Sun Life Study: Filipinas More Financially Secure Than Before

MORE Filipinas are now reaching financial empowerment but societal expectations and economic barriers still persist. 

This was according to the survey conducted by Sun Life Asia, a regional division of Sun Life Financial— a global financial services company based in Canada. 

In its study Women’s Wealth in Focus: Building Confidence and Security, Sun Life Asia conducted a survey of over 3,000 female respondents across Southeast Asia. The research aimed to gain deeper insights into the financial attitudes, behaviors, and challenges faced by women in the region, covering countries such as Vietnam, Indonesia, Malaysia, Singapore, Hong Kong, and the Philippines.

The study found that 60 percent of Filipinas believe their financial security has improved compared to that of their mothers’ generation. 

However, despite this generational progress, many women continue to face significant challenges in achieving true financial stability. 

“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,” said Carla Gonzales Chiong, the Chief Client Experience and Marketing Officer at Sun Life Philippines. 

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One major burden is the multi-generational responsibilities that women carry, particularly as caregivers. Thirty-six percent of mothers reported feeling stressed from juggling the needs of their children and parents, underscoring the emotional and financial strain of this dual role. 

Meanwhile, while 52 percent of women are actively saving for their parents’ current or future elderly care, only 16 percent of mothers with children expect full financial support from them in old age.

Financial literacy also remains a significant issue in the Philippines, with 71 percent of women rating their knowledge of financial and investment products as basic or beginner level. 

While many are familiar with everyday financial matters—such as exchange rates (79 percent), credit card debt balances (66 percent), and current interest rates (57 percent)—gaps remain in more complex financial areas.

Fifty-three percent of women with mortgages cannot estimate their remaining balance, and an equal percentage are unable to determine the average annual return to their investments. 

Furthermore, 68 percent report struggling to find financial products that meet their unique needs, highlighting the need for better access to tailored financial resources and education. 

“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,” said Chiong.