A recent survey by Sun Life Asia reveals that financial security is the primary concern for legacy planning among Asian families, yet 60% worry their wealth will not endure beyond their children’s generation. The study, titled “Passing the torch: Building lasting legacies in Asia,” surveyed over 3,000 respondents across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, highlighting the urgent need for structured legacy planning and financial literacy.
The survey found that seven in 10 respondents prioritise ensuring their family’s financial security as the most crucial aspect of legacy planning. Additionally, 59% wish for their wealth to be invested in long-term growth, whilst 60% express concerns about their wealth’s longevity beyond the next generation. Only 19% of respondents feel fully prepared with their legacy arrangements.
David Broom, Chief Client & Distribution Officer at Sun Life, noted, “We are seeing a clear shift in how families define legacy – from wealth alone to a combination of financial security, education and purposeful living for future generations.”
The survey also highlights that less than a third of respondents believe their children will uphold family traditions, and only 31% are confident their heirs will manage inherited assets effectively. This underscores the importance of financial literacy and open family discussions about wealth.
Despite growing awareness, many families remain unprepared, with only 10% having completed and communicated their legacy plans. The survey indicates a growing demand for professional guidance, particularly among affluent individuals and Gen Z, with 58% and 47% respectively seeking expert advice.
Broom added, “Families are talking but not planning. Whilst more people recognise the need for open conversations about wealth and inheritance, many of these discussions still lack structure and follow through.”
