NEARLY 80% of Filipinos said financial security is their top priority in legacy planning, but most fear that wealth may not last beyond their immediate heirs due to the lack of literacy, according to a survey by Sun Life Asia.
The survey showed that 77% of Filipino respondents said ensuring their family’s financial security is the most important factor in estate planning.
“Legacy planning is deeply personal, yet there are certain hopes and aspirations that are shared by many respondents. For most, legacy planning is about ensuring financial security, passing on values and creating opportunities for the next generation,” Sun Life Asia said.
“People want reassurance that if something were to happen to them, their loved ones would be financially secure.”
The survey covered more than 3,000 respondents from the Philippines, Hong Kong, Indonesia, Malaysia, Singapore, and Vietnam. It aims to show the attitudes, behaviors and aspirations surrounding legacy planning in Asia as it expects that the region will see the largest intergenerational wealth transfer in its history in the coming decade.
“With a long, rich history of family-owned businesses forming the backbone of many Asian economies, effective succession planning is a crucial element in preserving not just wealth but also business legacies,” Sun Life Asia said.
Meanwhile, the other top factors for estate planning among Filipino respondents were educating future generations about financial responsibilities after inheritance (53%), and building enough wealth to pass down to the next generation (52%), the report said.
Sun Life Asia said Filipinos think legacy is not just about money. “While passing on wealth remains the top priority (37%), families are also focused on making a lasting personal impact on the lives of family and friends (16%) and the intangible inheritance of family traditions (13%).”
“Legacy planning today is more than just a financial transfer. It’s about safeguarding stability while preserving identity and purpose for the next generation,” it added.
The respondents said they want their heirs to use their inherited assets to support essential needs like housing and healthcare (69%), while 63% want them to invest in long-term wealth creation for themselves and for future generations. It added that 62% said they want their inheritance to fund educational growth, and 43% said they want their heirs to contribute to charitable causes.
However, 81% of Filipino respondents said they fear that their inheritance may not survive the next generation, Sun Life Asia said, highlighting the importance of proper legacy planning.
It added that 64% are concerned that their heirs would not be financially equipped to manage their inheritance, with 49% fearing that family disputes could endanger their assets, and 41% also see market volatility as a threat to preserving their wealth’s value.
“Beyond money, families also worry about the erosion of values. Almost half (43%) of Filipino respondents believe their children will uphold the values and traditions they pass down,” it said.
UNPREPAREDIt said that more Filipinos are becoming aware of the importance of legacy planning, but most families remain unprepared, with 52% of respondents saying they don’t know how to start the process.
“Only 18% of Filipino respondents feel fully prepared in terms of legacy arrangements if they were to pass away,” Sun Life Asia said.
“When it comes to documentation, only 6% of Filipino respondents have completed and communicated their legacy plans. Over half (53%) have only partial plans, and 25% admit to having nothing at all.”
It said that 64% of Filipino respondents know about wills and estate planning documents but only 32% said they use them. It added that 76% are aware of financial advisors but only 39% have sought professional advice, with most saying they don’t have the scale of wealth to justify seeking these services.
“Families are turning financial education into the next form of inheritance, passing on wisdom as well as wealth. Older generations are taking active steps to prepare their heirs, not just financially but intellectually, to manage wealth responsibly. Many are driven by concerns over financial literacy gaps and a desire to protect their family legacy,” Sun Life Asia said.
“Before transferring assets, families are prioritizing financial knowledge-sharing. When asked what actions they have taken, or plan to take to strengthen the next generation’s confidence, the majority of Filipino respondents say they are teaching financial basics (66%), followed by engaging in financial discussions and sharing personal experiences, both at 57%.”
Sun Life Asia said wealth creators who want to secure their legacies for more than one generation should build holistic and regularly updated estate plans with the help of professional financial advisors specializing in wealth management and succession planning, and draft comprehensive wills.
They should also invest in financial education for their heirs and communicate with their family so that they are aligned about their goals. — A.R.A. Inosante
