Singapore moms juggle family tasks and money matters

Their finances have improved relative to when their mothers were their age.

Singapore women are more financially secure than their mothers’ generation, but traditional family responsibilities prevent them from achieving financial stability, according to Sun Life Asia’s latest survey.

Two-thirds said their finances have improved relative to when their mothers were their age, whilst more than half reported stress from juggling the needs of their children and parents, reflecting the multi-generational responsibilities that many women carry.

“This is higher than the regional average of 44%,” Sun Life said in a report released last month. “Interestingly, while 60% of Singapore women are saving for their parents’ current or future elderly care, only 12% of women with children expect full support from their children as they age.”

“Not only are women assuming more prominent roles as financial decision-makers, but they also face distinct challenges,” Leah Ng, chief bancassurance officer at Manulife Singapore Pte. Ltd., told Insurance Asia.

These include longer life expectancies, which require planning for extended retirement periods, and career interruptions due to caregiving responsibilities, she said in an emailed reply to questions.

Healthcare has emerged as a critical factor in unlocking opportunities for Singapore women, with inadequate coverage often leading to difficult financial decisions, according to Sun Life.

As many as 55% of women identified health issues as a primary catalyst for making major life decisions, followed by retirement (47%) and buying a home (38%).

It added that 69% saw healthcare costs as a huge barrier to achieving a brighter financial future, followed by limited access to investment opportunities and the lack of financial education, both at 40%.

“As we see women’s roles at home and in the workforce evolving, their financial priorities and protection needs have also evolved,” Irma Hadikusuma, chief marketing and healthcare officer at AIA Singapore Pte. Ltd., told Insurance Asia in an email response.

Ouling Lu, chief product and propositions officer at HSBC Life (Singapore) Pte. Ltd., said insurers expand product designs to cater to their almost 50% women policyholders, noting that insurance plans have been designed as a “one-size fits all approach” for the longest time.

“For example, women are statistically more likely to face health conditions such as breast cancer, autoimmune disorders, and pregnancy-related complications,” he said. “This must be taken into consideration when it comes to product design, particularly in Singapore where there is already a significant protection gap when it comes to critical illness coverage.”

“This is the thinking behind our tailored products like HSBC Life CritiCare for Her, which is a critical illness plan that offers comprehensive protection against female-specific cancers and critical illnesses,” he added.

Similarly, AIA’s Glow of Life plan covers illnesses such as breast and ovarian cancer, and other reproductive health diseases.

“Such plans alleviate potential physical and financial burdens by providing financial support for women and their families, allowing women to focus on recovery without compromising their lifestyle, savings, or their family’s financial stability,” Hadikusuma said.

For many mothers in Singapore, financial priorities include building an emergency fund (53%), saving for their children's education (48%), and securing life and health insurance coverage (46%), according to the Sun Life survey.

Manulife offers ReadyMummy, a three-year maternity plan for expectant mothers from as early as 13 weeks into the pregnancy.

“Notably, ReadyMummy is the first plan of its kind to include psychotherapy treatment as part of its coverage, offering mental wellness support for mothers,” Ng said.

Majority of Singapore women (63%) rated their knowledge of financial and investment products as basic, higher than the regional average of 59%, Sun Life said.

“Studies have shown that women often lack confidence in financial literacy, even when they are knowledgeable about the topic,” Hadikusuma said. “This is why we provide a repository of educational content on our website catered to support women and other customer segments.”