•  Close to three-quarters (71%) of women feel their financial security has improved compared to their mothers’ generation.
• 59% cite health issues as the biggest life event prompting important financial decisions.
• 78% of women have foregone their own medical treatment to contribute to the costs of care for their children or elderly relatives.
• Almost half (44%) of women rate their financial knowledge as basic or beginner level.
• 54% find it challenging to find financial products tailored to their specific needs.

Jakarta, February 26, 2025 – Women in Indonesia have made significant progress in financial security, yet they continue to face challenges in wealth management and financial planning. According to the latest Sun Life Asia survey titled Women’s Wealth: Building Confidence and Security, the majority of Indonesian women feel an improvement in their financial well-being compared to previous generations. However, financial pressures from family responsibilities and a lack of access to suitable financial products remain major obstacles.

Generational Progress, But the Sandwich Generation Feels the Pressure

More than three-quarters (78%) of women in Indonesia believe their financial situation is better than when their mothers were their age. However, the financial burden of multi-generational responsibilities remains a key challenge.

About 32% of mothers report stress from managing both their children’s and parents’ needs, reflecting the significant financial responsibility within families. While 65% of women have saved for their parents’ elderly care, only 11% expect full financial support from their children in the future. This suggests a growing desire among women to build financial resilience independently, rather than relying on the next generation.

Overcoming Barriers to Achieving Financial Aspirations

Health concerns are a major factor influencing women’s financial decisions, with 59% citing them as the primary reason for making significant financial choices, followed by purchasing a home (46%) and experiencing major income changes (38%).

A lack of financial literacy is a major barrier to achieving brighter financial futures for more than half of respondents (56%). Other obstacles include women’s lower earnings compared to men in the same profession (45%) and high healthcare costs (43%).

For mothers, financial aspirations mainly focus on ensuring long-term security. The most common goals include saving for their children’s education (69%), building an emergency fund (53%), and teaching financial literacy and investment concepts to their children (50%).

When asked what financial security means to them, most women cited having enough savings for unexpected expenses (74%), being debt-free (68%), and having a stable passive income (48%).

Striving for Well-Being and Financial Stability

Women in Indonesia continue to balance their financial needs with family responsibilities. Two-thirds (66%) of women routinely prioritize the financial needs of family members, such as elderly relatives and children, over their own needs.

More than three-quarters (78%) of women have sacrificed personal medical care, including routine check-ups such as dental and annual health screenings, to fund their family’s healthcare expenses.

Closing the Gender Gap in Financial Literacy

Almost half (44%) of women rate their knowledge of financial and investment products as basic or beginner level. While the majority can state their current pension balance (75%), average annual investment returns (65%), and the latest interest rates in Indonesia (59%), gaps in financial literacy remain.

Among women with mortgages, 64% cannot estimate their remaining loan balance, and 35% are unable to state their average annual investment returns. More than half (54%) of women find it challenging to locate financial products tailored to their unique needs.

When seeking financial advice, almost two-thirds (63%) prefer consulting female financial advisors.

Elin Waty, President Commissioner of Sun Life Indonesia, said, “Women in Indonesia face complex challenges in achieving financial stability. Our survey finds that more than half (54%) of women struggle to find financial products that meet their specific needs. Sun Life is committed to providing education and access to products that are not only inclusive but also support long-term financial planning, especially for women looking to save for their children’s education, build emergency funds, and plan for a more secure future.”

Kah Jing Lee, Chief Client Officer of Sun Life Indonesia, added, “This survey highlights that women in Indonesia are becoming more confident in managing their finances, yet they still face challenges in finding solutions tailored to their specific needs. At Sun Life, we are dedicated to offering more personalized products and services, supporting women’s financial journeys with flexible and innovative solutions.”

Sun Life is committed to providing insurance and investment products designed specifically to meet the needs of women at every stage of their lives.

Notes to Editors

The findings in this survey were analysed and established through a total of 3,023 interviews conducted online in December 2024 across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam. Majority of respondents were drawn from middle to high income backgrounds, with some representation from lower income bands, with a minimum age of 30.

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2024, Sun Life had total assets under management of $1.54 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

About Sun Life Indonesia

Sun Life Indonesia is a subsidiary of Sun Life Financial. We offer a variety of products protection and wealth management, from life insurance, education insurance, health insurance, and retirement plans. Sun Life partners with leading financial institutions, both national and international, to serve multi-distribution channel strategies and provide wider access to our insurance solutions. As of December 31, 2024, our conventional agency distribution of is supported by more than 1.745 sales force and 44 Conventional Independent Marketing Offices throughout Indonesia. Whilst Sharia distribution is supported by more than 906 agents with 18 Sharia Independent Marketing Offices throughout Indonesia.

As of December 31, 2024, Risk Based Capital (for Conventional business) is 493%, far exceeding the government’s minimum requirement which of 120% and Risk Based Capital (for Sharia business) is 220%, which meets the government’s minimum requirement of 120% with total assets of Rp19.4 trillion.

Sun Life Indonesia has won several prestigious awards in 2024 including:

1. Best Public Relations in Providing Protection Solution Through Innovative Product and Service - Indonesia Public Relations Award 2024

2. Indonesia Excellence Good Corporate Governance Ethics in Marketing and Distribution Channel Optimization – Indonesia Excellence GCG Awards 2024

3. Best Unit Link Award 2024

• Sharia Money Market Categories for 3 Year Period: Salam Pasar Uang
• Fixed Income Category USD Conventional 5 Year Period: High Yield Income Fund

4.     Unitlink Awards 2024

•  USD Group of Conventional Money Market Funds: Sun Life Money Market Fund
• USD Group of Conventional Fund Stocks: Global Yield Equity Fund
• Sharia Fund Money Market Group: Salam Pasar Uang

5.  The Most Innovative Life Insurance for Providing Practical and Integrated Service through Digital Transformation - Indonesia Digital Innovation Awards 2024

6.   Indonesia Most Acclaimed Company 2024 with Outstanding Solution Protectio for Various Customer Needs and Financial Purposes, (Category: Life Insurance) - Indonesia Most Acclaimed Companies Awards 2024

7. Best Insurance 2024 (Category: Best Equity Growth for Asset 10-25 Trillion) - Best Insurance Awards 2024

8. Insurance Market Leaders Award 2024

• Life Insurance Market Leaders 2024
• Sharia Life Insurance Market Leaders 2024

9.  Indonesia Best CX-EX Strategy with Very Good Predicate – Indonesia Best CX-EX Strategy Award 2024

10. Best Corporate Social and Environmental Responsibility Awards 2024 for Improving Community’s Life Quality through Financial Literacy and Healthy Lifestyle Campaign – Indonesia CSR Awards 2024

11. Indonesia Best Life Insurance 2024 for Enhancing Market Penetration by Strengthening Strategic Partnership and Distribution Channels - Indonesia Best Insurance Awards 2024

12.   Indonesia Customer Experience Champions with Very Good Predicate – Indonesia Customer Experience Champions 2024

For more information, please visit www.sunlife.co.id.

For more information, please contact:

Kaiser Simanungkalit                                                                                             

VP Branding, Communications & Client Experience                                                

Sun Life Indonesia                                                                          

Tel: +6221-5289-0000                                                                   

Fax: +6221 5289-0019                                                        

E-mail: Kaiser.Simanungkalit@sunlife.com