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Sun Life Survey Reveals Women in Asia Are More Financially Secure Than Ever, But Challenges Persist

News Provided by PR Newswire2025-02-26

Sun Life Survey Reveals Women in Asia Are More Financially Secure Than Ever, But Challenges Persist

[26-February-2025]

Close to two thirds of women feel their financial security has improved compared to their mothers' generation.
67% cite health issues as the biggest life event prompting important financial decisions.
72% have foregone their own medical treatment to contribute to the costs of care for their children or elderly relatives.
Top financial security goal (70%) is having enough savings to pay for unexpected expenses.
44% of mothers reported stress juggling financial needs of their children and elderly parents.
65% report challenges finding financial products tailored to their needs.

HONG KONG, Feb. 26, 2025 /PRNewswire/ -- Women in Asia have made significant strides towards financial empowerment although barriers remain, according to new research by Sun Life Asia.

The research, titled Women's Wealth in Focus: Building Confidence and Security, interviewed over 3,000 female respondents to understand the financial attitudes, behaviours and challenges of women across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore and Vietnam.

Financial planning in Asia Pacific has come a long way in terms of advancing economic empowerment for all women. However, when it comes to managing their wealth, women continue to face challenges that are deeply entwined with their work and personal lives. By equipping them with the right financial advice for their life-stage and goals they can build greater financial confidence and security.

Generational progress but sandwich generation feel the squeeze
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.

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.

Overcoming barriers to achieve financial aspirations
Healthcare provision has emerged as a critical factor in financial decision-making, as many as 67% of women identify health issues as a primary catalyst for making major life decisions, followed by buying a home (40%) and experiencing significant changes in income (39%).

However, healthcare costs are a major barrier to financial security, according to more than half of respondents (57%). This is followed by limited access to investment opportunities and lack of financial education (both 41%).

When asked what financial security means, the majority of women say having enough savings to cover unexpected expenses (70%), having a stable and sufficient passive income (54%) and being debt-free (53%).

For mothers, financial aspirations are mainly centered around ensuring long-term security. The most common objectives include saving for their children's education (56%), building an emergency fund to provide them with a financial safety net (49%) and imparting financial literacy and investment concepts (47%).

Jane Lam, a Senior Sun Life 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."

"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," said Lam.

Striving for wellness and financial stability although women face difficult decisions
Women in Asia continue to face challenges when it comes to balancing competing priorities. More than half of them (59%) routinely place the financial needs of their family members, such as older relatives and children, over their own needs. In fact, 72% of women have foregone their own medical treatment, including routine treatments such as dental and annual check-ups, in order to contribute to the costs of care for their children or elderly relatives.

Closing the knowledge gap in women's financial literacy
As financial literacy remains an issue across Asia, the majority of women (59%) rate their knowledge of financial and investment products as basic or beginner level. When asked to give estimates on key financial knowledge points, the majority are able to share the exchange rate between their local currency and the US dollar (67%), current balance of credit card debt (66%) and current pension balance (63%). However, there are still some gaps in financial literacy as 50% of those with mortgages are unable to estimate their remaining balance and 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.

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."

Notes to Editors
The findings in this survey were analysed and established through a total of 3,023 interviews conducted online in December 2024 across Hong Kong SAR, 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 executive summary is available here.

About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the U.S., the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2024, Sun Life had total assets under management of $1.54 trillion. For more information, please visit www.sunlife.com.