A survey by FWD Group Holdings Limited has found that over 70 percent of Asia's middle-class consumers experience anxiety about their financial wellbeing, preventing them from planning for the longer term. The pan-Asian survey, conducted with Ipsos, polled over 9,000 middle-class consumers across 10 markets where FWD operates, including Hong Kong, Japan, Singapore, Thailand, and others.
Nearly three-quarters (71 percent) of respondents reported feeling anxious about their overall financial wellbeing. The top three concerns were the rising cost of everyday living (71 percent), the high cost of healthcare (43 percent), and unexpected job loss or reduction in income (37 percent). As a result, primary financial goals are focused on a two-to-three-year time frame, with 44 percent aiming to build a basic safety net for their families and 37 percent hoping 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.”
The survey highlighted generational pressures. Generation X 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 juggles multiple responsibilities: 49 percent worry about saving for retirement, and 85 percent are supporting their parents in addition to caring for children. Although 47 percent seek a single solution to cover multiple family members, 61 percent have never heard of family insurance plans. Generation Z faces growing financial pressure, with 53 percent expecting difficulties in the next five to 10 years due to rising daily expenses, and 46 percent finding insurance products too expensive.
FWD already offers various products to address these needs. For example, in Hong Kong, the One&All medical insurance plan provides flexible family-focused coverage. In Japan, a single yen premium annuity product helps individuals build a steady retirement income. In Thailand and Singapore, the FWD Sure pension plan and FWD Invest Flexi Elite plan assist with structured income. In Indonesia, the FWD Critical First protection plan offers affordable, inflation-conscious coverage.
The findings underscore the need for innovative insurance solutions that not only protect but also build resilience and secure income for retirement, helping consumers gain confidence to celebrate living.
