- Two thirds of Singapore women feel their financial security has improved compared to their mothers’ generation
- More than half (55%) cite health issues as the biggest life event prompting important financial decisions.
- 57% of women have foregone their own medical treatment to contribute to the costs of care for their children or elderly relatives.
- Most women (63%) rate their financial knowledge as basic or beginner level.
Singapore (26 February 2025) – 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.
Generational progress but sandwich generation feels the squeeze
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.
Overcoming barriers to achieve financial aspirations
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 centered 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%).
Lena Lin, Head of Marketing and Communications at Sun Life Singapore, said: “As a young nation, Singapore is making great progress towards financial empowerment for women. Today, women in Singapore are, more so than ever, in control of managing their financial independence and wealth planning when compared to the preceding generations. That said, they will also need to overcome several barriers, from juggling childcare and eldercare responsibilities to the strain of healthcare costs. With the right support, tools, and broader financial knowledge such as the use of life insurance as a legacy planning tool, women in Singapore will be able to better navigate the stressors of today’s financial landscape, while also having the independence and resolve to plan for the future.”
Striving for wellness and financial stability although women face difficult decisions
Women in Singapore continue to face challenges when it comes to balancing competing priorities. More than half of them (53%) routinely place the financial needs of their family members, such as older relatives and children, over their own needs. In fact, 57% of women have foregone their own medical treatment, including routine treatments such as dental and annual check-ups, 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 an issue in Singapore, the majority of Singapore women (63%) rate their knowledge of financial and investment products as basic or beginner level. This is higher than the regional average of 59%, indicating that more needs to be done to boost financial literacy locally for them. When asked to give estimates on key financial knowledge points, the majority is familiar with the balance of credit card debt (75%), exchange rate between their local currency and the US dollar (71%), and current interest rates in Singapore (60%). However, there are still some gaps in financial literacy – for example, 41% with mortgages are unable to estimate their remaining balance and 52% are not able to share the average annual return of their investments.
Seven in 10 Singapore women face challenges in finding financial products tailored to their unique needs. When it comes to financial advice, close to two thirds (61%) would choose to consult female instead of male financial advisors.
Lena Lin added, “As women in Singapore continue to advance their financial security and independence, it is crucial to have the right support in place. At Sun Life Singapore, we are committed to ensuring that women have access to the right resources by providing insurance products that cater to the unique life stages and responsibilities they face. Our range of Whole Life and Indexed Universal Life insurance solutions aim to help women in their financial planning, giving them lifetime coverage and peace of mind when it comes to passing on their wealth to their children. Furthermore, our Indexed Universal Life plan is linked to the S&P index performance, allowing policyholders to enjoy downside protection while at the same time gain high potential growth.
“Furthermore, recognising the gap in financial literacy in Singapore, Sun Life Singapore is exploring community outreach programmes this year to address the gap.”
Notes to Editors
The findings in this survey were analysed and established through a total of 3,023 interviews conducted online in December 2024 across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam. Majority of respondents were drawn from middle to high income backgrounds, with some representation from lower income bands, with a minimum age of 30.
The executive summary is available here.
About Sun Life
Sun Life is a leading international financial services organisation providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the U.S., the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2024, Sun Life had total assets under management of $1.54 trillion. For more information, please visit www.sunlife.com. For more information about Sun Life Singapore, pls visit www.sunlife.com.sg.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to editors: All figures in Canadian dollars.
