• Women are increasingly household CFOs – 61% say they have the final say in financial decisions
• But they face a ‘triple penalty’ from caregiving responsibilities, affecting financial security (72%), self-care (60%), and career advancement (59%)
• 89% expect to financially support ageing parents, yet only 26% are setting aside at least 10% of their income for it
• Six in 10 have foregone medical treatment to prioritise support for children or elderly relatives
• Only 11% currently work with a financial advisor

Hong Kong (March 17, 2026) – Women in Asia are increasingly taking the lead role of household CFO, but new research from Sun Life shows that caregiving responsibilities are creating a hidden ‘triple penalty’ affecting their finances, careers and personal well-being.

Nearly three‑quarters (72%) of women surveyed across six Asian markets say caregiving responsibilities are a barrier to improving financial security. The impact extends beyond finances: 60% say care duties limit self‑care, while 59% cite impacts on career progression, creating a ‘triple penalty’ with near- and long-term impacts.

Caregiving pressures are forcing many women to tighten budgets and deprioritise their own needs. The most common sacrifices include cutting leisure and travel spending (74%), delaying retirement savings (31%), and limiting investment opportunities (31%).

Intergenerational expectations are also sharpening the long‑term challenge. Nine in 10 expect to support their parents’ elderly care, yet little over a quarter (26%) are saving at least 10% of their income to prepare for this potential eventuality. These findings highlight the urgent need for stronger support systems and financial planning solutions.

David Broom, Chief Client & Distribution Officer at Sun Life, said: “Women are leading many of the financial decisions in their households. But our research shows that when caregiving responsibilities grow, long-term planning is often the first thing to be pushed aside. Access to trusted advice can help women turn the decisions they are making every day into a clear plan for the future.”

Women lead household finances while balancing caregiving responsibilities

Across Asia, many women are budgeting, planning, and making critical financial decisions for family, often while carrying the bulk of caregiving responsibilities. Half (51%) assume sole responsibility for managing daily expenses, while four in 10 (41%) take sole charge of long-term investments and finances. Even when decisions are shared, six in 10 (61%) report they have final authority, rising to 87% among female breadwinners.

For many women, managing family finances is deeply connected to ensuring their families’ wellbeing. More than six in 10 (63%) of women cite strong responsibility toward family members, and half are willing to sacrifice their own financial security to protect their family’s welfare. This commitment also influences their financial priorities: married women report greater concern than their spouses about saving and investing (74%) and leaving an inheritance (49%).

Christine Yeung, Deputy Chief Executive Officer, Life and Health, Sun Life Hong Kong Limited, said: “Women are shaping the financial direction of their families every day. Recognising this leadership is essential to ensure women can thrive without sacrificing their own security and wellbeing. By partnering with women and supporting them with practical guidance, we can equip them with the right tools to build lasting financial security for themselves and their families.”

Health costs continue to hurt financial security

Healthcare costs remain a significant barrier to women’s financial security. Six in 10 respondents cite high healthcare costs among their top three obstacles, making it the most frequently cited challenge for the second year in a row.

The financial impact is compounded by caregiving responsibilities, which often create hidden health risks. Six in 10 women have foregone medical treatment to prioritise support for children or elderly relatives, taking on greater personal risk to put their families first.

Yeung said: “Healthcare costs are not just a financial burden; they are reshaping women’s choices and futures. Many put family needs ahead of their own health, creating risks that accumulate over time. Addressing this challenge is vital to protect both women and the families they support.”

Financial progress is visible, but risk persists

Women today are more financially secure than their mothers, reflecting strong generational progress and greater economic participation. Two-thirds (65%) say they are better off financially than their mothers were at the same age.

Yet preparedness for financial shocks remains limited. Only 14% feel very prepared for an unexpected financial event, while nearly nine in 10 (89%) married women say their families would be financially impacted if their spouse were unable to work due to medical reasons.

Day-to-day management is strong, with 75% of respondents paying bills on time, but longer-term planning is less consistent. Just 30% regularly review insurance coverage, and only 18% seek professional advice before making financial decisions, pointing to an ongoing support gap.

Engagement with professional advice remains limited

Despite carrying high levels of financial responsibility, few women access professional advice. Only 11% of women surveyed currently work with a financial advisor, though mothers are more likely to have sought advice (36%) compared to women without children (24%).

Perceptions of the industry remain a barrier to seeking advice: six in 10 women (61%) believe the sector is male-dominated, and one in three (34%) who don’t have access to advice, or have not yet sought it, say this deters them from seeking help. Yet demand is clear – 40% of women express a preference for content focused on achieving a “worry-free retirement.”

Broom said: “Many people are still not accessing professional financial advice. Closing this gap requires personalised advice that is inclusive, accessible, and empowering. When financial leadership is backed by professional advice and expert knowledge, families and communities across the region can build lasting prosperity and financial security.”

The full report is available here

ENDS

About this survey 

The findings in this survey were analysed and established through a total of 3,001 interviews conducted online across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore and Vietnam in January 2026. The research explores perspectives around financial aspirations, behaviours, and challenges faced by women and how they translate into long-term financial security.

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 U.S., the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2025, Sun Life had total assets under management of $1.60 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.

Note to editors: All figures in Canadian dollars --

Media Relations Contact: 

Adam Welch 

Director, Communications, Asia

T: +85290711821  

adam.welch@sunlife.com