Women across six Asian markets are taking on the role of household chief financial officer in growing numbers. However, a new survey from Sun Life shows that caregiving responsibilities are imposing a compounding burden on their finances, careers, and personal well-being.

The report, “Women’s Wealth in Focus: When Care Comes First,” is based on more than 3,000 online interviews conducted in January 2026 across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam.

The survey found that a majority of women have taken firm control of family finances. More than half (51%) said they alone manage day-to-day household expenses, while 41% reported sole responsibility for long-term investments. Even in households where financial decisions are shared, 61% said they hold final authority, rising to 87% among female breadwinners.

This financial leadership is driven largely by a strong sense of family obligation. More than six in 10 women (63%) cited a sense of responsibility toward relatives, and half said they were willing to sacrifice their own financial security to protect their families.

The ‘triple penalty’

Despite their central role in their household, women described caregiving as working against them on three fronts. Nearly three-quarters (72%) said caregiving was a barrier to improving financial security. Some 60% said it limited their ability to care for their own health, while 59% said it affected career progression. Sun Life described this compounding effect as a “triple penalty.”

The financial sacrifices are tangible: 74% cut back on leisure and travel, while 31% reported delaying retirement savings and limiting investment opportunities.

“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,” said David Broom, chief client and distribution officer at Sun Life. “Access to trusted advice can help women turn the decisions they are making every day into a clear plan for the future.”

Healthcare costs remained the most frequently cited obstacle to financial security for the second consecutive year, with six in 10 women ranking it among their top three barriers. Six in 10 also said they had foregone medical treatment to prioritize care for children or elderly relatives.

Gaps persist

The survey exposed a mismatch between expectation and preparation. Nine in 10 respondents said they expect to support their parents’ elderly care, yet only 26% were setting aside at least 10% of their income toward that eventuality.

Only 11% of respondents said they currently work with a financial advisor. Perceptions of the industry posed a barrier: 61% viewed the financial services sector as male-dominated, and one in three of those without an advisor said this discouraged them from seeking help.

“Women are shaping the financial direction of their families every day. Recognizing this leadership is essential to ensure women can thrive without sacrificing their own security and well-being,” said Christine Yeung, deputy chief executive officer, life and health, Sun Life Hong Kong.

Despite meaningful generational progress – 65% said they were better off financially than their mothers at the same age – preparedness for financial shocks remains limited. Only 14% felt very prepared for a major unexpected financial event, and just 30% regularly reviewed their insurance coverage.

The Sun Life survey, “Women’s Wealth in Focus: When Care Comes First,” was conducted online in January 2026 across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, with 3,001 female respondents.