Women in the Philippines have made significant strides towards financial empowerment although barriers remain.
This is according to new research by Sun Life Asia entitled Women’s Wealth in Focus: Building Confidence and Security, which interviewed over 3,000 female respondents to understand the financial attitudes, behaviours, and challenges of women across the Philippines, Hong Kong SAR, Indonesia, Malaysia, Singapore, and Vietnam.
Finding showed that 60% of Filipinas feel their financial security has improved compared to their mothers’ generation. Despite the generational progress, however, traditional family dynamics and responsibilities held by women at home prevent many from achieving financial stability.
For instance, 36% of mothers report stress from juggling the needs of their children and parents, reflecting the multi-generational responsibilities that many women carry. While 52% of women are saving for their parents’ current or future elderly care, only 16% 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 on their children. Â
At the same time, financial literacy remains an issue in the Philippines, where 71% of women rate their knowledge of financial and investment products as basic or beginner level. When asked to give estimates on key financial knowledge points, majority are able to share the exchange rate between their local currency and the US dollar (79%), balance of credit card debt (66%), and current interest rates in the Philippines (57%). However, there are still some gaps in financial literacy particularly seeing that 53% with mortgages are unable to estimate their remaining balance and 53% are not able to share the average annual return of their investments. Moreover, 68% face challenges in finding financial products tailored to their unique needs.
Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer at Sun Life Philippines, said: “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. Seeking expert advice can help address concerns about unforeseen financial risks. This approach not only helps protect against unexpected costs but also ensures that women can maintain their desired lifestyles while working towards long-term financial security.”
As women continue to advance in their financial security and independence journeys, it is crucial to have the right support in place. Sun Life is committed to ensuring that women across the Philippines have access to the right resources by providing tailored insurance and investment products that cater to the unique life stages and responsibilities they face.
