News releases
February 26, 2025
Sun Life Survey Reveals Women in Hong Kong Are More Financially Secure Than Ever, But Challenges Persist
- Nearly three in five (59%) women feel their financial security has improved compared to their mothers’ generation
- 75% cite health issues as the biggest life event prompting important financial decisions
- 3% of women have foregone their own medical treatment to contribute to the costs of care for their children or elderly relatives
- 62% find it challenging to find financial products tailored to their specific needs
Hong Kong (26 February 2025) – Women in Hong Kong have made significant strides towards financial empowerment although barriers remain, according to new research by Sun Life Asia.
The research, titled Women’s Wealth: Building Confidence and Security, interviewed 502 women in Hong Kong as part of a study of over 3,000 female respondents to understand the financial attitudes, behaviours and challenges of women across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Vietnam. [SL1]
Financial planning in Asia Pacific has come a long way in terms of advancing economic empowerment for all women. However, when it comes to managing their wealth, women continue to face challenges that are deeply entwined with their work and personal 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 financial independence and security.
Generational progress but sandwich generation feel the squeeze
Across the region, women feel their financial security has improved compared to previous generations with nearly three in five (59%) of women are 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 many from achieving financial stability.
50% of mothers report stress from juggling the needs of their children and parents, reflecting the multi-generational responsibilities that many women carry. Interestingly, while 61% of women are saving for their parents’ current or future elderly care, only 20% of women with children expect full support from their children as they age. 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 fully on their children.
Christine Yeung, General Manager, Life and Health, Sun Life Hong Kong Limited said, “Women are increasingly prioritizing their health and financial security amid today’s evolving financial landscape, yet our research shows they continue to face unique challenges, particularly in managing healthcare costs and balancing family responsibilities. Concerningly, 63% of women have sacrificed their own medical treatments to support their families, highlighting the urgent need for solutions that address both their health and financial well-being.
At Sun Life, we recognize the challenges women often face in balancing family responsibilities and healthcare costs. We aim to offer solutions that support women in managing their health and financial well-being. Our insurance options, such as SunWell Supreme Care, include additional protection to address women's health needs and are designed to provide comprehensive coverage for a range of conditions.We understand that when women have the tools to prioritize both their health and financial security, they're better positioned to lead fulfilling lives and care for their families. Our goal is to provide resources that can help women build resilience and work towards their personal and professional aspirations.
Overcoming barriers to achieve financial aspirations
Healthcare provision has emerged as a critical factor in unlocking future opportunities for women, with inadequate coverage often leading to difficult financial decisions. In fact, as many as 75% of women identify health issues as a primary catalyst for making major life decisions, followed by starting a new job or career (44%) and buying a home (37%)
However, healthcare costs are perceived as a huge barrier to achieving brighter financial futures, according to more than half of respondents (59%). This is followed by lack of financial education (55%) and limited access to investment opportunities (45%).
For mothers, financial aspirations are mainly centered around ensuring long-term security. The most common objectives include ensuring their children are adequately protected by life and health insurance products (51%), imparting financial literacy and investment concepts (49%) and building an emergency fund to provide them with a financial safety net (48%).
This is also in line as a majority of them, when asked what financial security means to them, say having a stable and passive income (64%), having enough savings to cover unexpected expenses (56%) and being debt-free (39%).
Rainbow Pan, General Manager, Wealth and Pension, Sun Life Hong Kong Limited said, “While it is encouraging to see women feeling more financially secure than previous generations, our data indicates there is still progress to be made. According to our internal database[1], women's average MPF assets remain 11.5% lower than those of male MPF members. Given women's longer life expectancy as compared to men, it is crucial that they plan proactively for greater financial security.”
“Women should view longevity as a financial advantage—having a longer investment horizon offers greater opportunities for wealth accumulation. To fully leverage this, they can consider options such as making additional MPF contributions and enhancing their investment knowledge to achieve returns that outpace inflation. With the increasing availability of investment support tools from MPF providers, women are encouraged to leverage these resources to strengthen their financial confidence and long-term security."
Striving for wellness and financial stability although women face difficult decisions
Women in Asia continue to face challenges when it comes to balancing competing priorities. Almost half (47%) routinely place the financial needs of their family members, such as older relatives and children, over their own needs. In fact, 63% of women have foregone their own medical treatment, including routine treatments such as dental and annual check-ups, in order 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 across Asia, almost half of women (49%) rate their knowledge of financial and investment products as basic or beginner level. When asked to give estimates on key financial knowledge points, the majority are able to share the exchange rate between their local currency and the US dollar (70%), balance of credit card debt (62%) and current interest rates in Hong Kong (60%).
However, there are still some gaps in financial literacy particularly seeing that 57% with mortgages are unable to estimate their remaining balance and 45% are not able to share the average annual return of their investments.
Almost two thirds (62%) of women face challenges in finding financial products tailored to their unique needs. When it comes to financial advice, close to two thirds (64%) would choose to consult female instead of male financial advisors.
Jane Lam, a Senior Sun Life Advisor at Sun Life Hong Kong, said: "Women today are making remarkable strides in managing family finances and achieving economic independence compared to previous generations. To build on this momentum, it’s essential for women to take proactive steps toward financial empowerment which includes educating themselves on personal finance, setting clear goals and considering diverse investment options. Every small step, whether it's increasing savings, exploring new investment opportunities, or planning for retirement, contributes to a more secure financial future. By taking charge of their financial well-being, women not only enhance their own lives but also inspire future generations."
As women continue to advance in their financial security and independence journeys, it is crucial to have the right support in place. At Sun Life, we are committed to ensuring that women across Asia have access to the right resources by providing tailored insurance and investment products that cater to the unique life stages and responsibilities they face.
ENDS
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 organization 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 United States, 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.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.
Note to editors: All figures in Canadian dollars.
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Media Relations Contact:
Iris Ng
Account Director, Sandpiper
T: +85298383501
Becky Marshall
Director, Communications, Sun Life Asia
T: +8526170312