A survey by FWD Group Holdings Limited has revealed that 71 percent of middle-class consumers across Asia feel anxiety about their overall financial wellbeing, with this concern preventing longer-term financial planning. The pan-Asian survey, conducted with Ipsos, polled over 9,000 middle-class consumers aged 21-65 across ten markets, including Cambodia, Hong Kong SAR, Indonesia, Japan, Macau SAR, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
The top three financial concerns identified are the rising cost of everyday living, cited by 71 percent of respondents; the high cost of healthcare, noted by 43 percent; and the fear of unexpected job loss or income reduction, mentioned by 37 percent. As a direct consequence, financial goals have become predominantly short-term, focused on a two-to-three-year timeframe. Nearly half (44 percent) of respondents aim to build a basic safety net for their families, while 37 percent hope to achieve financial independence.
Lee Yen Ho, Group Chief Distribution and Proposition Officer at FWD Group, stated that the findings indicate a shared sense of financial vulnerability across generations. He emphasized the growing importance of building financial resilience to protect loved ones and convert savings into sustainable lifetime income, particularly as people live longer and family structures evolve. He highlighted the role of insurance in not only providing protection but also in building resilience and securing retirement income.
The survey data reveals distinct generational pressures reshaping financial priorities. Generation X, born between 1965 and 1980, faces the challenge of balancing education funding, mortgage payments, and retirement preparation. Within this group, 62 percent worry their savings will not keep pace with inflation, and 52 percent rank guaranteed lifelong income as their top retirement need. Generation Y, or Millennials born between 1981 and 1995, juggle multiple responsibilities, with 49 percent worried about saving for their own retirement. A significant 85 percent are supporting their parents in addition to caring for their children. Although 47 percent seek a single, efficient solution to cover multiple family members, 61 percent have never heard of family insurance plans. Generation Z, born between 1996 and 2010, is already feeling financial pressure, with 53 percent expecting difficulties in the next five to ten years due to rising daily expenses, and 46 percent perceiving insurance products as too expensive.
FWD Group offers various products in its markets designed to address these concerns. For instance, in Hong Kong, the One&All medical insurance plan provides flexible family-focused coverage. In Japan, a single-yen premium annuity product was introduced to meet demand for retirement planning. In Thailand and Singapore, the FWD Sure pension plan and FWD Invest Flexi Elite plan help customers prepare for retirement. In Indonesia, the FWD Critical First protection plan offers affordable, inflation-conscious coverage.
