Most career advice for women ends at the salary. Ask for the promotion, negotiate the raise, expand the network. These things are important. However, there is something missing in between that actually turns a good salary into financial stability: what you do with the money once you have it, and what you do when it runs out before the month ends.
This brings us to a Bizcommunity interview with Monica Hitge, a senior finance manager at the modernised payday loan fintech Wonga South Africa, that was featured during Women’s Month. In short, the issue she highlights is that financial independence is not a bonus for successful women. For many South Africans it is actually the foundation that their families operate on.
Higher stakes for women
The interview gives some numbers to highlight the issue at hand. According to research carried out by the Bureau of Market Research and Momentum, 79.3% of women are the head of their household and make the final decisions about their family. Furthermore, 73.3% of women manage the financial needs of their home on their own. According to RCS research, over 40% of South African households are financially dependent on women. In addition, women-headed households are more prevalent in areas with lower levels of financial knowledge.
When you combine these facts you start to see a pattern. Women are managing family budgets, often alone, without the financial knowledge that would make the job easier. When a financial need hits, they are often the ones who decide how to respond.
From family shop to finance
Hitge’s journey into finance began in childhood. Around the age of eight, Hitge started spending weekends in her parents’ shops. She would handle cash and interact with customers. This experience sparked an interest in how consumer finance works and eventually led to a career in accounting.
In 2010 Hitge was responsible for setting up the finance team in a start-up. In doing so she discovered a lack of safe and affordable financial services across Africa. This is now the focus of her work at Wonga. She is helping those who are not currently in the credit system to build a credit record they can use later.
She does not suggest being combative when it comes to gender stereotypes. Instead, Hitge encourages assertive communication, turning disagreements into problem-solving and understanding differences instead of fighting them. She also suggests that it is important to be present in the room. This includes informal conversations that build trust and where decisions are often shaped. In an era of video conferencing, she notes the importance of physical presence.
Payday loans and financial independence
This is where our perspective differs from traditional advice on financial independence. There is a tendency to talk about saving and investing as if every month goes to plan. In reality that is not how family budgets work. There are gaps caused by a delayed salary, a car repair or a school fee that savings alone cannot cover.
For many South Africans, that is where short-term credit steps in. Lenders such as Wonga, which provides payday loans and short-term loans in South Africa, fall into this category. When used appropriately, a small regulated loan can cover a short-term need. However, any type of credit can also become a trap that drains more money from each pay period than it provides.
In her advice, Hitge makes this distinction. Plan for both regular and unexpected expenses. Develop cost-consciousness within the family. Avoid taking on credit that is disproportionate to your income. Applied specifically to payday loans, this means a few things:
- Use a small loan to cover a short-term gap, not a shortfall that recurs every month.
- Always use a lender registered with the National Credit Regulator, and read the entire cost before signing.
- Ensure the repayment fits into next month’s budget alongside food, rent and transport.
- If you keep taking out loans, it may be a signal that something in your budget needs to be addressed.
Financial independence does not mean never taking out credit. Rather, it means taking out credit thoughtfully from a registered lender and having a plan to repay it.
Teaching financial skills at an early age
One of the most interesting points Hitge makes in the interview is about where financial independence starts. According to Hitge, it starts with teaching young girls how to manage their money at home and in schools. Furthermore, she points to the need for more resilient economies. That includes a stronger foundation in basic education as well as more vocational and technical training linked to growing digital industries. She also notes the importance of psychological empowerment alongside practical financial skills.
This last point can be easily missed. Having financial skills and trusting yourself with those skills are both very important. A young woman who has a good understanding of a budget but does not trust herself to make financial decisions will likely hand those decisions to someone else.
Women in senior leadership at Wonga
Hitge is not an isolated example at Wonga. Women hold the majority of seats on Wonga South Africa’s senior leadership team. This is far ahead of the average in the financial services industry, where women are under-represented in senior management roles. Other senior women at Wonga, such as spokesperson Tina Manyanya, also speak publicly about credit, household debt and the issues faced by South African families.
Why does this matter to a career site? Having women in senior management can influence what the company takes notice of. Having more of the people most likely to be responsible for household finances in senior management may help the company notice how its products land in real homes. It can also provide earlier opportunities for women to rise in the company, which is where the gaps most frequently occur.
For those interested in a finance career, Wonga’s female-led leadership is a reminder that the barriers are not rigid. Women do rise to senior decision-making roles in both fintech and lending, and they bring a point of view the industry has historically lacked.
Resilience, setting boundaries and owning your success
Beyond the numbers, Hitge notes that running has taught her resilience, confidence and how to set boundaries, including saying no at work. She also notes the importance of doing something outside of work that you enjoy.
She also gives some great advice to her younger self that many women will relate to. There are some accomplishments that will feel unearned. Own them anyway. You are not an impostor.
Next step
Financial independence and career progress go hand in hand. This week, take a month of your household spending and note the planned and unplanned expenses. If unplanned expenses led you to credit, consider whether these were one-offs or are happening consistently. Then choose one small action to take forward. This can range from a plan for the next unplanned expense to a discussion about pay or setting up a buffer fund.
If career progress is your focus, our guides to asking for more responsibility at work and building confidence at work are a good place to start.
Source: Wonga’s Monica Hitge on the importance of being financially independent, Bizcommunity, August 2026. Featured image: Daniel Thomas on Unsplash.
