Women in Singapore have made significant strides towards financial empowerment even as barriers remain, according to a new survey by Sun Life Asia.
The survey, titled Women’s Wealth: Building Confidence and Security, interviewed over 3,000 female respondents, including approximately 500 in Singapore to understand their financial attitudes, behaviours and challenges. The survey spans across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore and Vietnam.
Financial planning in Singapore has come a long way in terms of advancing the economic empowerment of women. However, when it comes to managing their wealth, Singapore women continue to face challenges that are deeply entwined with their personal and professional lives. By equipping them with the right support, resources and tools to plan for a financially viable future, there are opportunities for them to achieve even greater financial independence, security and legacy planning for future generations.
Women in Singapore feel their financial security has improved compared to previous generations with two thirds (66%) saying their finances have improved relative to when their mothers were their age. However, traditional family dynamics and responsibilities held by women at home prevent some from achieving financial stability.
More than half (56%) of Singapore mothers report stress from juggling the needs of their children and parents, reflecting the multi-generational responsibilities that many women carry. This is higher than the regional average of 44%. Interestingly, while 60% of Singapore women are saving for their parents’ current or future elderly care, only 12% of women with children expect full support from their children as they age. This may reflect a growing desire among Singapore women to cultivate their own financial resilience, opting to prepare for their future care needs independently rather than relying fully on their children.
Healthcare provision has emerged as a critical factor in unlocking future opportunities for Singapore women, with inadequate coverage often leading to difficult financial decisions. In fact, as many as 55% of women identify health issues as a primary catalyst for making major life decisions, followed by retirement (47%) and buying a home (38%).
However, healthcare costs are perceived as a huge barrier to achieving brighter financial futures, according to more than two thirds of respondents (69%). This is followed by limited access to investment opportunities and the lack of financial education (both 40%).
For Singapore mothers, financial aspirations are mainly centred around ensuring long-term security. The most common objectives include building an emergency fund to provide them with a financial safety net (53%), saving for their children’s education (48%), and ensuring they are adequately protected by life and health insurance products (46%).
This is also in line with how a majority of this group, when asked what financial security means to them, indicate that having enough savings to cover for unexpected expenses (70%), having a stable and sufficient passive income (54%) and being debt-free (50%).