Sun Life Malaysia Survey Reveals ‘Triple Penalty’ Facing Malaysian Women in Finance and Caregiving

Women in Malaysia are increasingly taking the lead in managing household finances, but this growing responsibility is coming at a personal and professional cost. A new survey by Sun Life Malaysia, titled Women’s Wealth in Focus, reveals that more than 60% of Malaysian women say dual caregiving responsibilities—caring for both children and ageing parents—are impacting their careers and ability to prioritise self-care, creating what is described as a ‘triple penalty’ that affects financial security, wellbeing and career growth.

Nearly 80% of women surveyed say caregiving responsibilities are a barrier to improving financial security. The strain extends beyond finances, with 68% reporting limited time for self-care and 66% citing setbacks in career progression. Together, these pressures form a cycle that affects both immediate stability and long-term planning.

As a result, many women are making financial sacrifices to cope with caregiving demands. Around 76% have reduced spending on leisure and travel, while 34% have delayed retirement savings and 33% have scaled back on investment opportunities. Intergenerational expectations further compound the issue, with nearly 9 in 10 women expecting to support their parents’ care needs in their old age. However, only 19% are currently setting aside at least 10% of their income to prepare for this responsibility, highlighting a gap between expectations and financial readiness.

Irina Lim, Chief Operating Officer of Sun Life Malaysia, noted that many women are balancing a double caregiving burden while also managing household finances. She emphasised that this pressure can negatively impact health, careers and long-term financial stability, underscoring the importance of accessible financial planning, protection and support systems.

Despite these challenges, women continue to play a leading role in household financial management. About 44% take sole responsibility for daily expenses, while 42% independently manage long-term finances and investments. Even in shared arrangements, 52% report having the final say in financial decisions, rising significantly to 83% among female breadwinners. For many, financial management is closely tied to family well-being, with 59% expressing a strong sense of responsibility toward family members and 44% willing to sacrifice their own financial security for their loved ones.

Healthcare costs remain one of the biggest threats to financial stability, with six in 10 women identifying high medical expenses as a key barrier for the second consecutive year. Caregiving roles intensify the burden, as many women prioritise others over themselves. Notably, 62% have postponed or foregone medical treatment to support children or elderly family members, increasing their own health risks.

While there has been visible generational progress—59% of women say they are financially better off than their mothers—financial preparedness remains a concern. Only 10% feel very prepared for unexpected financial shocks, and nearly 89% of married women say their households would be financially impacted if their spouse were unable to work due to medical reasons. Although 79% manage day-to-day finances effectively by paying bills on time, long-term planning is less consistent, with only 25% regularly reviewing insurance coverage and just 13% seeking professional financial advice.

Engagement with financial advisors also remains limited. Only 8% of women currently work with a financial advisor, although mothers are slightly more likely to seek guidance compared to those without children. Perceptions of the financial industry continue to act as a barrier, with 72% viewing it as male-dominated and 34% saying this discourages them from seeking advice. Despite this, demand for guidance is evident, with 45% of women expressing interest in financial content focused on achieving a worry-free retirement.