Ahead of International Women's Day on 8 March, global financial services company Sun Life has just launched a study entitled “Women’s Wealth in Focus: Building Confidence and Security,” which looks at the progress women have made in improving their financial security, as well as the difficulties that they still face. 

Women in Asia have made great strides towards financial empowerment although barriers remain, according to new research by Sun Life Asia.

The firm interviewed over 3,000 female respondents in December 2024 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, the research reveals. However, when it comes to managing their wealth, women face hurdles that are 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, the firm said in a statement.

Such a study highlights how wealth managers and private banks are keen to trumpet their work in guiding female clients, recognising that the ranks of HNW women are increasing around the world, and will want service that meets their needs. This is a challenge for what has traditionally been a male-dominated industry. 

Generational progress 
Across the region, women feel that their financial security has improved compared with previous generations with nearly 65 per cent saying their finances are in better shape 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.

Forty-four per cent of mothers reported stress from juggling the needs of their children and parents, reflecting the multi-generational responsibilities that many women carry, the survey shows. Also, while 61 per cent of women are saving for their parents’ current or future elderly care, only 16 per cent 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, with 67 per cent of women identifying health as a primary catalyst for making major life decisions, followed by buying a home (40 per cent) and experiencing significant changes in income (39 per cent).

However, healthcare costs are a major barrier to financial security, according to more than half of respondents. This is followed by limited access to investment opportunities and lack of financial education, the firm said.

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

For mothers, financial aspirations are mainly centred on ensuring long-term security. The most common objectives include saving for their children’s education (56 per cent), building an emergency fund to provide them with a financial safety net (49 per cent) and imparting financial literacy and investment concepts (47 per cent), the research shows.

Striving for wellness and financial stability 
Women in Asia continue to face challenges when it comes to balancing competing priorities. More than half of them routinely place the financial needs of their family members, such as older relatives and children, over their own needs. In fact, 72 per cent 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 a concern across Asia, the majority of women rate their knowledge of financial and investment products as basic or beginner level, the survey reveals. 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 dollar (67 per cent), current balance of credit card debt (66 per cent) and current pension balance (63 per cent). However, there are still some gaps in financial literacy, as 50 per cent of those with mortgages are unable to estimate their remaining balance and 45 per cent are not able to share the average annual return of their investments. 

Two thirds of women find it difficult to choose financial products tailored to their unique needs. When it comes to financial advice, 63 per cent would choose to consult female instead of male financial advisors, the research shows.

"It’s essential for women to take proactive steps towards financial empowerment which includes educating themselves on personal finance, setting clear goals and considering diverse investment options,” Jane Lam, a senior Sun Life advisor at Sun Life Hong Kong, said. “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 wellbeing, women not only enhance their own lives but also inspire future generations."

“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,” David Lim, chief agency officer at Sun Life, continued. “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.”