A new survey from FWD Group Holdings Limited reveals that over 70 percent of Asia's middle class experience anxiety about their financial wellbeing, with immediate cost pressures preventing longer-term planning. The findings indicate a shared sense of financial vulnerability across generations, as rising living expenses, healthcare costs, and concerns about income stability dominate concerns.
The survey, conducted with Ipsos, polled over 9,000 middle-class consumers aged 21-65 across ten Asian markets where FWD operates. It found that 71 percent of respondents feel anxious about their overall financial wellbeing. The top concerns are the rising cost of everyday living (71 percent), the high cost of healthcare (43 percent), and unexpected job loss or income reduction (37 percent). As a result, financial goals are largely focused on a short two-to-three-year timeframe, with 44 percent aiming to build a basic family safety net and 37 percent hoping to achieve financial independence.
"It's clear that there is a shared sense of financial vulnerability across generations of middle classes in Asia," said Lee Yen Ho, Group Chief Distribution and Proposition Officer at FWD Group. "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." Lee emphasized that changing perceptions about insurance could play a key role, as it provides protection and helps build resilience for retirement.
The data reveals distinct generational pressures. Generation X (born 1965-1980) faces the toughest balancing act, funding education, paying mortgages, and preparing for retirement. Among this group, 62 percent worry their savings won't keep pace with inflation, and 52 percent rank guaranteed lifelong income as their top retirement need. Generation Y (born 1981-1995) juggles multiple responsibilities, with 49 percent worried about saving for their own retirement while 85 percent support their parents in addition to caring for their children. Although 47 percent seek a single, efficient solution to cover multiple family members, 61 percent have never heard of family insurance plans. Generation Z (born 1996-2010) also faces growing pressure, with 53 percent expecting financial difficulties in the next five to ten years due to rising daily expenses, and 46 percent finding insurance products too expensive.
This widespread anxiety has significant implications for long-term economic stability and retirement security across the region. When financial planning is dominated by short-term survival, it undermines the ability to save for retirement, invest in education, or build generational wealth. The survey highlights a critical need for financial products and education that address these immediate pressures while facilitating longer-term security.
FWD Group offers various products across its markets aimed at strengthening protection and long-term security. For example, in Hong Kong, the One&All medical insurance plan provides flexible family-focused coverage. In Japan, a single-yen premium annuity product was introduced to meet growing demand for retirement planning. In Thailand and Singapore, the FWD Sure pension plan and FWD Invest Flexi Elite plan help customers prepare for retirement. In Indonesia, the FWD Critical First protection plan delivers affordable, inflation-conscious coverage. For more information on FWD Group, visit https://www.fwd.com.
