Healthcare costs remain a major barrier to financial security for women across Asia, despite notable progress in financial preparedness, a recent survey reveals.
According to Sun Life Asia’s latest report, “Women’s Wealth in Focus: Building Confidence and Security,” approximately 65% of women in Asia believe they are more financially prepared than their mothers were at the same age. The survey, which included responses from over 3,000 women across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, explored financial behaviors, attitudes, and challenges.
While the report shows positive strides in women’s financial readiness, significant obstacles remain. Family responsibilities continue to impact financial stability, with 44% of mothers feeling stressed about the demands of supporting both their children and elderly parents.
The survey also highlights a shift towards financial independence. Though 61% of women are saving for their parents’ future care, only 16% anticipate receiving financial support from their own children, signaling a growing trend toward self-reliance.
One of the most significant hurdles women face is healthcare costs, with 57% of respondents identifying medical expenses as a primary barrier to achieving financial security. This was followed by limited investment opportunities and lack of financial education, each cited by 41% of the women surveyed.
Healthcare concerns also strongly influence major financial decisions. The survey found that 67% of women consider medical issues when making financial choices, a higher priority than purchasing a home (40%) or changes in income (39%).
Financial priorities for many women revolve around security. A stable emergency savings fund is crucial for 70% of respondents, while 54% prioritize building a stable passive income and 53% aim to remain debt-free. Among mothers, key financial goals include saving for their children’s education (56%), establishing an emergency fund (49%), and teaching financial literacy (47%).
Despite these priorities, over half of the women (59%) report having only a basic understanding of financial and investment products. Gaps in knowledge are evident in areas such as mortgage balances and investment returns.
Moreover, while 63% of women prefer to seek financial advice from female advisors, two-thirds struggle to find financial products tailored to their specific needs.
David Lim, Chief Agency Officer at Sun Life, commented on the findings, noting that the survey underscores women’s focus on savings and financial independence. However, it also highlights ongoing concerns about healthcare costs, which remain a key obstacle to financial security.
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