FWD Group Holdings Limited (FWD Group) has released the results of a consumer outlook survey revealing that over 70% of Asia’s middle class are anxious about their financial well-being. This anxiety is attributed to rising living costs and increasing family responsibilities, which are impacting their ability to plan for the long term.
The survey, which included over 9,000 middle-class consumers aged 21 to 65 from markets such as Cambodia, Hong Kong, Indonesia, and Japan, found that 71% of respondents are concerned about their overall financial security. The top concerns cited were the escalating cost of living, healthcare expenses, and potential job loss or income reduction.
In response to these pressures, many of the surveyed individuals have focused their financial goals on short-term objectives, with 44% aiming to establish a basic safety net for their families and 37% seeking financial independence.
Lee Yen Ho, Group Chief Distribution and Proposition Officer at FWD Group, emphasized the importance of financial resilience. “It’s clear that there is a shared sense of financial vulnerability across generations. As people live longer and family structures evolve, building financial resilience to protect loved ones and turn savings into sustainable lifetime income becomes essential,” he stated.
The survey also highlighted generational differences in financial pressures. Generation X, facing expenses like education and mortgages, worries about inflation’s impact on savings, with 52% ranking guaranteed lifelong income as a key retirement need. Meanwhile, 49% of Generation Y are concerned with saving for retirement, while the majority support both parents and children. Generation Z expects financial difficulties due to rising costs, with 46% viewing insurance as too expensive.
FWD Group offers a variety of products to address these financial challenges, such as the One&All medical insurance plan in Hong Kong and the single-yen premium annuity product in Japan. In Thailand and Singapore, plans like the FWD Sure pension plan provide structured income options for retirement.