HCM City (VNS/VNA) - The financial sector plays a crucial role in supporting Vietnamese mothers on their journey towards financial independence, especially considering the challenges many women face in finding financial products tailoured to their needs, experts pointed out.
In Asia, women are progressively building their financial futures, with each new generation becoming more financially empowered. By taking greater control of their wealth and economic decisions, women are enhancing their resilience, confidence in financial matters, and overall financial security.
In Vietnam, the Government has implemented various policies to enhance women's economic participation and financial resilience, including the National Strategy on Gender Equality (2021-30), which aims to improve women's access to capital and entrepreneurship opportunities.
In fact, the country rose by 11 places in the World Economic Forum’s latest Global Gender Index.
Despite advancements made in recent years, women, particularly mothers, continue to encounter obstacles on their path to financial independence.
A report entitled “Women’s Wealth in Focus — Building Confidence and Security” by Sun Life earlier this year found that three-quarters of Vietnamese mothers feel their financial security has improved compared to their mothers’ generation.
However, the survey found that 48% of women report stress from juggling the needs of their children and parents, and 62% place the financial needs of their family above their own.
As women earn an increasing share of household income, they simultaneously need to navigate multiple roles and responsibilities such as the need to take time out of work to have children, balance work with raising children, and assume care responsibilities for their parents. These responsibilities are all-encompassing, balancing traditional family roles with financial demands, said Nguyen Lien Phuong, chief actuary, Sun Life Vietnam.
According to the survey, mothers in Vietnam share many common financial concerns. Nearly half believe taking a career break due to care responsibilities will affect their ability to achieve financial security, compared to 33% of women without children.
While seven in 10 mothers are saving for their parents, just 24% expect full support from their children as they age. Healthcare is also a concern — 51% say health costs are a barrier to a brighter financial future.
Women have a clear view of what financial security looks like. Some 64% say having enough savings to cover unexpected expenses would constitute security, 56% say having a stable and passive income, and 54% would like to prioritise health and wellness. Fortunately, these goals are within reach through financial planning that incorporates investment, protection, and healthcare.
Traditionally, women in Vietnam are responsible for managing the day-to-day household finances.
According to Household Budget Management and Decision-making in the Family in Red River, Vietnam, when it comes to financial decisions, 80% of male respondents expressed that their wives were largely in charge of purchasing necessities for the family. However, big purchases and investments such as children’s education are still decided by the husbands.
Even though women may not be largely involved in deciding important financial matters in the household, empowering them with greater financial literacy may have the ability to increase their influence when it comes to decision-making processes especially as they hold the purse strings in the family.
Improving financial literacy is a key step on the road to female financial empowerment. Financial knowledge can equip women with the tools they need to plan for their futures and make informed decisions, Phuong suggested.
“Our research reveals a financial knowledge gap, with more than half of mothers [56%] in Vietnam rating their financial and investment knowledge as basic or beginner level. Improving access to financial education and resources can ensure more women find the right options for their needs. Greater collaboration between the financial sector and government can help solve this problem.”
While progress has been made, there is still some way to go, she said.
“According to our survey, more than half of mothers face challenges finding financial products tailoured to their needs, while nearly two-thirds would choose to consult with a female advisor. Increasing female representation across the financial sector and designing products tailored to mothers’ unique needs can help accelerate progress. The financial sector can also partner with the government to raise financial literacy levels,” she said.
Great strides have been made in women’s financial empowerment in recent times, but the playing field remains uneven.
“We need to help mothers build a financial plan that takes account of their short-term and long-term aspirations. By taking this approach, mothers can ease the financial pressure of family responsibilities and plan for unexpected life events. Having savings, investments and protection in place can help mothers build financial resilience and ease the journey towards financial independence,” said Phuong./.
Launch of Vietnam Consumer Rights Day 2026 set to take place this weekend
At the national launch ceremony, scheduled for the afternoon of March 28, representatives of ministries and agencies, social organisations and businesses are expected to make commitments affirming their responsibility to comply with the law, provide safe and transparent products, and help build consumer confidence and a fair marketplace.
