21/04/2026

LYFE TUESDAY | APR 21, 2026

23

M ALAYSIAN women are taking on greater financial responsibility at home, but many say the growing burden of caring for children and ageing parents is affecting their careers, health and long-term financial security. A recent study by Sun Life Malaysia, titled Women’s Wealth in Focus , found more than 60% of women say dual caregiving responsibilities are taking a toll on their careers and ability to prioritise self-care. The findings point to what researchers describe as a “triple penalty”, where caregiving impacts financial stability, personal wellbeing and career progression. Across the survey, 80% of respondents say caregiving responsibilities limit their ability to improve financial security. At the same time, 68% report reduced time for self-care, while 66% say their careers are affected, highlighting immediate and long-term consequences. Women take charge of finances Despite these pressures, women are increasingly leading household financial decisions. More than half say they have the final say on major financial matters, while many take sole responsibility for managing daily expenses and long-term planning. This role often comes with personal trade-offs. Many respondents say they cut back on leisure and travel spending, delay retirement savings or reduce investment opportunities in order to meet caregiving needs. For some, the sacrifices extend further, with six in 10 reporting they have foregone medical treatment to prioritise their families. Family responsibility remains a key driver. A majority say they feel a strong obligation to support loved ones, with many willing to compromise their own financial security to ensure their family’s wellbeing. Growing pressure from ageing population The expectation to care for ageing parents adds another layer of financial strain. About 90% of women surveyed

Caring for ageing parents is becoming a growing responsibility,

with many Malaysian women

balancing emotional support and financial planning at the same time. – ALL PICS FROM 123RF

Filial piety robs Malaysian women of their dreams, goals

o Survey finds dual caregiving pressures impact finances, health, long-term planning

biggest barriers to financial stability. Six in 10 respondents identify rising medical costs as a major challenge, a concern that has remained consistent in recent years. Caregiving responsibilities can also create hidden health risks. Many women delay or avoid seeking medical care for themselves, prioritising the needs of children or elderly family members instead. This pattern raises concerns about long-term wellbeing, especially when combined with financial strain. Limited access to financial advice Despite managing significant financial responsibilities, relatively few women seek professional

“While Malaysia is making strong progress, the survey also highlights an opportunity to broaden the solutions clients use. Across the nine markets surveyed, 25% of high net worth individuals use life insurance as their main legacy planning tool – Malaysia is currently at 17%. “Life insurance can complement other arrangements by helping families protect beneficiaries and transfer wealth in a more structured and predictable way.” guidance. Only a small percentage currently work with financial advisors, while others rely on self-research or informal advice. Perceptions of the financial industry may play a role, with many viewing it as male-dominated. At the same time, there is clear demand for more accessible support, particularly in areas such as retirement planning and long term financial security. The findings point to a growing need for stronger support systems, in caregiving and financial planning. As more women balance multiple roles at home and work, addressing these gaps will be key to improving financial resilience and overall wellbeing.

Women have also been found to take on roles

anticipate supporting their parents financially, yet only 19% are currently setting aside at least 10% of their income for this purpose. This gap highlights a broader challenge in long-term planning, particularly as Malaysia’s population continues to age. While many women manage day-to-day finances effectively, fewer are consistently preparing for future financial needs. Healthcare costs are key concern Healthcare continues to be one of the

of leading household financial

decisions, with more than half noting they have the final say on major financial matters.

Local rich, young plan for future more than foreign counterparts MORE than half, or 52%, of Malaysia’s high net worth individuals said they have a formal legacy plan in place, surpassing the survey average of 41%, according to HSBC Life’s inaugural survey on High Net Worth Legacy Planning in Asia and the Middle East. It said high net worth individuals in Malaysia have a much greater sense of urgency for legacy planning, in part driven by strong gross domestic product (GDP) growth and rising incomes. Malaysia places higher than the wealthier markets of Singapore, where less than half, or 45%, have a formal legacy plan in place, and also surpasses Hong Kong (26%) and Taiwan (24%). Interestingly, the survey reported a trend among high net worth individuals in certain markets to start early on their legacy planning journeys. At the forefront is Malaysia, where 82% of respondents said they began their legacy planning before they turned 50. Last is Taiwan, where 40% did not start legacy planning until they were over 50. Commenting on the survey findings, HSBC Malaysia country head of international wealth and premier banking Linda Yip said against a backdrop of strong economic expansion – Malaysia’s GDP grew 5.2% in 2025 – and rising incomes, it is seeing more entrepreneurial wealth and a growing cohort of younger high-net-worth individuals. This is reflected in the way Malaysians are approaching legacy planning: 52% of high-net-worth individuals in Malaysia already have a formal legacy plan, above the survey average of 41%, and 82% started planning before the age of 50. “Family considerations are a key driver. In Malaysia, 43% say the potential for family disputes is their primary concern, underscoring the importance of putting clear intentions in place early.