• Over two-thirds (67%) of High-Net-Worth (HNW) respondents fear their wealth may not be preserved beyond their children’s generation.
• Only half (50%) are fully confident their children will uphold their wishes around wealth transfer and preserve and grow their assets for generations to come.
• Majority recognise the importance of legacy planning, but many have yet to turn awareness into action. Less than half (43%) feel fully prepared in terms of their legacy arrangements.
• Long-term wealth creation (61%), philanthropy (58%) and supporting family needs (56%) are the leading financial legacy goals.

Singapore (19 November 2025) – A new survey from Sun Life Asia reveals that while financial stability is regarded as a cornerstone for legacy planning among High-Net-Worth (HNW) individuals in Singapore, over two-thirds (67%) fear their wealth will not last beyond their children’s generation. The findings underscore the importance of financial literacy for younger generations and family money discussions.

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

With Singapore firmly established as a wealth hub in Asia, and in view of the region’s largest intergenerational wealth transfer in the coming decade, effective legacy planning is a growing priority for Singapore’s affluent families 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

Singapore HNW respondents cited long-term wealth creation, philanthropy and supporting family needs as their top financial legacy goals. 61% want their legacy invested for long-term wealth creation through financial assets, life insurance or the family business, while a similarly high proportion would like to see their funds contribute to charitable causes (58%) and supporting essential family needs such as housing and healthcare (56%).

As to what constitutes good legacy planning, almost seven in 10 (67%) HNW respondents in Singapore say having protection in place to ensure their family’s financial stability is the most important factor. This is followed by building enough wealth to pass down to the next generation (61%) and having a clear and smoothly communicated estate plan to reduce confusion or disputes (48%).

Christopher Albrecht, Chief Executive Officer at Sun Life Singapore, said: “We are seeing a clear shift in how Singapore’s affluent families define legacy – from wealth alone to a combination of financial security, education and purposeful living for future generations. As Asia’s pre-eminent High Net Worth insurer, we are committed to helping our clients secure their legacies for generations to come. Our recently expanded suite of Indexed Universal Life products with market-leading benefits including Philanthropic Pledge serve to meet the wealth and philanthropy goals of our clientele.”

Lack of confidence in successful legacy planning beyond the next generation

While HNW individuals in Singapore have high aspirations for their legacy planning, many harbour concerns that their legacies may not stand the tests of time and transition. Over two-thirds (67%) of respondents fear their wealth may not last beyond their children’s generation, and three-quarters (75%) worry that their heirs are not financially equipped to manage inherited assets. Other concerns cited include conflict over the assets (59%) and market volatility affecting asset value (53%).

This uncertainty extends to personal and cultural legacy. Just half (50%) of Singapore HNW respondents are confident their children will uphold their wishes around wealth transfer, preserve assets, and continue to grow them for generations to come. The findings point to an urgent need for better financial literacy and open dialogue about legacy matters within affluent families.

Many have yet to turn awareness into action

Even though legacy planning is becoming a greater priority for HNW individuals in Singapore, preparedness remains low. Only 43% feel fully prepared in terms of legacy arrangements if they were to pass away today. Just 25% have completed and communicated their legacy plans, while 35% have only partial plans, and 17% admit to having nothing at all.

These respondents cited several roadblocks to their legacy planning, including legal and tax complexities (37%), lack of professional guidance (36%), difficulty talking about death or money with family (35%), and generational differences in values (34%).

A similar trend is observed in the awareness and uptake of wealth management tools like wills, trusts and advisors – 78% know about wills and estate planning documents, yet just 41% use them; 81% are aware of financial advisors, but only 53% have sought professional advice; and 72% are aware of trust management tools, yet only 45% use them.

At the same time, discussions around legacy planning lack structure. Almost half (45%) of such conversations are currently informal or casual. However, only a third (34%) of respondents consider this the most effective approach.

Christopher Albrecht, Chief Executive Officer at Sun Life Singapore, said: “Affluent families in Singapore are talking about succession planning, which is a great start, but we are seeing a lack of implementation. The survey indicates a gap between intent and action, highlighting the need for proactive planning, professional guidance and open family dialogue to ensure both assets and values are preserved. Fortunately, more families are recognising the need for more open and structured conversations about wealth and inheritance. Only then, can HNW individuals ensure an enduring legacy across future generations.”

Financial literacy is a valuable family legacy

Beyond financial assets, Singapore’s affluent families are increasingly viewing financial literacy as part of a legacy. When asked what steps they have taken, or plan to take, to strengthen their heirs’ financial confidence, a majority say they are engaging in open financial discussions (67%), teaching financial basics (61%), and sharing personal financial experiences (51%).

These findings suggest a growing recognition that wealth preservation extends beyond inheritance – it also depends on education, communication, and shared values. Through early financial education and proactive family dialogue, Singapore’s HNW individuals are laying the groundwork for legacies that endure across generations.

As legacy planning evolves, it is becoming clear that lasting wealth is built not only on assets, but also on the values and knowledge passed from one generation to the next. By fostering open dialogue and strengthening financial understanding within families, Singapore’s HNW individuals can help ensure that their legacies remain resilient, relevant and meaningful for years to come.

The full report is available here.

About Sun Life

Sun Life is a leading international financial services organisation 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, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2025, Sun Life had total assets under management of $1.62 trillion. For more information, please visit www.sunlife.com. For more information about Sun Life Singapore, pls visit www.sunlife.com.sg.

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

Note to editors: All figures in Canadian dollars