Most Asians still unprepared to pass on wealth despite high awareness

Just 19% of all respondents felt fully ready to pass on a legacy, a figure that rose to 29% among affluent participants.

Whilst awareness of legacy planning tools is high across Asia, actual usage remains limited, according to a new report released by Sun Life Asia.

The study, titled Passing the torch: Building lasting legacies in Asia, surveyed over 3,000 individuals in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam.

The survey found that although 70% of respondents are familiar with wills and estate documents, only 38% have used them. Similarly, whilst 67% know about financial advisers, just 36% have sought their guidance.

Despite these gaps, the desire to leave a meaningful legacy is clear. Seventy percent of respondents said ensuring their family’s financial security is their top priority. Other key factors include having a clear, well-communicated estate plan (53%) and building sufficient wealth to pass down (48%).

When asked how they want their legacies to be used, 59% said they hope the funds will support long-term wealth creation, whilst another 59% prioritized essential needs like housing and healthcare. Education was another major goal, cited by 56%.

Yet concerns persist. 60% feared their wealth wouldn’t last beyond their children’s generation, and 55% doubted heirs could manage assets effectively.

Only 31% were confident that their children would both honor their wishes and preserve the assets. Anxiety was especially high among affluent individuals, with 28% saying they were “very concerned.”

Preparedness remains low. Just 19% of all respondents felt fully ready to pass on a legacy, a figure that rose to 29% among affluent participants. Only 10% had completed and communicated a formal plan, whilst 45% had partially planned and 31% had not started at all.

Communication within families also appeared inconsistent. Whilst 44% of legacy conversations were described as informal, only 27% believed this was the ideal approach. The report suggests a need for more structured, inclusive discussions about wealth and values across generations.

As for what “legacy” means, 41% focused on passing down assets, whilst fewer emphasized family traditions (15%) or personal influence (13%). However, just 31% believed their children would maintain those traditions.

Efforts to build next-generation financial capability are underway, with 54% of families sharing personal money experiences and just over half reporting open financial discussions and basic financial education.

Professional advice is playing an increasing role, especially among younger and wealthier respondents. 37% of all participants had engaged advisers, with 42% planning to do so.

Among affluent individuals, 58% had already sought advice, and nearly half of Gen Z respondents (47%) said they intend to.