A recent survey by FWD Group Holdings Limited has highlighted significant financial anxiety among Asia’s middle class, with over 70% expressing concerns about their financial wellbeing. Rising living costs and increasing family responsibilities are reshaping financial priorities across generations, according to the survey conducted with Ipsos, which included over 9,000 middle-class consumers aged 21 to 65 across 10 Asian markets.
The survey revealed that 71% of respondents are anxious about their financial wellbeing, with the top concerns being the rising cost of living (71%), high healthcare costs (43%), and unexpected job loss or income reduction (37%). Consequently, many are focusing on short-term financial goals, with 44% aiming to build a basic safety net for their families and 37% seeking financial independence.
Lee Yen Ho, Group Chief Distribution and Proposition Officer at FWD Group, noted, “It’s clear that there is a shared sense of financial vulnerability across generations of middle classes in Asia.” The survey also highlighted generational pressures, with Generation X facing challenges in funding education, paying mortgages, and preparing for retirement. Meanwhile, Generation Y is juggling multiple financial responsibilities, and Generation Z anticipates financial difficulties due to rising expenses.
FWD Group offers various products to address these concerns, such as the OneAll medical insurance plan in Hong Kong and the FWD Sure pension plan in Thailand and Singapore, aiming to strengthen protection and long-term financial security. As the company continues to innovate, it seeks to change the way people feel about insurance, providing solutions that build resilience and secure income for retirement.
