Women in Asia have made significant progress in financial empowerment, according to a new study by Sun Life Asia. The research, titled "Women’s Wealth in Focus: Building Confidence and Security," surveyed over 3,000 women across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam.
The study highlights that while women feel more financially secure compared to previous generations—65% reported improved finances relative to their mothers—they still face challenges tied to family responsibilities. Forty-four percent of mothers experience stress from balancing the needs of both children and parents. Despite 61% saving for their parents' care, only 16% expect full support from their own children as they age.
Healthcare issues are a primary concern for many women when making major life decisions. Sixty-seven percent cited health issues as a key factor influencing these decisions. However, healthcare costs remain a significant barrier to financial security for 57% of respondents.
Jane Lam from Sun Life Hong Kong stated: "Women today are making remarkable strides in managing family finances and achieving economic independence compared to previous generations." She emphasized the importance of financial education and setting clear goals for building a secure future.
David Lim, Chief Agency Officer at Sun Life, noted: “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."
The survey revealed that more than half of the women prioritize their family's financial needs over their own. Furthermore, 72% have foregone personal medical treatments to support family care expenses.
Financial literacy remains an issue; most women rate their knowledge as basic or beginner level. While many can estimate currency exchange rates or credit card balances, gaps exist regarding mortgage balances and investment returns.
Sun Life is committed to providing tailored insurance and investment products to meet the unique needs of women across Asia.