Despite greater financial security compared to previous generations, many women in Singapore continue to face challenges in achieving complete financial stability due to traditional family duties, according to a recent survey by Sun Life Asia.
The survey revealed that two-thirds of Singaporean women feel their financial situation has improved compared to when their mothers were the same age. However, more than half of them report experiencing stress from balancing the demands of caring for both children and elderly parents, highlighting the multi-generational responsibilities many women bear.
The findings indicate that this stress level in Singapore is notably higher than the regional average of 44%. While 60% of Singaporean women are actively saving for their parents’ current or future elderly care, only 12% of women with children anticipate receiving full support from their own children as they age.
Leah Ng, Chief Bancassurance Officer at Manulife Singapore, emphasized that while women are increasingly taking on significant financial decision-making roles, they are simultaneously grappling with unique challenges in this area.
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