A significant number of Filipino women are prioritizing their financial security, but traditional family roles and financial literacy challenges continue to impact their stability.
According to a recent report by Sun Life Asia, titled “Women’s Wealth in Focus: Building Confidence and Security,” nearly 36% of mothers in the Philippines are stressed by the demands of balancing the care of both children and aging parents. This highlights the ongoing burden of multi-generational caregiving, a common challenge across Asia. The survey, which covered over 3,000 women in the Philippines, Hong Kong, Indonesia, Malaysia, Singapore, and Vietnam, aimed to understand financial behaviors, attitudes, and challenges.
While over half of Filipino women are saving for their parents’ current or future elderly care, a striking 16% of women with children expect no financial support from them in their old age, suggesting a shift toward financial independence.
Despite these strides in savings and financial responsibility, financial literacy remains a key hurdle. Seventy-one percent of Filipino women rate their knowledge of financial and investment products as either basic or beginner level. Although many women can estimate key financial figures, such as the local exchange rate to the US dollar (79%), credit card debt balance (66%), and current interest rates (57%), gaps remain in more complex financial areas. For instance, more than half of mortgage holders are unable to estimate their remaining balance, and 53% do not know the average annual return on their investments. Furthermore, 68% report difficulty finding financial products that meet their needs.
Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer at Sun Life Philippines, emphasized that while Filipino women are increasingly focused on savings and financial independence, a substantial knowledge gap persists, highlighting the need for improved financial education and resources.
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