Women in the Hong Kong Special Administrative Region are the most independent in Asia when it comes to household financial planning, with nearly half of them acting as the sole decision makers for long-term investment for their families, according to a survey released on Wednesday.

Sun Life’s  “Women’s Wealth in Focus: When Care Comes First” survey showed that 45 percent of 501 Hong Kong women polled said they controlled long-term family investments – the highest percentage among all the Asian markets surveyed.

Two-thirds of Hong Kong respondents also said that they had the final say in financial decisions, underscoring their financial autonomy and their role as “household chief financial officers”, according to the survey conducted in January.

The survey also highlighted a profound reluctance among the city’s women to seek professional advice, with only 7 percent saying they had sought financial guidance – the lowest in Asia.

“Women with financial control often plan independently, lacking access to comprehensive information, which may expose them to risks that could undermine their long-term financial well-being,” according to the findings.

‘Triple penalty’

Those simultaneously caring for aging parents and children -- also known as the “sandwich generation”-- faced a “triple penalty” affecting their finances, careers, and personal well-bring.

More than 70 percent of respondents identified the financial burden of caregiving as the primary obstacle to their own financial security, while 58 percent pointed out that caring for family members limited their ability to self-care. Fifty-six percent said it affected their career’s progress.

The results also showed that many women prioritize their family’s needs over their own health. Over 4 out of ten respondents said they had sacrificed their own medical treatment to support their children or elderly relatives.

While this figure decreased from 63 percent last year, high medical costs remained one of the top three threats to women’s financial security, according to the poll.

“These findings serve as a wake-up call: Having the final say does not equate to having comprehensive financial resilience,” Christine Yeung, deputy chief executive officer of Life and Health at Sun Life Hong Kong, said in a news release.

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About 90 percent of respondents said they will provide financial support to their aging parents, but only 26 percent of them set aside 10 percent or more of their monthly income for their parents’ retirement needs, the survey showed.

In contrast to their efforts in caring for the previous generation, over 30 percent were worried that they may become a burden to their children or relatives in later life.

Retirement planning

While nearly 70 percent of the respondents felt confident that their savings can cover their basic expenses until they retired at 75, this figure dropped to 51 percent at age 80, and only 8 percent had confidence in their financial capabilities to support living beyond 90.

“Many women underestimate the financial risks associated with longevity and fail to cover extended later years in their planning, creating concerns for their golden years,” the findings showed.

More than 3,000 women from the HKSAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam participated in the survey, which intended to explore perspectives in financial aspirations and challenges faced by women and how they translate into long-term financial security.