FWD Survey: Over 70% of Asian Middle Class Feel Anxious About Financial Health

FWD Group (01828.HK) announced the results of its consumer outlook survey, revealing that 71% of surveyed middle-class consumers feel financial pressure. The three main concerns include: rising living costs (71%), high medical expenses (43%), and worries about unexpected unemployment or income reduction (37%). As a result, their primary financial goals focus on short-term planning within the next two to three years. Nearly half (44%) of respondents aim to establish basic protection for their families, while one-third (37%) hope to achieve financial independence.

Lee Yen Ho, Director of Distribution and Product Proposition and Planning at FWD Group, stated that there is a general sense of financial vulnerability among the middle class across generations in Asia. With increasing life expectancy and evolving family structures, building financial resilience to protect loved ones and converting savings into sustainable lifelong income will become increasingly important.

Generation X (born between 1965 and 1980) faces the toughest balancing act: managing education expenses, repaying mortgages, and preparing for retirement simultaneously. Among them, 62% are concerned that their savings will not withstand inflation, and 52% prioritize securing lifelong income as their primary retirement need. Generation Y (born between 1981 and 1995) also bears multiple financial responsibilities, with 49% worried about insufficient retirement savings. The majority (85%) not only raise children but also support their parents. Although nearly half (47%) wish to find a single efficient insurance plan to protect multiple family members, most (61%) have never heard of relevant family protection plans. Generation Z (born between 1996 and 2010) is experiencing increasing financial pressure, with 53% expecting to face difficulties in the next five to ten years due to rising daily expenses, and 46% believing that insurance product prices are too high.

This pan-Asian survey was conducted in collaboration with market research firm Ipsos, interviewing over 9,000 middle-class consumers aged 21 to 65, covering ten markets where FWD operates: Cambodia, Hong Kong SAR, Indonesia, Japan, Macau SAR, Malaysia, the Philippines, Singapore, Thailand, and Vietnam