Women less likely to save for their future: Report

The study found that 74 per cent of Singapore's working-age women are worried about being unable to pay for their own care or medical bills in retirement, compared with 60 per cent of their global peers, and 54 per cent believe they will struggle to
The study found that 74 per cent of Singapore's working-age women are worried about being unable to pay for their own care or medical bills in retirement, compared with 60 per cent of their global peers, and 54 per cent believe they will struggle to cope financially if their partner dies.ST PHOTO: KUA CHEE SIONG

HSBC global study finds Singapore women to be in a vulnerable position as they age

More women in Singapore may be educated and working these days, but more than half of working-age women here - 60 per cent versus 51 per cent globally - fear they will not be able to afford basics such as food and daily essentials in their retirement years.

And despite living longer and being increasingly more financially independent, Singapore women are under-represented in financial planning at home. The men make most of the key decisions regarding money, which leaves women in a vulnerable position as they age.

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A version of this article appeared in the print edition of The Sunday Times on December 23, 2018, with the headline 'Women less likely to save for their future: Report'. Print Edition | Subscribe