Kathmandu. Women in Hong Kong play the strongest role in household financial decision-making.
This is according to a recent survey conducted by Sun Life in 6 Asian markets. According to the survey, 45 percent of women in Hong Kong are the decision-makers for long-term investment and financial planning.
According to Sun Life, two-thirds of Hong Kong respondents, 67 percent, have the final say in financial decisions. However, only 7 percent have sought professional financial advice. This is the lowest rate in the region.
The survey also identified care as a significant financial burden. More than 72 per cent of the women surveyed said the burden of supporting family members was a major barrier to improving their own financial security. According to the survey, 58 percent of women said that caregiving has reduced their ability to care. While 56 per cent said it affected their career progression.
Retirement preparedness is also uneven in Asian markets. According to Sun Life, 69 per cent of women believe their savings will cover basic expenses by the age of 75, but this confidence dropped to 51 per cent at the age of 80 and only 8 per cent at the age of 90. That’s lower than the average age for women in Hong Kong, around 88 to 89 years.
The January survey included more than 3,000 people in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Vietnam. That included about 501 people from Hong Kong. – Insurance Asia
