Survey: 65% of women in Asia feel more financially secure amid challenges

Nearly two-thirds (65%) of women in Asia believe their financial stability has increased compared to earlier generations, with Vietnam leading (75%), followed by Indonesia (71%), Singapore (66%), the Philippines (60%), Hong Kong, and Malaysia (59%), a Sun Life survey finds.

The research, titled “Women’s Wealth in Focus: Building Confidence and Security”, interviewed 3,023 female respondents online to understand the financial attitudes, behaviours and challenges of women across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Vietnam. Majority of respondents were drawn from middle to high income backgrounds, with some representation from lower income bands, with a minimum age of 30.

The survey revealed that across the region, women feel their financial security has improved compared to previous generations with nearly two thirds (65%) saying their finances have improved relative to when their mothers were their age. However, traditional family dynamics and responsibilities held by women at home prevent many from achieving financial stability.

The research also found that 44% of mothers report stress from juggling the needs of their children and parents, reflecting the multi-generational responsibilities that many women carry. Interestingly, while 61% of women are saving for their parents’ current or future elderly care, only 16% of women with children expect full support from their children as they age. This may reflect a growing desire among women to cultivate their own financial resilience, opting to prepare for their future care needs independently rather than relying fully on their children.

Apart from sense of responsibility to elderly people, females value their family high. 59% routinely prioritise the financial needs of their family members over their own. This tendency is even more pronounced among women who are the primary earners in their households, with 67% placing their family’s needs above their own. Such selfless behaviour is driven by a deep-seated sense of duty (76%) and emotional bonds (53%).

For mothers, financial aspirations are mainly centred around ensuring financial security for the next generation. The top goals are saving for their children’s education (56%), creating an emergency fund to offer a financial safety net (49%), and teaching financial literacy and investment principles to their children (47%).

Health issues emerged as a pivotal factor in financial decision-making, with 67% of respondents citing it as the top life event influencing their choices. However, balancing family needs and their own priorities, women are often forced to make tough choices, with 72% forgoing medical treatment to provide for family members’ care. Other barriers to financial security cited were limited investment opportunities (41%) and lack of financial education (41%).

59% women rate their knowledge of financial and investment products as basic or beginner level. 50% with mortgages are unable to estimate their remaining balance, while 45% are not able to share the average annual return of their investments. Two thirds of women face challenges in finding financial products tailored to their unique needs. When it comes to financial advice, close to two thirds (63%) would choose to consult female instead of male financial advisors.

When defining financial empowerment, women feel they have achieved financial security if they have enough savings to pay for unexpected expenses (70%) or have a stable passive income (54%). For 53% of respondents, the goal is to become debt-free.

To attain these diverse financial goals, women should take a holistic approach to financial planning that considers both short-term and long-term objectives. This helps women manage family finances, create emergency money, and prepare for their children's future, said the research.

David Lim, chief agency officer at Sun Life, said: “The survey highlights women's growing focus on savings and financial independence. However, their primary concern about healthcare costs underscores the critical need for professional financial advice. A well-structured financial plan, developed with professional assistance, can incorporate effective risk management strategies that make sure unforeseen events like illness or job loss don’t derail your financial goals. This approach not only helps protect against unexpected costs but also ensures women can maintain their desired lifestyles while working towards long-term financial security."

Jane Lam, a senior advisor at Sun Life Hong Kong, said, “Women today are making remarkable strides in managing family finances and achieving economic independence compared to previous generations. To build on this momentum, it’s essential for women to take proactive steps toward financial empowerment which includes educating themselves on personal finance, setting clear goals and considering diverse investment options. 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."

Lam added, “As women continue to advance in their financial security and independence journeys, it is crucial to have the right support in place. At Sun Life, we are committed to ensuring that women across Asia have access to the right resources by providing tailored insurance and investment products that cater to the unique life stages and responsibilities they face.”

Related articles:

U Mobile inks deal with Sun Life Malaysia to enhance digital health sector

StashAway runs new educational series to lure women into investing