Filipino women brace for elderly care costs

MANILA, Philippines — Many Filipino women expect to become their parents’ financial safety net in old age, but most have yet to build the savings needed for that responsibility, according to a new study by Sun Life Philippines.

In a report titled “Women’s Wealth in Focus,” Sun Life Philippines said about 85 percent of Filipino women expect to shoulder the financial burden of supporting their parents’ current or future elderly care, yet only one in five is setting aside money for such needs, highlighting gaps in long-term financial planning.

“While most women in the country expect to shoulder these financial burdens, only 20 percent set aside at least 10 percent of their income for parental care,” it said.

Sun Life Philippines said these responsibilities, including childcare, managing household budgets, supporting aging parents, focusing on family health and navigating long-term financial planning for dependents, are creating a “triple penalty” for women – affecting financial security, career advancement and personal well-being.

According to the survey, 83 percent of respondents said caregiving responsibilities are holding back their financial security, while 68 percent said these are also hindering their professional progress.

In addition, 68 percent said that family obligations negatively impact their ability to prioritize their personal well-being.

Amid these pressures, many women are making trade-offs with 75 percent of respondents cutting back on leisure and travel, 26 percent reporting limited investment opportunities and 25 percent taking on debt or loans.

The study also found that 67 percent of women cited rising health care costs among their top three financial challenges, while 70 percent have occasionally skipped their own medical treatment to support their families.

Despite these challenges, Filipino women continue to play a dominant role in financial decision-making, with 51 percent having the sole responsibility for the day-to-day financial needs of their aging parents while 59 percent have the final say in household financial decisions, rising to 87 percent among principal breadwinners.

As more women actively manage the day-to-day finances of their aging parents, only 54 percent feel prepared to cover their own basic expenses through age 75, and only 27 percent think they can sustain themselves beyond age 90. Moreover, only nine percent feel very prepared for an unexpected life event.

“Filipinas need – and deserve – support that’s not only accessible but also tailored to their unique circumstances,” Sun Life chief client experience and marketing officer Carla Gonzalez-Chong said.

Gonzalez-Chong said Sun Life offers financial literacy content, planning tools, and health and insurance solutions and provides financial advice to protect both family well-being and personal finances.

Sun Life’s active financial advisors are mostly women, accounting for 73 percent of the total.

More than half of the company’s senior leadership positions are held by women, and 53 percent of the high-potential leadership cohort is women.

The study was conducted in January with 3,001 women across several Asian markets, including the Philippines.