A recent survey by Sun Life reveals that a significant number of High-Net-Worth (HNW) individuals in Singapore are concerned about the longevity of their wealth, with 67% fearing it may not extend beyond their children’s generation. This underscores the importance of financial literacy and open discussions about money within families.
The survey, titled “Passing the torch: Building lasting legacies in Asia,” involved over 3,000 respondents across several Asian countries, including Singapore. It highlights the attitudes and aspirations surrounding legacy planning in the region. As Singapore is poised for a major intergenerational wealth transfer, effective legacy planning is becoming increasingly crucial, not just for financial assets but also for preserving family values and opportunities.
Key findings indicate that only 50% of HNW respondents are confident their children will uphold their wishes and preserve family assets. Furthermore, less than half (43%) feel fully prepared with their legacy arrangements. Despite recognising the importance of legacy planning, many have yet to take action, with only 25% having completed and communicated their plans.
Christopher Albrecht, CEO of Sun Life Singapore, noted a shift in how affluent families define legacy, moving from wealth alone to a combination of financial security and purposeful living. He emphasised the need for proactive planning and professional guidance to ensure enduring legacies.
The survey also found that financial literacy is increasingly seen as part of a legacy, with many families engaging in financial discussions and education to strengthen their heirs’ financial confidence. This approach aims to ensure that legacies remain resilient and meaningful across generations.
