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.
The research, titled Passing the torch: Building lasting legacies in
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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.
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.
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.
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.
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
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;
