Filipinos see financial literacy gaps among heirs

Six in 10 Filipinos fear that their heirs may lack the financial skills to handle inherited assets, highlighting the pressing need for improved financial literacy and open family discussions on money, according to a study by an insurance firm.

- By MARCO LUIS BEECH

A study conducted by insurance firm Sun Life found that 81 percent fear their wealth may not last beyond their children’s generation.

“Concerns are most pronounced among the affluent, as they described themselves as ‘very concerned’ about wealth preservation, highlighting that greater wealth often brings greater responsibility and considerably higher stakes,” the insurance company said.