Financial Security of Older Women: Perspectives from Southeast Asia

Financial Security of Older Women: Perspectives from Southeast Asia investigates whether older women in the region are financially prepared for old age amid rapid population ageing. Based on an 18-month study by Tsao Foundation, the report explores key issues affecting older women’s financial security, including family support, employment, caregiving responsibilities, pensions, and savings. Findings suggest that financial insecurity in later life is often the result of gender disadvantages accumulated earlier across the life course, such as lower labour force participation and educational attainment. The report argues that without shifts in entrenched gender norms and earlier, coordinated policy interventions involving multiple stakeholders, future cohorts of women will continue to face heightened financial vulnerability in old age. Is Asia-Pacific’s population rapidly ageing—can its care systems keep up? examines how the region can ensure dignity and adequate care for its growing older population, with particular attention to older women. Appearing in Issue 5 of Agency & Dignity, a publication of the Office of the High Commissioner for Human Rights, the article highlights how gendered life-course inequalities leave many older women facing poor health, limited financial resources, and care gaps in later life. Through regional evidence and case illustrations, it underscores women’s disproportionate caregiving burdens and the fragility of family-based care systems amid demographic change. The publication calls for inclusive, gender-responsive policies, stronger long-term care systems, and shared responsibility across families, communities, and governments to enable older people to age with dignity.

This study examined the effectiveness and feasibility of Baduanjin Qigong, a low-intensity, community-based exercise programme for older adults with varying levels of frailty. Conducted as a randomized controlled trial at three senior activity centres, the study involved 56 community-dwelling older adults with low handgrip strength who participated in a 16-week supervised Baduanjin programme or a wait-list control. While overall outcomes did not differ significantly between groups, participants with high programme adherence showed improvements in vital exhaustion. Attendance rates were high and no adverse events were reported. Findings suggest that Baduanjin is a safe, acceptable, and practical exercise option for older adults, with potential benefits when participation is sustained.

This publication brings together key speeches and papers presented at the The Future of Ageing: ILC Global Alliance Symposium 2013, including the Dr Robert Butler Memorial Lecture. Reflecting the diversity of ageing experiences across regions, the publication explores a wide range of social, economic, and policy issues shaping later life. Across these contributions, a unifying theme emerges: the need for a social approach to ageing that recognises and harnesses the social capital of older people. Topics include empowerment, lifelong learning, intergenerational engagement, age-friendly environments, and sustainable care frameworks encompassing income security, healthcare, and long-term care. Collectively, the papers call for transdisciplinary, collaborative, and innovative solutions to address the complex challenges of ageing in inclusive and empowering ways.

A Profile of Older Men and Women in Singapore 2011, prepared by the International Longevity Centre Singapore, examines how older people are faring in an ageing society. Drawing on national datasets and surveys, the report explores key dimensions of ageing, including population trends, living arrangements, physical and mental health, and economic status. Organised into five sections—The Ageing Population, Living Arrangements, Health Status, Mental Health, and Economic Status—the report presents data-driven insights alongside brief analyses of emerging patterns. By bringing together evidence from multiple official sources, the report contributes to a deeper understanding of the socio-economic implications of population ageing in Singapore and supports informed policy discussion and future research.

This policy brief, Older Women in Singapore: Changes and Challenges between 2005–2015, reviews how the situation of older women has evolved over a decade marked by rapid population ageing. Building on a 2005 study commissioned by Tsao Foundation and AWARE, it examines demographic trends, health, employment, and financial security among older women against Singapore’s broader ageing policy reforms. While women’s life expectancy and labour force participation have improved, older women continue to face heightened economic and social vulnerability, including poorer health outcomes, lower earnings, weaker retirement adequacy, and higher risks of living alone. The findings underscore the need for more integrated ageing policies and a stronger gender-responsive framework to address the specific needs of older women in Singapore.

Singapore is rapidly ageing as a society. In 2013, the resident population in Singapore aged 65 and over comprised more than 10% of the population. By 2030, that figure will almost double to 19%. A Profile of Older Men and Women in Singapore 2014, prepared by the Tsao-NUS Ageing Research Initiative, National University of Singapore and the Tsao Foundation’s International Longevity Centre Singapore compiles data from the Panel on Health and Aging of Older Singaporeans (PHASE, Duke-NUS, NUS), Singapore Department of Statistics Census of Population 2000 and 2010; Singapore Registry of Births and Deaths 2006; Singapore Department of Statistics General Household Survey 2005; Singapore Ministry of Manpower Report on the Labor Force in Singapore 2010; and the Population Division, Department of Economic and Social Affairs of the United Nations Secretariat, and provides brief analyses of the key patterns.

Build Your Own Nest presents findings from Singapore’s first study on matched savings schemes for lower-income, older women. Commissioned by the International Longevity Centre – Singapore of Tsao Foundation and funded by the Tote Board, the study examined the impact of a monthly matched savings scheme on retirement savings behaviour among 377 older women over 18 months.

Using an experimental and longitudinal design, the research assessed how scheme features influenced participants’ willingness to make regular voluntary CPF top-ups. Findings show that matched savings schemes can effectively sustain savings behaviour when designed with careful consideration of savings amounts, matching ratios, and how matching is framed, offering evidence to inform inclusive and gender-responsive retirement policies in Singapore.

The Citi–Tsao Foundation Financial Education Programme for Mature Women: Final Evaluation Report assesses the long-term impact of a financial education initiative launched in 2007 to address the financial vulnerability of low-income women in Singapore aged 40 and above. Developed by Tsao Foundation with support from the Citi Foundation, the programme aimed to strengthen financial capability and inform policy on older women’s financial security. Building on an earlier evaluation, this final report presents findings from a mixed-methods, longitudinal assessment of programme outcomes. Results indicate sustained improvements in participants’ understanding of financial products, planning for later life, and household financial management, while highlighting ongoing challenges such as debt management. The report offers evidence to support inclusive, gender-responsive financial education and policy interventions.

This report presents findings from the first societal review of the Singapore Government’s White Paper on Singapore Women’s Development, focusing on the perspectives of older women. Recognising that their needs and challenges are insufficiently addressed in existing action plans, the Senior Women’s Action Group (SAWA) conducted four focus group discussions between July 2022 and February 2023 with 170 women aged 55 and above, in English, Malay, Mandarin, and Tamil.

Analysis of the qualitative data identified five key themes shaping older women’s experiences: workplace participation, caregiving, retirement adequacy, health and well-being, and community support. The report highlights concerns such as age-based discrimination and concludes with recommendations and future research directions to better address the diverse needs of older women in Singapore.