Insurance companies across Asia may need to focus less on raising awareness and more on helping consumers turn financial concerns into concrete action. Despite growing worries about retirement and rising living costs, many people in Hong Kong and Singapore remain inadequately prepared for their long-term financial needs.
A recent survey conducted by FWD Group found that 64% of respondents in Hong Kong and Macau feel financially stressed and concerned about their future. The findings highlight declining confidence in long-term financial security despite increased awareness of financial planning.
The survey, which included more than 1,000 participants, identified rising living expenses, increasing healthcare costs, and insufficient retirement savings as the biggest financial concerns expected over the next five to ten years.
According to Ken Lau, CEO and Managing Director for Hong Kong at FWD Greater China, Hong Kong has remained one of the world's longest-living populations for the past decade due to improved public health awareness. However, longer life expectancy also increases the risk of outliving retirement savings.
“The survey results highlight a growing gap between financial awareness and actual retirement preparedness,” Lau noted.
A separate study by CIMB Bank in Singapore revealed a similar trend. While 78% of respondents believe achieving financial independence is possible, 34.6% remain worried about their financial future.
Rising living costs and family responsibilities were cited as major obstacles. Less than half of the respondents had started formal retirement planning, indicating that many consumers continue to delay long-term financial preparation.
According to Sharon Ng, Deputy Dean at Nanyang Business School, financial independence in Singapore is increasingly defined not by a specific wealth target but by freedom from financial stress and uncertainty.
The FWD survey also found that respondents in Hong Kong estimated they would need approximately USD 817,000 in retirement savings. However, most expected those funds to last only until age 82, while the average life expectancy is around 86 years, creating a potential four-year retirement funding gap.
The disconnect between planning and action appears most significant among younger generations. Members of Generation Z expected to retire earlier and believed they would need larger retirement savings than other age groups. Despite this, only 16% reported taking active steps to secure their financial future.
Among all respondents, 43% had never consulted a financial advisor, while 30% did not make regular contributions to retirement savings plans.
Kelvin Yu, Chief Proposition and Health Officer at FWD Hong Kong and Macau, said rising healthcare costs are adding further pressure to financial planning as medical treatments become increasingly advanced and personalized.
The survey also found that 64% of Hong Kong's "sandwich generation" respondents—those supporting both children and aging parents—were unaware that insurance products covering multiple family members already exist. This suggests insurers may face challenges not only in product development but also in product distribution and consumer education.
The findings indicate that while financial awareness is growing across Asia, a significant gap remains between understanding financial risks and taking practical steps to address them, particularly in retirement planning and long-term financial security.
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