Nearly three-quarters of Asia's middle-class consumers experience anxiety about their financial wellbeing, according to a survey released today by FWD Group Holdings Limited. The study, conducted with Ipsos across 10 markets, found that 71 percent of respondents feel anxious, with the top concerns being the rising cost of everyday living (71 percent), high cost of healthcare (43 percent), and unexpected job loss or income reduction (37 percent). As a result, many prioritize short-term financial goals over longer-term planning, with 44 percent aiming to build a basic safety net for their families and 37 percent seeking financial independence within two to three years.
Lee Yen Ho, Group Chief Distribution and Proposition Officer at FWD Group, commented, “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 highlights distinct generational pressures. Generation X (born 1965-1980) face the toughest balancing act, with 62 percent worrying that savings won’t keep pace with inflation and 52 percent ranking guaranteed lifelong income as their top retirement need. Generation Y (born 1981-1995) juggle multiple responsibilities, with 49 percent worrying about saving for retirement while 85 percent support 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 (born 1996-2010) face growing pressure, with 53 percent expecting difficulties in the next five to ten years due to rising expenses, and 46 percent finding insurance too expensive.
FWD already offers products addressing these needs across its markets. 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 build retirement income. In Thailand and Singapore, the FWD Sure pension plan and FWD Invest Flexi Elite plan support structured retirement savings. In Indonesia, the FWD Critical First protection plan offers affordable, inflation-conscious coverage.
The pan-Asian survey 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. FWD Group, listed on the Hong Kong Stock Exchange under stock code 1828, serves approximately 34 million customers across 10 markets.
