10:44:45 AM | 3/6/2025
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: 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.
These results show that women in the Asia Pacific region are better supported in financial planning. However, when it comes to managing their wealth, they continue to face challenges that are their work and personal lives. Access to the right financial tools, along with support from professionals, will help women achieve financial independence 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 roles still place a lot of responsibility on women.
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 shows that women are increasingly moving towards financial independence, preparing for a more independent future.
Overcoming barriers to achieve financial aspirations
Healthcare provision has emerged as a critical factor in unlocking future opportunities for women, with inadequate coverage often leading to difficult financial decisions. In fact, 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 perceived as a huge barrier to achieving brighter financial futures, according to more than half of respondents (57%). This is followed by limited access to investment opportunities and lack of financial education (both 41%).
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%).
This is also in line as a majority of them, when asked what financial security means to them, say having enough savings to cover unexpected expenses (70%), having a stable and sufficient passive income (54%) and being debt-free (53%).
Luc Nhon Ly, Chief Executive Officer of Sun Life Vietnam, 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 guidance. Seeking professional advice not only enhances women feel more confident in their financial planning, but also helps them protect themselves from unforeseen risks. A comprehensive financial plan provides peace of mind and ensure a better quality of life.”
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, 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 particularly seeing that 50% 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.
Tran Thu Hang, Chief HR Offcial at Sun Life Vietnam, said: "With knowledge, clear goals, and flexiblity in financial decisions, women can become more confident and proactive in managing their finances, building a secure future, and inspiring the next generation. Every plan – whether it involves saving, investing, or retirement planning – brings women closer to an independent, optimistic, and prosperous life. To achieve this, support from financial experts and tools plays a crucial role. At Sun Life, we are committed to empowering Asian women by offering tailored insurance solutions and investment products designed for every stage of life”.
T.H (Vietnam Business Forum)
Vietnamese
