Despite the increasing awareness about the need to prepare for intergenerational wealth transfer, Asia continues to lag with the vast majority having no succession plan or even a will, according to a survey by HSBC.
Globally, 79 percent of affluent individuals believe that early planning is crucial for passing on their legacy, according to the «HSBC Quality of Life» survey. However, only four in ten have created a will or succession plan. The figure is even lower in Asia at 33 percent with Malaysia leading all markets in the region at 43 percent.
«It’s clear from these results that many people remain underprepared financially for critical milestones,» commented Jenny Wang, global and Asia head of personal banking and premier wealth solutions, investments and wealth solutions, HSBC.
Top Priorities
Overall, Asian respondents named 'gaining wealth for financial security’ as their top financial goal, as agreed by 46 percent. This was followed by ‘planning for retirement’ (43 percent) and ‘having sufficient insurance coverage’ (41 percent).
The survey was based on responses from over 11,000 affluent individuals with investable assets of $100,000 to $2 million from 11 markets worldwide including mainland China, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, UAE, UK and the US.
