Women in Singapore are achieving greater financial security than previous generations, even as they experience some barriers to financial independence.
According to Sun Life Asia's recent survey "Women's Wealth: Building Confidence and Security," two-thirds (66%) of women in Singapore reported improved finances compared to when their mothers were their age.
Despite this progress, 69% of Singapore women cited medical expenses as an obstacle to financial security. Health issues are a primary catalyst for major financial decisions for 55% of respondents, followed by retirement (47%) and home purchases (38%).
The "sandwich generation" faces particular pressure, with 56% of Singapore mothers reporting stress from balancing care for both children and aging parents – higher than the regional average of 44%. Despite 60% saving for their parents' care, only 12% expect similar support from their own children.
Many women make difficult financial sacrifices, with 57% foregoing their own medical treatments, such as dental and annual check-ups, to cover healthcare costs for family members. Additionally, 53% regularly prioritize family financial needs over their own.
Financial literacy remains a challenge, with 63% of Singapore women rating their financial knowledge as basic or beginner level. While most understand credit card balances (75%) and currency exchange rates (71%), knowledge gaps exist regarding mortgage balances and investment returns.
For Singapore mothers, financial priorities include:
"With the right support, tools, and broader financial knowledge such as the use of life insurance as a legacy planning tool, women in Singapore will be able to better navigate the stressors of today’s financial landscape, while also having the independence and resolve to plan for the future,” said Lena Lin, head of marketing and communications at Sun Life Singapore.
The company is responding with tailored insurance products and plans to enhance financial literacy through upcoming community outreach programs, aiming to address the unique needs and stages of women’s lives in Singapore.
"Our range of whole life and indexed universal life insurance solutions aim to help women in their financial planning, giving them lifetime coverage and peace of mind when it comes to passing on their wealth to their children," Lin said.
Sun Life Asia's recent survey gathered insights from over 3,000 female respondents in Hong Kong SAR, Indonesia, Malaysia, the Philippines, and Vietnam, including approximately 500 in Singapore.
