4 in 5 Filipino women say caregiving role halts financial security building

Just 27% say they have enough means to support themselves beyond age 90.

Women in the Philippines face a "triple penalty" of caregiving responsibilities that threatens their long-term financial stability and health coverage.

Half of Filipinas bear the sole responsibility of managing household finances, and nearly nine in 10 brace for elderly care, yet only a fifth have set aside ample financial resources, according to a new report from Sun Life.

Financial protection is further strained by rising medical expenses. High healthcare costs are cited by 67% of women as a top barrier to financial security. 

The pressure to prioritise family needs has led 70% of respondents to skip their own medical treatments to support their dependents.

The data suggests that whilst women are confident in managing immediate bills, they lack the insurance safety nets needed for unexpected events. 

Only 9% of women feel very prepared for a sudden life crisis, and just 27% believe they have enough resources to sustain themselves beyond age 90.

To address these vulnerabilities, the report emphasises the need for tailored health and insurance products. 

Currently, many women are forced into financial trade-offs to meet care demands, with 25% taking on debt and 26% reporting that they have missed out on investment opportunities. 

Sun Life notes that 73% of its financial advisors are women, a factor intended to help more Filipinas navigate these specific insurance and planning challenges.