What challenges Asian women's financial readiness? | Asian Business Review
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What challenges Asian women's financial readiness?

Healthcare costs are a significant barrier to financial security.

About 65% of women in Asia believe they are more financially prepared than their mothers were at the same age, according to Sun Life Asia’s latest survey.

Women in Asia are making financial progress, but challenges persist, revealed the report “Women’s Wealth in Focus: Building Confidence and Security”, which surveyed over 3,000 women across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam to examine their financial behaviors and challenges.

However, family responsibilities continue to impact their financial stability, with 44% of mothers feeling stressed about balancing support for both children and elderly parents.

Whilst 61% of women are saving for their parents' care, only 16% expect financial support from their own children in the future, suggesting a shift towards financial independence.

Healthcare costs are a significant barrier to financial security, cited by 57% of respondents, followed by limited investment opportunities and lack of financial education (both 41%).

Health concerns also influence major financial decisions, with 67% of women identifying medical issues as a primary factor in their choices, ahead of purchasing a home (40%) or income changes (39%).

Women’s financial priorities vary, but for many, security means having enough savings for emergencies (70%), a stable passive income (54%), and being debt-free (53%). 

Amongst mothers, key financial goals include saving for their children’s education (56%), building an emergency fund (49%), and teaching financial literacy (47%).

Further more, over half (59%) of women describe their understanding of financial and investment products as basic, with gaps evident in areas such as mortgage balances and investment returns. 

Additionally, 63% prefer seeking financial advice from female advisors, yet two-thirds struggle to find financial products tailored to their needs.

David Lim, Chief Agency Officer at Sun Life, said the survey shows women’s focus on savings and financial independence, but also highlights concerns over healthcare costs. 
 

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