and financial equality is the norm.’
Learn more: Nedbank Buy Men’s
