A recent study by Sun Life Asia has found that financial security is the primary concern for families across the region when planning their legacy.
The survey, which polled more than 3,000 individuals in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, found that 70% of respondents consider safeguarding their family’s financial future the most critical aspect of their legacy strategy. Other key priorities include creating a clear estate plan to prevent disputes or confusion (53%) and building sufficient wealth for future generations (48%).
These findings come amid Asia’s anticipated large-scale transfer of wealth between generations over the next decade. This trend is encouraging families to focus not only on financial assets but also on passing down values, traditions, and opportunities to their heirs.
Concerns Over Longevity of Family Wealth
Despite the focus on financial security, the survey reveals persistent concerns over whether family wealth will endure.
Sixty percent of respondents expressed doubts that their assets would last beyond their children’s generation, while 55% were uncertain about their heirs’ ability to manage inherited resources effectively. Only 31% are confident that their children will respect their wishes regarding wealth transfer and continue to grow family assets.
Affluent respondents reported higher levels of concern, with 28% describing themselves as “very concerned” about wealth preservation. This suggests that as wealth increases, so does the perceived risk and responsibility associated with legacy planning.
David Broom, chief client and distribution officer at Sun Life, said: “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.”
Broader Definitions of Legacy
The research shows that Asian families increasingly view legacy as more than financial inheritance. While 41% prioritise passing on wealth, including money, property, or family businesses, others emphasise preserving family traditions (15%) and leaving a personal impact on relatives and friends (13%).
However, only 31% believe their children will continue family traditions, citing generational differences, limited engagement, and weaker family bonds as key obstacles.
Broom added: “Today’s families view legacy as much more than financial inheritance – it’s about creating lasting impact by supporting financial growth, education, healthcare, and unlocking global opportunities. People want their wealth to work harder, not just for today, but to generate momentum that benefits generations to come.”
Gaps in Preparedness and Professional Engagement
Despite growing awareness of legacy planning, many families remain underprepared. Only 19% of respondents feel fully ready with their arrangements, rising to 29% among wealthier individuals. Just 10% have finalised and communicated their plans, while 45% have partial plans, and 31% have not started planning at all.
There is also a gap between awareness and implementation of planning tools. While 70% are familiar with wills and estate planning documents, only 38% have implemented them. Similarly, 67% know about financial advisors, but only 36% have consulted one. Nearly half of legacy planning discussions (44%) remain informal, with only 27% believing this is the best approach.
Broom emphasised: “Formal discussions with the whole family give clarity, prevent conflict, and ensure a more enduring legacy.”
Financial Education as Part of Legacy
The survey also highlights a growing trend of families prioritising financial literacy as part of their legacy. Over half of respondents share personal financial experiences (54%), hold open discussions about money (53%), and teach financial basics (53%) to prepare the next generation.
Interest in professional advice is rising, with 37% already engaging advisors and 42% planning to do so. This trend is especially notable among affluent individuals and younger generations, with 58% of wealthier respondents and 47% of Gen Z participants seeking or intending to seek professional guidance.
Broom said: “Today’s families are focused on leaving more than just financial assets – they also aim to equip the next generation with the skills and principles needed to manage those resources effectively. 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.”