Manila: Women in the Philippines made significant strides towards financial empowerment last year, research released by Sun Life Asia showed.
According to Philippines News Agency, Sun Life stated that the Women's Wealth in Focus: Building Confidence and Security research indicated that 60 percent of Filipinas feel their financial security has improved compared to their mothers' generation. Over 3,000 female respondents were interviewed online in December 2024 to understand the financial attitudes, behaviors, and challenges of women across several regions including the Philippines, Hong Kong SAR, Indonesia, Malaysia, Singapore, and Vietnam.
The research highlighted that despite generational progress, traditional family dynamics and responsibilities held by women at home prevent many from achieving financial stability. The study noted that 36 percent of mothers report stress from juggling the needs of their children and parents. Additionally, while 52 percent of women are saving for their parents' current or future elderly care, only 16 percent of women with children expect full support from their children as they age.
Sun Life Asia suggested that 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 on their children.
The research also identified gaps in financial literacy, noting that 53 percent with mortgages are unable to estimate their remaining balance, and a similar percentage are unable to share the average annual return of their investments. Moreover, 68 percent face challenges in finding financial products tailored to their unique needs.
"The survey highlights the Filipinas' growing focus on savings and financial independence. While women are committed to their financial futures, there's a clear knowledge gap regarding available resources and the importance of early financial planning," said Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer at Sun Life Philippines. She emphasized that seeking expert advice can help address concerns about unforeseen financial risks, which not only helps protect against unexpected costs but also ensures that women can maintain their desired lifestyles while working towards long-term financial security.
