Nearly half of Hongkongers worry wealth won’t outlast their children: report

Almost one in three wish to pass k. their wealth, Sun Life found.  

Nearly half or 44% said that their wealth will not last beyond their children, whilst 32% wish to pass on their wealth, Sun Life found in its legacy planning survey.

This indicates insufficient preparedness when it comes to wealth succession and a clear need for professional legacy planning and financial knowledge, it added.

Forty-six percent want their wealth to be invested for the long-term through financial assets, life insurance policies, or the family business. Amongst high-net-worth individuals, 59% have this preference.

For 32% of respondents, legacy means passing on wealth, including money, property, or other valuable assets, including family business.

However, only 14% of respondents are confident that their children will uphold their plans around wealth transfer, preserve assets, and continue to grow them.

More than half, or 54%, said they are concerned that conflicts may arise over their assets, which Sun Life said underscores the need for better financial literacy and open family dialogue about money.

The low confidence is even more apparent amongst high-net-worth respondents, the survey showed.  

Almost two-thirds (64%) worry about potential disputes over their assets, with more than half (55%) expressing concerns that market volatility will impact the value of their wealth.

Only 12% said they feel fully prepared in terms of legacy arrangements should they pass away today, whilst almost half (49%) admit to having no legacy plans at all.