Sun Life Survey Reveals Financial Security Tops Legacy Planning Priorities But Families Worry Wealth Won't Last Beyond Next Generation

• Seven in 10 say ensuring their family's financial security is the most important element of legacy planning.
• 59% want the wealth they leave behind to be invested in long-term wealth creation.
• Nearly two-thirds (60%) fear their wealth may not be preserved beyond their children's generation.
• Less than a third of respondents believe their children will uphold family traditions.
• Only 19% feel fully prepared in terms of legacy arrangements.

HONG KONG, Oct. 30, 2025 /PRNewswire/ -- A new survey from Sun Life Asia reveals that while financial security is regarded as a cornerstone for legacy planning across the region, as many as 60% fear their wealth will not last beyond their children's generation, underscoring an urgent need for structured planning and financial literacy in this space.

The research, titled Passing the torch: Building lasting legacies in Asia, surveyed over 3,000 respondents across Hong Kong (SAR), Indonesia, Malaysia, the Philippines, Singapore and Vietnam, and highlights the attitudes, behaviours and aspirations surrounding legacy planning in Asia.

With Asia experiencing the largest intergenerational wealth transfer in the coming decade, effective legacy planning is a growing priority for families across the region to navigate – not only in terms of financial assets, but in the preservation of values, traditions and opportunities for future generations. 

Building a legacy of security and opportunity

Seven in 10 respondents (70%) say having protection in place to ensure their family's financial security is the most important factor in legacy planning. This is followed by having a clear and smoothly communicated estate plan to reduce confusion or disputes (53%) and building enough wealth to pass down to the next generation (48%).

Most respondents prefer the wealth they leave behind to fuel long-term growth, with 59% wanting their legacy invested for long-term wealth creation through financial assets, life insurance or the family business. An equally significant number of people would also like their legacy to meet essentials such as housing and healthcare (59%), followed by funding education from school to college or vocational training (56%).

Concerns around legacy not lasting beyond the next generation

Nearly two-thirds (60%) fear their wealth may not last beyond their children's generation, and more than half (55%) worry that their heirs are not financially equipped to manage inherited assets, underscoring the urgent need for better financial literacy and open family dialogue about money matters. Only 31% of respondents are confident their children will uphold their wishes around wealth transfer, preserve assets, and continue to grow them.

Concerns are most pronounced among the affluent, with 28% describing themselves as "very concerned" about wealth preservation, highlighting that greater wealth often brings greater responsibility and considerably higher stakes.

David Broom, Chief Client & 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."

Legacy is not just about money – it's about meaning

Asian families define their legacy in multidimensional terms. When asked about the type of legacy they want to leave behind, 41% cite passing on wealth, including money, property, or other valuable assets including family business, followed by family traditions (15%) and wanting to have a personal influence on family and friends (13%).

Worries extend beyond financial matters to the preservation of family values — only 31% of respondents believe their children will uphold family traditions. Diverging priorities among younger generations (58%), limited engagement (39%), misinterpretation of values (30%), and weaker intergenerational bonds (29%) are cited as major factors.

David Broom, Chief Client & Distribution Officer at Sun Life, said: "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."

Many underprepared despite growing awareness

Even as awareness of legacy planning grows across the region, preparedness remains low. Only 19% feel fully prepared in terms of legacy arrangements if they were to pass away today, a figure that rises modestly to 29% among the affluent. Just 10% have completed and communicated their legacy plans, while nearly half (45%) have only partial plans, and 31% admit to having nothing at all.

While awareness of tools like wills, trusts and advisors is high, uptake is low. Seven in 10 (70%) know about wills and estate planning documents, yet just 38% use them. Similarly, 67% are aware of financial advisors but only 36% have sought professional advice.

Many legacy discussions lack structure. Almost half (44%) of legacy planning conversations are currently informal or casual, but this does not seem to be the preferred option, with just 27% of respondents stating this as the best setting.

David Broom, Chief Client & Distribution Officer at Sun Life, said: "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."

Financial literacy is a valuable family legacy

Families are turning financial education into another form of inheritance by passing on knowledge and experience of money management. When asked what actions they have taken, or plan to take to strengthen the next generation's confidence, a majority say they are sharing personal financial experiences (54%), engaging in open financial discussions (53%), and teaching financial basics (53%).

Professional guidance towards legacy planning is also in growing demand. 37% of respondents have already engaged advisors, and 42% plan to do so. Affluent individuals lead the way, with 58% having sought advice, while nearly half of Gen Z respondents (47%) intend to do so, reflecting a generational shift toward structured support.

David Broom, Chief Client & Distribution Officer at Sun Life, said: "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."

The full report is available here.

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the U.S., the United Kingdom, Ireland, Hong Kong (SAR), the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2025, Sun Life had total assets under management of $1.54 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note: All currency figures are in Canadian dollars, unless otherwise stated.

Media Relations Contact: Iris Ng, Account Director, Sandpiper, T: +85298383501, Iris.ng@sandpipercomms.com; Becky Marshall, Director, Communications, Sun Life Asia, T: +8526170312, Becky.marshall@sunlife.com 

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SOURCE Sun Life Asia; Sun Life Financial Inc.