A new consumer outlook survey by FWD Group Holdings Limited has found that more than 70 percent of Asia's middle class feel anxious about their financial wellbeing, preventing them from engaging in longer-term financial planning. The survey, conducted across 10 Asian markets, highlights that rising living costs, healthcare expenses, and job insecurity are reshaping financial priorities across generations.
Nearly three-quarters (71 percent) of middle-class consumers reported anxiety about their overall financial wellbeing. The top three concerns were the rising cost of everyday living (71 percent), high healthcare costs (43 percent), and unexpected job loss or income reduction (37 percent). Consequently, primary financial goals are focused on a two-to-three-year time frame. Almost half (44 percent) aim to build a basic safety net for their families, while one-third (37 percent) hope to achieve financial independence.
Lee Yen Ho, Group Chief Distribution and Proposition Officer at FWD Group, stated, "It’s clear that there is a shared sense of financial vulnerability across generations of middle classes in Asia. As people live longer and family structures evolve, building the financial resilience to protect loved ones and turn savings into sustainable lifetime income will become increasingly essential." He emphasized that insurance can play a role not only in protection but also in building resilience and securing retirement income.
The survey revealed distinct generational pressures. Generation X (born 1965-1980) faces the toughest balancing act, with 62 percent worrying that their savings won't keep pace with inflation and 52 percent ranking guaranteed lifelong income as their top retirement need. Generation Y (born 1981-1995) juggles multiple responsibilities: 49 percent worry about saving for retirement, and 85 percent are supporting their parents in addition to caring for their children. While 47 percent seek a single solution to cover multiple family members, 61 percent have never heard of family insurance plans. Generation Z (born 1996-2010) faces growing financial pressure, with 53 percent expecting difficulties in the next five to 10 years due to rising expenses, and 46 percent finding insurance too expensive.
FWD already offers products addressing these concerns across its markets. In Hong Kong, the One&All medical insurance plan provides flexible family-focused coverage. In Japan, a single-premium annuity product helps meet demand for retirement planning. In Thailand and Singapore, plans like the FWD Sure pension plan and FWD Invest Flexi Elite aid in structured income and wealth-building. In Indonesia, the FWD Critical First protection plan offers affordable, inflation-conscious coverage.
The pan-Asian survey, conducted with Ipsos, included over 9,000 middle-class consumers aged 21-65 across Cambodia, Hong Kong SAR, Indonesia, Japan, Macau SAR, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
