FWD Group Holdings Limited today released findings from a pan-Asian consumer outlook survey, revealing that the majority of Asia’s middle class are experiencing significant financial anxiety, which is preventing them from engaging in longer-term planning. 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, and Singapore.
Nearly three-quarters (71 percent) of respondents reported anxiety about their overall financial wellbeing. The top three concerns were the rising cost of everyday living (71 percent), high healthcare costs (43 percent), and unexpected job loss or income reduction (37 percent). Consequently, primary financial goals are now focused on a two-to-three-year timeframe, with almost half (44 percent) aiming to build a basic safety net for their families and one-third (37 percent) seeking financial independence.
Lee Yen Ho, Group Chief Distribution and Proposition Officer at FWD Group, stated, “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 highlighted distinct generational pressures. Generation X (born 1965-1980) face a tough balancing act, with 62 percent worried their 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: 85 percent are supporting their parents while also caring for children, and 49 percent worry about saving for their own retirement. 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 products too expensive.
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.
