Sun Life Study Reveals the Hidden Cost of Caregiving for Filipinas

A comprehensive new study from Sun Life reveals that Filipina women are the financial backbone of their families, yet they face significant barriers to building their own long-term financial security.

Entitled “Women’s Wealth in Focus,” the research shows that 51% of Filipinas bear the sole responsibility of managing their household’s daily finances, while 85% expect to financially support their parents’ current or future elderly care. Yet, despite these heavy responsibilities, only 20% are setting aside 10% or more of their income for parental care.

These care responsibilities—including childcare, managing household budgets, supporting aging parents, prioritizing family health needs, and navigating long-term financial planning for dependents—are creating a “triple penalty” for Filipinas with far-reaching consequences in terms of:

• Financial security, where 83% cite caregiving as a barrier to improving their financial security;
• Career advancement, where 68% say care responsibilities limit their professional growth; and
• Self-care, where 68% report that family obligations undermine their ability to prioritize their own wellbeing.

As a result, women make significant sacrifices: 75% have reduced spending on leisure and travel, 26% say they have limited investment opportunities, and 25% have taken on debt or loans.

Healthcare expenses also continue to pose a significant challenge, where 67% cite high healthcare costs as among the top three obstacles to financial security, and 70% have foregone medical treatment occasionally to support their families.

Stepping Up in the Present, But Not Prepared for the Future

Despite these challenges, Filipina women are taking charge. Fifty-one percent assume sole responsibility for day-to-day finances, and 59% have the final say in household financial decisions, rising to 87% among main breadwinners.

Moreover, 77% are actively managing day-today finances such as such as paying bills on time, while 65% report feeling better off financially than their mothers were—a testament to progress and resilience.

However, confidence drops sharply when looking ahead. While 54% feel prepared to cover basic expenses up to age 75, only 27% believe they can sustain themselves beyond age 90. Moreover, only 9% feel very prepared for an unexpected life event.

The Path Forward

For Sun Life Chief Client Experience and Marketing Officer Carla Gonzalez-Chong, the findings reveal a clear opportunity. “Filipinas need—and deserve— support that’s not only accessible but also tailored to their unique circumstances,” she said.

Gonzalez-Chong outlined ways Sun Life is doing its part to help empower women. “We have financial literacy content and planning tools that can help women build confidence and take action,” she shared. “Expert financial advice as well as health and insurance solutions are available, protecting both family wellbeing and personal finances.”

In terms of building a career, Filipina women may consider becoming a Sun Life advisor or explore employment within Sun Life’s corporate office. Both settings support women’s career and financial advancement while accommodating care responsibilities. In fact, 73% of Sun Life’s active financial advisors are women, serving as trusted partners to Filipino families nationwide. Women hold 51% of the company’s senior leadership positions and make up 53% of high-potential leadership cohort, ensuring that the pipeline of future leaders mirrors this commitment. Sun Life has also achieved near parity in pay, with 50% of women leaders at midpoint compared to 47% of men, demonstrating no significant gender pay gap.

“At Sun Life, we aim to help build pathways to greater financial security for every Filipina,” Gonzalez-Chong said. “When women have the resources and confidence to plan for their own futures while managing family care, everyone benefits. We see stronger families, more resilient communities, and a brighter tomorrow for more Filipinos.”