A recent survey by Sun Life Asia has found that financial security is the top priority for families in Asia when it comes to legacy planning. The study, titled "Passing the torch: Building lasting legacies in Asia," gathered responses from over 3,000 individuals across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam.
According to the survey results, 70% of respondents identified ensuring their family’s financial security as the most important aspect of legacy planning. This was followed by a desire for clear estate plans (53%) and building enough wealth to pass on to future generations (48%). Most participants also expressed a preference for their wealth to be invested in long-term growth opportunities such as financial assets, life insurance, or family businesses.
Despite these intentions, there are significant concerns about whether current wealth will last beyond the next generation. Sixty percent of those surveyed worry that their assets may not be preserved past their children’s generation. Additionally, more than half fear that heirs may lack the financial skills needed to manage inherited wealth effectively.
David Broom, Chief Client & Distribution Officer at Sun Life, commented on these findings: “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. While the survey indicates a gap between intent and action, this highlights the need for proactive planning, professional guidance and open family dialogue to ensure both assets and values are preserved.”
The research also showed that only 19% of respondents feel fully prepared with their legacy arrangements if they were to pass away today. Among affluent individuals this figure rises slightly to 29%. Just 10% have completed and communicated their legacy plans; nearly half have only partial plans; and almost one-third admit they have no plans at all.
While awareness of tools like wills and estate planning documents is high—70% know about them—only 38% actually use them. Similarly, although many are aware of financial advisors (67%), just over one-third have sought professional advice.
Broom added: ”Families are talking but not planning. While more people recognise the need for open conversations about wealth and inheritance, many of these discussions still lack structure and follow through, leaving important legacy decisions unresolved or misunderstood. Formal discussions with the whole family give clarity, prevent conflict, and ensure a more enduring legacy.”
The survey also highlighted an increased focus on passing down financial literacy as part of one’s legacy. More than half reported sharing personal experiences with money management or teaching basic financial concepts within their families. Professional guidance is increasingly sought after; 37% have already engaged advisors while another 42% plan to do so in the future.
Broom concluded: “People today want to pass on more than wealth, they want to give the next generation the knowledge and values to manage it wisely. With financial literacy becoming a key part of one’s legacy, we are committed to helping families plan and build legacies that last by providing trusted advice and financial education that can bridge the gap between intention and confidence.”
Sun Life operates internationally across multiple markets including Canada, the United States, Hong Kong, India, China, Australia and others. As of June 30th 2025 its total assets under management stood at $1.54 trillion Canadian dollars. For further information visit www.sunlife.com.
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