Three-Quarters of Singaporeans Prioritize Leaving Inheritances for Future Generations

Millennials and Gen Zs spearhead proactive wealth planning; Gen Z holds the highest expectations for inheriting wealth

SINGAPORE – Media OutReach Newswire – 19 August 2025 – A recent report by Etiqa Insurance Singapore highlights emerging trends in intergenerational wealth transfer, revealing that 77% of Singaporeans prioritize leaving a financial legacy for future generations. With two-thirds of the population having received, transferred, or anticipating receiving or transferring wealth, the commitment is most pronounced among individuals aged 55 and older (74%). This underscores the growing importance of proactive wealth management for Singaporeans.

78% of Singaporeans aged 55 and above emphasize the significance of discussing inheritance issues with their families, marking a cultural shift towards open and proactive legacy planning. This indicates a broader societal movement towards transparency and accountability in legacy discussions as older Singaporeans comprehend the importance of wealth transfer dialogue before their passing.

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More than half of the Singaporeans surveyed (53%) have either received or expect to receive an inheritance, with the expectation being higher among younger Singaporeans; 62% of those under 24 anticipate inheriting wealth. This highlights the need for early financial literacy and planning to help manage wealth effectively.

Among those who expect to receive or give an inheritance, one in five anticipates a windfall of $1 million or more. With such significant amounts potentially at stake, financial education becomes crucial, and recipients require guidance on managing this wealth effectively.

Of those Singaporeans who have received their inheritance, 53% deem it essential for their long-term financial stability, while just 35% of those who have yet to receive one view it as a critical factor. As the true value of an inheritance often only becomes apparent post-receipt, proactive financial advice is vital for integrating it into long-term financial plans.

Other notable findings from the survey include:

• Nearly half (46%) of Singaporeans have plans to or have already started wealth transfers within their lifetime, moving away from solely depending on posthumous transfers.
• About half of those surveyed (49%) actively utilize insurance for wealth transfer, acknowledging it as an effective strategy for legacy planning beyond basic coverage.
• Most Singaporeans preparing to pass on wealth engage their families in financial planning discussions (42%) and instill values of responsibility and diligence (41%). However, 18% still do not have a plan for successor preparation.
• Wealth transfer brings with it complexities. Key concerns for Singaporeans regarding wealth transfer include family disputes (36%), safeguarding their own financial stability (34%), and apprehensions about potential mismanagement of wealth (31%).
• One in three Singaporeans now consult a financial advisor for their wealth transfer planning, indicating a growing awareness of the necessity for expert guidance in navigating intricate legacy issues.

“Our Wealth Transfer Insights Report shows that wealth transfer is increasingly perceived not merely as a financial transaction, but as a deliberate act of empowering the next generation,” said Raymond Ong, CEO of Etiqa Insurance Singapore. “It is encouraging to see Singaporeans engaging in discussions about wealth planning through open family dialogues and careful strategies, which are fundamental to securing their families’ financial well-being.”

“While Singaporeans show a strong commitment to securing their families’ financial future through wealth transfer, potential challenges such as mismanagement of wealth and preserving it for the next generation must be addressed,” Mr. Ong emphasized. “Strategic and well-informed legacy planning, coupled with ongoing open conversations, are crucial to ensuring that legacies not only withstand the test of time but genuinely empower future generations.”

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Etiqa Insurance Singapore supports the community through workshops and activities aimed at enhancing financial planning literacy for individuals across all ages. These initiatives, set to roll out in phases over the coming years, are designed to equip participants with the necessary knowledge to effectively protect, grow, and manage their wealth. Discover more at: www.etiqa.com.sg

Etiqa Insurance Singapore Wealth Transfer Insights Report

The Etiqa Insurance Singapore Wealth Transfer Insights Report was conducted alongside Kantar in June 2025, surveying 1,008 Singaporean citizens and permanent residents spanning four age demographics: Gen Z (18 to 28 years), Millennials (29 to 43 years), Gen X (44 to 59 years), and Seniors (60 and above). This study investigates attitudes, expectations, and strategies related to both receiving and passing wealth to subsequent generations.
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The issuer is fully responsible for the content of this announcement.

Etiqa Insurance Pte. Ltd.

Etiqa Insurance Pte. Ltd. (EIPL) is a licensed life and general insurance company regulated by the Monetary Authority of Singapore and governed by the Insurance Act 1966. Serving customers in Singapore since 1961 under the previous name of United General Insurance Co. Sdn. Bhd., the company became the Singapore branch of Etiqa Insurance Berhad in 2009. Today, EIPL stands as the key operational entity of Etiqa Insurance Group, a prominent insurance and takaful provider in ASEAN.

EIPL provides a wide array of life and general insurance products available through various distribution channels, including bancassurance, agents, brokers, financial advisors, partnerships, and direct online sales via Tiq by Etiqa. Etiqa has received an ‘A’ rating from credit rating agency Fitch, reflecting the group’s ‘Favorable’ business profile. EIPL is a joint venture, with Maybank Ageas Holdings Berhad combining local insights with international insurance expertise; Maybank holds a 69% stake as Southeast Asia’s fourth-largest banking group, while Ageas owns 31%, an international insurance group operating in 13 countries.

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