Three-Quarters of Singaporeans Focus on Leaving Inheritances for Future Generations

Millennials and Gen Z are leading the charge in proactive wealth planning; Gen Z has the highest expectations for inheriting wealth

SINGAPORE – Media OutReach Newswire – 19 August 2025 – A new report from Etiqa Insurance Singapore reveals emerging patterns in intergenerational wealth transfer, showing that 77% of Singaporeans prioritize leaving a financial legacy for future generations. Notably, two-thirds of the population has either received, transferred, or expects to receive or transfer wealth, with the commitment being strongest among individuals aged 55 and older (74%). This trend emphasizes the increasing significance of proactive wealth management for Singaporeans.

A significant 78% of Singaporeans aged 55 and above underline the importance of discussing inheritance matters with their families, signaling a cultural shift towards open and proactive approaches to legacy planning. This reflects a broader societal movement towards transparency and accountability in discussions about wealth transfer as older Singaporeans recognize the necessity of these conversations prior to their passing.

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Over half of the Singaporeans surveyed (53%) have either received or expect to receive an inheritance, with anticipation being particularly high among younger demographics; 62% of those under 24 expect to inherit wealth. This underscores the need for early financial literacy and planning to effectively manage wealth.

Among those anticipating to receive or give an inheritance, one in five is expecting a windfall of $1 million or more. With such significant amounts potentially at play, financial education becomes essential, and recipients will need guidance in managing their wealth effectively.

Of those Singaporeans who have received an inheritance, 53% consider it crucial for their long-term financial stability, while only 35% of those who have yet to receive one view it as critical. As the true value of an inheritance usually becomes evident post-receipt, proactive financial advice is indispensable for incorporating it into long-term financial plans.

Additional notable findings from the survey include:

• Nearly half (46%) of Singaporeans have plans to or have already begun wealth transfers during their lifetime, moving beyond reliance on posthumous transfers.
• About half of respondents (49%) actively use insurance for wealth transfer, recognizing it as an effective means of legacy planning beyond just basic coverage.
• Most Singaporeans planning to pass on wealth involve their families in financial planning discussions (42%) and instill values of responsibility and diligence (41%). However, 18% still lack a plan for successor preparation.
• Wealth transfer presents several complexities. Key concerns for Singaporeans regarding wealth transfer include family disputes (36%), preserving their own financial stability (34%), and fears about possible mismanagement of wealth (31%).
• One in three Singaporeans now seek advice from a financial advisor for their wealth transfer planning, revealing an increasing awareness of the need for expert guidance in managing complicated legacy issues.

“Our Wealth Transfer Insights Report indicates that wealth transfer is viewed increasingly not just as a financial transaction, but as a conscious effort to empower the next generation,” said Raymond Ong, CEO of Etiqa Insurance Singapore. “It is heartening to see Singaporeans engaging in discussions about wealth planning through open family dialogues and strategic planning, which are essential for securing their families’ financial futures.”

“While there is a strong commitment among Singaporeans to secure their families’ financial future through wealth transfer, challenges such as potential mismanagement of wealth and ensuring it is preserved for future generations must be addressed,” Mr. Ong stressed. “Strategic and informed legacy planning, along with ongoing open discussions, is vital to ensuring that legacies endure and truly empower future generations.”

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

Etiqa Insurance Singapore Wealth Transfer Insights Report

The Etiqa Insurance Singapore Wealth Transfer Insights Report was conducted in collaboration with Kantar in June 2025, surveying 1,008 Singaporean citizens and permanent residents across four age groups: Gen Z (18 to 28 years), Millennials (29 to 43 years), Gen X (44 to 59 years), and Seniors (60 and above). This study explores attitudes, expectations, and strategies related to both receiving and transferring wealth to future 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 the Singapore market since 1961 under its previous name, United General Insurance Co. Sdn. Bhd., the company became the Singapore branch of Etiqa Insurance Berhad in 2009. Today, EIPL operates as the primary entity of Etiqa Insurance Group, a leading insurance and takaful provider in ASEAN.

EIPL offers a comprehensive range of life and general insurance products available through various channels, including bancassurance, agents, brokers, financial advisors, partnerships, and direct online sales via Tiq by Etiqa. Etiqa has been rated ‘A’ by credit rating agency Fitch, reflecting its ‘Favorable’ business profile. EIPL is a joint venture; Maybank Ageas Holdings Berhad combines local expertise with global insurance knowledge, with Maybank holding 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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