Majority of women say caregiving limits career progression, survey finds

Only 14% are working with financial advisors.

Sixty one percent of women in Singapore say caregiving responsibilities have hindered their career progression, according to a Sun Life survey. 

Eight in 10 also say household duties act as a barrier to improving their financial security.

Only 14% of women in Singapore currently work with a financial advisor, compared with a regional average of 11%.

Nearly nine in 10 married women expect to financially support elderly relatives, but only 26% are setting aside at least 10% of their income for this purpose.

Meanwhile, six in 10 women across Asia report they have foregone medical treatment to prioritise care for children or elderly relatives.

Women across Asia also report trade-offs in household spending, including reduced leisure spending (74%), delayed retirement savings (31%), and fewer investment opportunities (31%).

Regional data adds that 61% of women say they have the final say in household financial decisions. 

More than half also assume sole responsibility for daily expenses, whilst four in 10 take sole charge of long-term investments and finances. 

Amongst female breadwinners, 87% report having final authority on financial decisions.