In April, The Simple Sum attended the Inclusive Financial Well-Being: The Role of Financial Capability and Social Finance forum, held as part of the ASEAN 2025 Meeting at the Kuala Lumpur Convention Centre (KLCC), Malaysia. The event brought together speakers from leading financial institutions across Malaysia, Singapore, and the Philippines, offering a range of perspectives on how to improve financial wellbeing across the region.
Among the many insights shared, one statement stood out:
“The term ‘financial wellbeing’ means something different to every woman, especially those from low-income backgrounds.”
It raised the question of how women from different income backgrounds perceive financial wellbeing and how they can achieve that goal.
What financial wellbeing really means for women
Financial wellbeing means being able to confidently manage your day-to-day finances while feeling secure about your financial future. It’s about having the freedom to make choices with your money that align with your goals, whether it is buying a property, saving for education, or planning for retirement.
At its core, financial wellbeing is the ability to be in control of your finances. But for many women, achieving those goals can be particularly challenging.
Historically, women often had to rely on their husbands as the primary earners, making it difficult to build their own savings. As a result, many remained financially dependent on their spouses well into retirement.
While a lot has changed since then, and many women are now breaking away from traditional gender roles and are advancing their careers by climbing the corporate ladder, outdated expectations still persist in some communities. Women are often still expected to be the primary caregivers to their children and to carry the bulk of household responsibilities, regardless of their income or career status.
Even today, women are still tackling social and cultural norms, with many mothers having to sacrifice their careers for their children. A study by LSE and Princeton revealed that 34% of women around the world leave the workforce after their first child, and 14% never return after a decade. This not only disrupts their professional growth but also affects their ability to save for emergencies and retirement.
On top of that, a report from Women’s World Banking revealed that 73% of women worry about having enough money to cover basic needs like rent, bills and food, compared to 69% of men. These numbers highlight how financial stress is experienced differently across genders.
Different incomes, different financial priorities
While high-income earners might focus on early retirement, estate planning, or investments, there are others who are not fortunate enough to even think about retirement. Dr Jaime Aristotle Alip, founder of CARDMRI (Center for Agriculture and Rural Development-Mutually Reinforcing Institution), shared an interesting insight into how marginalised communities often view financial wellbeing differently.
Dr Jaime, who has spent decades working with low-income communities in the Philippines and other Southeast Asian countries, has gained deep insights into the lives of the underprivileged, many of whom still face financial exclusion and digital marginalisation.
He explained that these communities struggle with job security, limited access to financial tools, and protection from economic shocks. All these challenges contribute to ongoing financial instability and may trap them in cycles of poverty.
Therefore, Dr Jaime expressed his opinion on how financial wellbeing is not a one-size-fits-all concept. To address financial inclusion, institutions must develop effective solutions that align with local realities. These efforts are most impactful when combined with education, social services, and community engagement.
How to advance financial inclusion for women
Based on insights from Women’s World Banking, if we wish to change the landscape of financial inclusion for women, we must integrate the 4C’s into financial frameworks to provide better financial tools and services.
1. Capability
To make informed financial decisions, women need to learn about money concepts, be aware of available tools, and equip themselves with the skills to use them. Empowering women through financial education allows them to navigate the financial world on their own, with ease.
2. Confidence
Women need to feel confident using financial and digital tools so they can take control of their finances. When women are more informed and confident, they are more likely to make smart decisions and take calculated risks when it matters most.
3. Choice
When women have different options to choose from, they can pick financial products that match their income levels, lifestyles and goals. Having access to these financial products promotes better financial outcomes.
4. Control
Not every woman has control over her finances, and that needs to change. Women must have the power to manage their own income and assets so they can shape their financial goals and future on their own terms.
