SINGAPORE: A groundbreaking new survey from Sun Life Asia featured in an Insurance Asia article revealed that Singaporean women are now more financially secure than their mothers’ generation. However, despite these advancements, traditional family responsibilities continue to hinder their ability to achieve complete financial stability.
Growing financial security amid generational shifts
According to the survey, two-thirds of Singaporean women report that their financial situation has improved compared to when their mothers were their age. While this shift points to a stronger financial position for women today, the survey also highlighted a significant source of stress — the burden of managing multi-generational family responsibilities. More than half of the women surveyed admitted that balancing the needs of both their children and elderly parents contributed to financial strain.
Sun Life’s report found that Singaporean women, at 60%, were more proactive than their regional counterparts when it comes to saving for elderly care for their parents, with 12% of them expecting full support from their children in return when they age. This is notably higher than the regional average of 44%, underscoring the complex caregiving roles women are expected to play.
Health concerns and long-term financial planning
Health issues have emerged as a critical factor influencing major life decisions for Singaporean women. More than half (55%) of women stated that health concerns prompted them to reassess their financial priorities. This was closely followed by concerns about retirement (47%) and housing (38%). As life expectancy rises, women are increasingly required to plan for longer retirement periods, further complicating their financial journey.
Healthcare costs, often a significant barrier to achieving financial goals, were cited by 69% of respondents as an obstacle to a more secure future. Additionally, limited access to investment opportunities and the lack of financial education were also seen as challenges, with 40% of women noting these factors.
Leah Ng, chief bancassurance officer at Manulife Singapore, highlighted the unique challenges women face, particularly due to career interruptions often caused by caregiving responsibilities. With healthcare costs continuing to rise, women are under significant pressure to find comprehensive coverage and make tough financial decisions to safeguard their futures.
Evolving insurance products tailored to women’s needs
As women’s roles continue to evolve both at home and in the workplace, the demand for more tailored financial and insurance products has increased. Leading insurers like HSBC and AIA have responded to this need by designing specialised plans that address the health and financial risks women are more likely to face.
Ouling Lu, chief product and propositions officer at HSBC Life Singapore, emphasised that traditional insurance products are no longer sufficient for women, given their increased likelihood of facing health conditions such as breast cancer, autoimmune disorders, and pregnancy-related complications. HSBC Life’s “CritiCare for Her” plan, for example, is designed to provide comprehensive coverage for female-specific health issues, filling a crucial protection gap.
Similarly, AIA’s “Glow of Life” plan offers coverage for breast and ovarian cancers, along with other reproductive health diseases, providing much-needed financial support to women battling these conditions.
For many women, financial priorities centre around securing an emergency fund, saving for their children’s education, and ensuring life and health insurance coverage. Manulife’s ReadyMummy plan, which includes psychotherapy treatment for mental wellness support, reflects an increasing recognition of the unique financial and emotional needs of mothers.
Empowering women through financial education
Despite the financial strides many women have made, confidence in financial literacy remains low. According to the Sun Life survey, 63% of Singaporean women rated their knowledge of financial and investment products as basic, higher than the regional average of 59%.
Industry experts believe that providing educational resources tailored to women’s needs is essential to closing this gap. Irma Hadikusuma, chief marketing and healthcare officer at AIA Singapore, noted that empowering women with financial knowledge is key to improving their financial outcomes. To address this, many organisations, including AIA, offer educational content and support for women and other underserved customer segments.
As the financial landscape continues to evolve, it is clear that Singaporean women are navigating a complex set of challenges. While they have made significant strides in securing their financial futures, balancing career, caregiving, and long-term health planning remains a delicate balancing act. With tailored products and greater access to financial education, women striving for financial independence and stability can expect a brighter future.