A recent survey conducted by Sun Life Asia has revealed that a majority of Singaporean women feel more financially secure than previous generations. According to the survey, 66% of women reported an improvement in their financial situation compared to their mothers’ generation. However, many continue to face significant barriers to achieving full financial independence.
Despite the progress made, traditional family dynamics remain a strong influence on financial decision-making. The survey highlighted that 56% of Singaporean mothers experience stress from balancing both childcare and eldercare responsibilities. Furthermore, while 60% of women are saving for their parents’ care, only 12% expect to receive full financial support from their own children as they age.
Healthcare costs remain one of the most pressing concerns for women in Singapore, with 69% citing them as a major barrier to financial security. The survey also revealed that 55% of women make critical financial decisions driven by health concerns, surpassing other key financial milestones like retirement (47%) and home buying (38%).
In an alarming trend, 57% of women reported forgoing their own medical treatments to cover healthcare expenses for children or elderly family members.
While Singaporean women are increasingly taking control of their finances, there are still challenges to building long-term financial stability. The survey found that 63% of women rate their financial knowledge as basic or beginner level, surpassing the regional average of 59%. Additionally, 40% of respondents identified limited access to investment opportunities as a key obstacle to wealth accumulation.
The survey underscores both the progress and ongoing struggles of women in Singapore as they strive for greater financial independence and security.
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