Filipinos seek to ensure heirs’ financial security

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.

- A.R.A. Inosante

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.