A recent study by Sun Life Asia has found that financial security is the leading concern for families across the region when it comes to legacy planning.
The survey – which polled over 3,000 individuals in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam – indicates that 70% of respondents consider safeguarding their family’s financial future as the most critical element of their legacy strategy.
Other significant factors include establishing a clear estate plan to avoid confusion or disputes (53%) and accumulating sufficient wealth for future generations (48%).
The context for these findings is Asia’s anticipated large-scale transfer of wealth between generations over the next decade.
This trend is prompting families to focus not only on financial assets, but also on the transmission of values, traditions, and opportunities to their heirs.
Despite the emphasis on financial security, the survey reveals persistent concerns about whether family wealth will endure.
Sixty percent of respondents expressed doubts that their assets would last beyond their children’s generation.
Additionally, more than half (55%) are uncertain about their heirs’ ability to effectively manage inherited resources.
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% stating they are “very concerned” about the preservation of their wealth. This suggests that as wealth increases, so does the perceived risk and responsibility associated with legacy planning.
“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," said David Broom, chief client and distribution officer at Sun Life. "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 shows that Asian families view legacy as more than just financial inheritance. While 41% of respondents prioritise passing on wealth, including money, property, or family businesses, others place importance on preserving family traditions (15%) and making a personal impact on relatives and friends (13%).
However, only 31% believe their children will continue family traditions, with generational differences, limited engagement, and weaker family bonds cited as contributing factors.
Broom also noted that families are increasingly broadening their definition of legacy beyond financial inheritance.
“Today’s families view legacy as much more than just financial inheritance – it’s about creating lasting impact by powering financial growth, supporting education and healthcare, and even unlocking global opportunities. People want their wealth to work harder, not just for today, but to generate momentum that benefits generations to come,” he said.
Although awareness of legacy planning is increasing, the survey indicates that many families are underprepared.
Only 19% of respondents feel fully ready with their legacy arrangements, rising to 29% among wealthier individuals.
Just 10% have finalised and communicated their plans, while 45% have only partial plans and 31% have not started planning at all.
There is also a gap between awareness and use 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 just 36% have consulted one.
Nearly half of legacy planning discussions (44%) are informal, although only 27% believe this is the best approach.
Broom noted that while families are increasingly engaging in conversations about wealth and inheritance, many of these discussions remain informal and lack concrete planning.
“Formal discussions with the whole family give clarity, prevent conflict, and ensure a more enduring legacy,” he said.
The survey also highlights a growing trend of families prioritizing financial literacy as part of their legacy.
Over half of respondents are sharing personal financial experiences (54%), holding open discussions about money (53%), and teaching financial basics (53%) to prepare the next generation.
Interest in professional advice is also rising, with 37% having already engaged 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 that 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,” he said.
