Debt, dreams and determination: South African women are rewriting their credit stories

According to the latest 2025 Sanlam Credit Confidence Index, the reality is stark: more than half (53%) of millennial Sanlam Credit Solutions (SCS) users spend over 50% of their income servicing debt. It’s a trend that’s even starting to show among Gen Z women, with 5% already allocating over half their income to debt repayments. This high debt-to-income ratio puts future dreams like owning a home, investing, or saving for retirement at serious risk.

But women aren’t sitting back.

“What we’re seeing is a powerful shift,” says Afua Darko, business head: Sanlam Credit Solutions. “Women are increasingly stepping into their financial stories with courage – acknowledging their debt, seeking support, and taking practical steps to regain control. That’s financial confidence in action.”

Facing the facts – and the fear

For many women, checking a credit score or opening a debt statement brings a wave of anxiety. But the SCS platform is helping change that by making financial knowledge more accessible and offering coaching and tools to support smarter decisions.

“Financial wellbeing begins with awareness,” says Darko. “Once women understand where they stand with their credit, they can make informed, empowering decisions. You can’t fix what you won’t face – and the women using our platform are facing it head-on.”

More than 24,000 active users have recently engaged with Sanlam Credit coaches for support, and debt counselling is fast becoming a game-changer. In fact, 56% of millennials experiencing debt stress opted into debt counselling after seeking guidance through the platform.

Debt counselling doesn’t just offer a plan – it provides relief. It restructures repayments, protects against legal action, and prevents new unsecured credit until debts are paid off. It also frees up disposable income that can be redirected toward everyday needs, savings, or investments.

Building confidence, not just credit scores

While a good credit score opens doors, financial confidence is about more than numbers. It's about the mindset and behaviour that drive long-term wellbeing.

“We want to move beyond credit scores towards helping women understand the bigger picture: how debt impacts their future choices, their mental health, and their ability to invest in themselves,” says Darko. “When a woman becomes financially confident, it doesn’t stop with her. She teaches her daughter, her sister, her community. It’s generational empowerment.”

The Index shows that women who are proactive about their finances are not just managing debt – they’re leveraging their credit for opportunity. But the gap is still wide: only 1.9% of Gen Z users currently have strong enough credit to leverage for meaningful growth.

That’s why tools like Sanlam Credit Solutions matter. The platform offers more than a snapshot – it’s a digital coach, helping users improve their credit behaviour through clear visualisations, personalised tips, and ongoing support from real experts.

Take that first step

Women's Month offers a powerful reminder that empowerment is multifaceted, and financial freedom is foundational. Whether you’re navigating your way out of debt or just beginning your credit journey, you don’t have to do it alone.

“Credit doesn’t have to be a trap,” Darko adds. “It can be a tool – but only if you take the wheel. And every day, I see women choosing to do just that. They’re rewriting their credit stories. They’re claiming their worth. And that’s something worth celebrating.”

Start your journey to credit confidence today. Visit www.sanlamcreditsolutions.co.za to check your credit score, connect with a coach, and take the first step towards a life of confidence.