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

The research, entitled '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 Việt Nam.

The 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 in their work and personal lives. Access to the right financial tools, along with support from professionals, will help women achieve financial independence and security.

Across the region, women feel their financial security has improved compared to previous generations, with nearly two-thirds (65 per cent) 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.

Forty four per cent 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 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 shows that women are increasingly moving towards financial independence, preparing for a more independent future.

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 per cent of women identify health issues 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 perceived as a huge barrier to achieving brighter financial futures, according to more than half of respondents (57 per cent). This is followed by limited access to investment opportunities and lack of financial education (both 41 per cent).

For mothers, financial aspirations are mainly centered around 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).

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 per cent), having a stable and sufficient passive income (54 per cent) and being debt-free (53 per cent).

Chief Executive Officer of Sun Life Việt Nam, Luc Nhon Ly, 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.”— VNS