Asian women gain financial security, but face key money challenges
Key barriers to financial independence identified
Asian women gain financial security, but face key money challenges
LIFE & HEALTH
By Roxanne Libatique
26 Feb 2025

A recent survey by Sun Life Asia has indicated that women across Asia are experiencing greater financial security than previous generations.

However, persistent challenges – including caregiving responsibilities, healthcare costs, and financial literacy gaps – continue to affect their long-term financial well-being.

The study, “Women’s Wealth: Building Confidence and Security,” surveyed over 3,000 women from Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam. The findings provide insight into financial behaviours, generational shifts in economic stability, and key barriers to financial independence.

Financial progress and family responsibilities

According to the survey, 65% of respondents said their financial situation had improved compared to their mothers’ generation. However, traditional family roles continue to place financial pressure on women.

Among those surveyed, 44% of mothers reported financial stress from balancing caregiving responsibilities for both children and aging parents. While 61% of women were actively saving for their parents’ future care, only 16% of those with children expected full financial support from them in old age.

The data suggests a shift in expectations, with more women prioritising financial self-sufficiency rather than relying on family for future care needs.

Key barriers to financial independence 

The cost of healthcare emerged as a significant financial concern, with 57% of respondents citing medical expenses as a major obstacle to achieving financial security. Healthcare-related financial decisions were common, with 67% stating that health issues influenced major life choices, including homeownership (40%) and income management (39%).

Investment opportunities and financial knowledge were also cited as challenges. Forty-one percent of women reported limited access to investment products or a lack of financial education as barriers to wealth-building.

For mothers, key financial priorities included saving for children’s education (56%), maintaining an emergency fund (49%), and ensuring their children understood financial literacy and investment strategies (47%).

When asked to define financial security, 70% of women emphasised having enough savings for unexpected expenses, 54% valued a stable passive income, and 53% saw becoming debt-free as a crucial milestone.

David Lim, chief agency officer at Sun Life, noted the report’s findings that women are increasingly focused on savings and financial independence.

“While women are committed to their financial futures, there’s a clear knowledge gap regarding available resources and the importance of early financial planning. Seeking expert advice can help address concerns about unforeseen medical expenses and other financial risks,” he said.

Financial knowledge and access to resources 

Financial literacy remains an issue across the region. Fifty-nine percent of respondents rated their financial knowledge as basic or beginner level.

While most women could estimate their currency exchange rate (67%), credit card balance (66%), and pension savings (63%), other financial metrics were less understood. Among mortgage holders, 50% could not estimate their remaining balance, and 45% were unaware of their investment portfolio’s annual return.

Access to financial products tailored to women’s needs was also a challenge, with two-thirds of respondents stating they had difficulty finding suitable options. Meanwhile, 63% of women said they would prefer financial advisors who were also women.

Jane Lam, senior advisor at Sun Life Hong Kong, urges women to continue to enhance their financial literacy, explore investment options, and set clear financial goals.

“Every small step, whether it’s increasing savings, exploring new investment opportunities, or planning for retirement, contributes to a more secure financial future. By taking charge of their financial well-being, women not only enhance their own lives but also inspire future generations,” she said.

Balancing financial stability and well-being 

Despite financial progress, many women continue to put family needs ahead of their own. The survey found that 59% regularly prioritise the financial needs of children or elderly relatives over personal expenses.

Additionally, 72% of women had postponed or skipped medical treatments – including routine check-ups – to allocate funds for family healthcare costs.

With financial stability remaining a priority, Sun Life stated that it aims to provide tailored insurance and investment solutions designed to support women at different life stages.

The survey was conducted online in December 2024, gathering responses from 3,023 women aged 30 and above from middle- to high-income backgrounds, with some representation from lower-income groups.

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