You are not alone if you are thinking of quitting your job for your family. A global survey by HSBC found a quarter of Singapore’s working women are choosing motherhood over career.
Overall, in Asia, women in Hong Kong are the most willing to sacrifice their career for their children. In this survey, 26% of the women polled in the city state said they will chose motherhood over their careers.
This figure was 25% for women in Singapore and in Taiwan. In Malaysia and Indonesia, the figure was 15% and 13%, respectively. However, in China, only 5% of female respondents are willing to quit their jobs.
This online survey polled more than 17,000 people worldwide between November and December last year.Unfortunately, these women’s readiness to sacrifice their careers to bring up children makes it harder for them to save enough money for retirement.
This is probably why this study also found that women are not confident about their financial future.
Top concerns - retirement and medical expenses
Women in Hong Kong were found to be the least confident about their financial future among regional peers. Just 38% are confident about maintaining a comfortable retirement, compared to 63% in mainland China.
Female respondents said that medical and daily expense are their major worries. About 72% say they will not have enough to pay for medical expenses. Over 50% believe they will struggle to pay for even basic necessities during retirement.
Meanwhile, another HSBC study found that 74% of Singaporean women are concerned about their ability to pay for their own care or medical bills when they retire.
The study also noted that although women in Singapore have better access to education and the workforce than their global counterparts, 6 in 10 women worry about paying for basic necessities such as food during retirement.
Prepare your future when choosing motherhood over career
Plan for the unexpected and save for retirement | Image Source: Pexels
"Singapore women should feel more financially secure than their global peers. Yet, many still worry about their retirement or feel they lack the knowledge to adequately manage their own finances," says Carlos Vazquez, CEO of HSBC Insurance Singapore. This shouldn't be the case.
Mums, you can prepare for your future even if you are choosing motherhood over career. And remember to have fun in the process.
HSBC suggests taking these practical steps:
- Think of retirement as a chance to pursue your passions and new adventures. What retirement do you want? Maybe you want to travel or start a business?
- With a broad idea of how you want your life to look like, start planning ahead. Use online tools to calculate what you may need and start saving.
- You are not expected to know everything so ask questions. Get clarity especially when making financial decisions.
- Don't be afraid of opening a savings accounts or making an investment solely in your name. This is part and parcel of being financially independent.
Also read: Saving for retirement or paying for your kid's college fees? Smart ways to save money
Source: HSBC Hong Kong, HSBC Singapore, South China Morning Post and MSN