A new survey from FWD Group Holdings Limited found that 71 percent of middle-class consumers across Asia experience anxiety about their overall financial wellbeing, preventing them from planning beyond the short term. The top concerns include rising costs of everyday living (71 percent), high healthcare costs (43 percent), and unexpected job loss or income reduction (37 percent). As a result, nearly half (44 percent) of respondents focus on building a basic safety net for their families within a two-to-three-year timeframe, while 37 percent aim for financial independence.
The survey, conducted with Ipsos, polled over 9,000 middle-class consumers aged 21-65 across 10 markets where FWD operates, including Hong Kong SAR, Indonesia, Japan, Singapore, Thailand, and Vietnam. It highlights generational pressures reshaping financial priorities. Generation X (born 1965-1980) face the toughest balancing act, with 62 percent worrying their savings won't keep pace with inflation and 52 percent prioritizing guaranteed lifelong income for retirement. Generation Y (born 1981-1995) juggle multiple responsibilities: 49 percent worry about saving for retirement, and 85 percent support their parents alongside 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 financial pressure, with 53 percent expecting difficulties in the next five to 10 years due to rising expenses, and 46 percent finding insurance too expensive.
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 added that insurance can help build resilience, secure retirement income, and give people confidence.
FWD already offers products addressing these needs across its markets. 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 income and wealth-building. In Indonesia, the FWD Critical First protection plan offers affordable, inflation-conscious coverage.
