Women accounted for 53% [1] of net new retirement annuity clients in South Africa in 2025, becoming the majority of new clients for the first time.
This shift suggests a growing prioritization of long-term financial independence among women. However, the data reveals that increased participation has not yet erased deep-seated disparities in total wealth accumulation.
According to data from 10X Investments, the average woman's retirement annuity balance remains about 60% [2] of the average man's balance. This discrepancy indicates a persistent contribution gap, where women may be starting later or contributing smaller amounts than their male counterparts.
Investment consultant Asavela Gwele of 10X Investments said in a report that more women are taking retirement seriously. The increase in new sign-ups represents a milestone for financial inclusion in the South African investment sector.
Despite the rise in new accounts, the gap in total balances highlights systemic economic differences. Factors such as the gender pay gap or periods of unpaid leave for caregiving often impact the ability of women to maintain consistent, high-value contributions over several decades.
Financial advisors said that while the trend toward higher enrollment is positive, the disparity in balances remains a critical concern for elderly poverty. Bridging this gap requires more than just opening accounts; it requires sustained, higher-volume investment strategies to match the retirement security enjoyed by men.
“Women accounted for 53% of net new retirement annuity clients in 2025”
The transition of women into the majority of new retirement savers marks a behavioral shift toward financial autonomy in South Africa. However, the 40% gap in average balances suggests that entry into the market is not the same as achieving parity. Without addressing the underlying reasons for lower contribution levels, women remain at a higher risk of financial instability during retirement despite their increased participation in annuity products.
