Leading global market intelligence firm Synovate has released results from a new study on women and financial independence, which found that nearly six in 10 (58 percent) women across 12 diverse countries believe themselves to be financially independent.

South African women emerged as one of the most emphatically independent (69 percent), together with French women (80 percent) and British women (76 percent) who consider themselves financially autonomous.

The survey looked at the roles women around the world play in their household finances; whether they feel in control of their own cash; how many women believe they are financially independent; as well as attitudes on whether women are better with money than men.

Synovate spoke with around 4500 women and also posed some questions to the same number of men.

Women in the workplace

Synovate's Senior Vice President of Financial Services in the US, Claire Braverman says that: "It hasn't been that many decades since women started entering the workforce en masse and, to varying degrees, some aspects of gender equality remain unaddressed in every country of the world.

"Yet the survey found that nearly six in 10 women across 12 diverse countries believe themselves to be financially independent. That's certainly encouraging."

Least likely to consider themselves financially independent were women in Bulgaria (where 37 percent said they were independent) and Indonesia (47 percent).

Overall, the developed economies surveyed were significantly more likely to have women who consider themselves financially independent than the emerging economies (68 percent versus 51 percent).

SA women self-sufficient

Also, fascinating is the South African situation. The relatively new democracy is one of the six still-developing economies surveyed but is filled with self-sufficient women. Seven in 10 women said they were financially independent, even more than in the majority of the developed markets that were surveyed.

Synovate South Africa's Debbie Amm said: "This is partly because the women we spoke with were largely urban, but there are greater cultural and historical explanations at hand too.

"Since South Africa became a democracy there has been a very strong and very public focus on gender equality, providing opportunities for women to advance careers or simply to start one."

"Equally, in both black and white histories, there has always been a need for women to be able to look after themselves and their families. South Africa can be a tough place, so this need for self-sufficiency has given rise to a highly entrepreneurial mindset among the women of the nation," she said.

Breadwinning broads or ladies who lunch?

The survey also asked women to choose what the term 'financial independence' meant to them.

The top three answers across all 12 markets surveyed were: 'Financial independence is about not being dependent on my husband or partner for money' (41 percent), 'Financial independence is about living debt free' (30 percent) and 'Financial independence is about being able to afford the things I want without worrying about the cost' (18 percent).

The feisty French were most likely to equate financial independence with not having to rely on a partner for money (68 percent), followed by Dutch and British women (both 51 percent). The majority of the South African women (43 percent) also buy into this definition of financial independence.

Doing without debt is key for 42 percent of Malaysian and 40 percent of Mexican women who chose this as their top definition of financial independence.

A standout 42 percent of Bulgarian women think financial independence means being able to afford what they want without worrying about the cost. This is more than double the number who chose that definition in most other markets (other than Malaysia, which had the second-highest response at 22 percent).

Man the head of the house?

The survey also explored men's and women's attitudes about male roles in household finance, finding that an overall 43 percent of women agreed that 'a man should be responsible for the mortgage/house payments'.

When the same question was posed to male respondents, 53 percent agreed, showing men are more likely to consider themselves more responsible for this part of the household budget. Naturally, there is a great deal of discrepancy in the findings across markets. Standouts are:

• Indonesia where 83 percent of men and 82 percent of women agree that ‘a man should be responsible for the mortgage/house payments'.
• The Netherlands where only 15 percent of men and seven percent of women agree with this statement.
• The UK where 48 percent of men versus 15 percent of women agree.
• Similarly, France where 47 percent of men believe they are responsible but only 18 percent of women agree.
• Australia with 34 percent of men and only 12 percent of women agreeing.
• South African men and women are similar in this opinion, 62 percent and 56 percent respectively agreeing that men should be responsible for household payments and mortgages.

Man's responsibility?

The survey also asked whether providing for the family is a man's responsibility.

Overall, 58 percent percent of men and 38 percent of women agreed. The two Asian countries surveyed were most likely to agree, with an overall 87 percent in Indonesia and 73 percent in Malaysia putting the onus on men.

In South Africa 56 percent of men believe that it is their responsibility to look after the family, whereas a lower 41 percent of women agree.

Miss responsible meets lady luck

Just over half of all respondents (both men and women) agreed that women are more responsible with money than men.

Perhaps not surprisingly there is a significant difference across gender — 61 percent of women think the fairer sex is more responsible with money but only 40 percent of men agree.

The highest level of agreement was found in Mexico with an overall 72 percent, comprised of 82 percent women and 62 percent men.

It appears many women like to be in control of the household money, but some take their chances as well. Thirteen percent of women across the markets surveyed buy lottery tickets or enter raffles and competitions in an effort to become financially independent or maintain that status.

South African women take a more rational approach and a large chunk (71 percent) believe that making their own budget will go a long way to improving financial independence. Sixty one percent believe that this will come from setting financial goals for themselves.

Women who wager were most likely to be found in Australia where 35 percent 'have a go', or the UK where 31 percent join them.

Credit where it's due

How people feel about credit tends to evolve as credit card use matures in a country.

Overall, 42 percent of our female respondents use part of their monthly income towards credit card payments.

The highest credit card use was in Canada at 77 percent, France at 72 percent and the US and Australia, both at 71 percent. The lowest use was two percent in Indonesia, 12 percent in Bulgaria and 19 percent in Malaysia.

South African women sit somewhere in the middle — 40 percent of us spend our monthly income on credit card bills.

Claire Braverman says that credit cards have had a negative image from the beginning, but convenience and rewards can make them a very attractive proposition.

"Some decades ago, when credit cards were first introduced, there was a dislike for debt and cash was king. Relying on credit meant you could not afford what you were buying.

"As people started using cards, that image switched to one of convenience. So in countries where the cards have become entrenched, they have been embraced for their ease of use and loyalty programmes.

"In countries where the use of credit cards is relatively new, there can still be a negative stigma associated with them. Among people who have low incomes, cards also pose control issues and people often shy away from them to ensure they do not go into debt."

The Synovate survey also asked people whether they agreed with the statement: 'Having more than one credit card can lead to financial debt'. Overall 70 percent of women agreed, led by 90 percent of Mexican women.

South African women show a healthy caution towards credit cards — 82 percent agreeing that having more than one card can lead to serious debt.