Singaporean women feel more financially secure than past generations: survey

Only 12% expect full financial support from their own children as they age.

Women in Singapore said they are more financially secure, with 66% reporting that their financial situation has improved compared to their mothers' generation, according to a new survey by Sun Life Asia.

Despite this progress, many continue to face barriers to financial independence, particularly due to family caregiving responsibilities and rising healthcare costs.

The survey revealed that traditional family dynamics continue to shape financial decisions, with 56% of Singaporean mothers feeling stressed from balancing both childcare and eldercare.

Whilst 60% of women are actively saving for their parents’ care, only 12% expect full financial support from their own children as they age.

Healthcare costs remain a major financial concern, with 69% of women citing them as a major barrier to financial security.

The survey found that 55% of women make critical financial decisions due to health concerns, more than those who cite retirement (47%) or home buying (38%) as key financial milestones.

Alarmingly, 57% of women have foregone their own medical treatments to cover healthcare expenses for their children or elderly family members.

Whilst women in Singapore are increasingly taking control of their finances, many still face barriers to wealth accumulation. The survey found that 63% of women rate their financial knowledge as basic or beginner level, which is higher than the regional average of 59%.

Additionally, 40% of respondents cite limited access to investment opportunities as a key obstacle in building long-term financial stability.