Sunlife Asia has released a new survey showing that a vast majority of Hong Kong respondents intend to pass on financial assets or wealth, yet few have developed their legacy plans.

There is a wide gap between what Hong Kong residents say they want to do in passing on wealth and their actual plans, a survey reveals.

A Sunlife Asia survey entitled Passing the Torch: When Legacy Means More Than Money shows that 85 per cent of Hong Kong respondents plan to pass wealth on to the next generations. However, only one in 10 have fully developed their legacy plans and discussed them with their heirs, highlighting a gap between intention and action.

The proportion of respondents with “no legacy plan at all” fell from 49 per cent last year to 29 per cent this year. Nevertheless, 45 per cent have only partially developed plans, suggesting that many families still have room to improve when it comes to putting concrete arrangements in place and discussing them with the next generation.

Among respondents concerned that their wealth may not be passed on successfully, half of them worry that their beneficiaries are not ready to manage inherited wealth, the same proportion as those concerned about market volatility. A further 46 per cent are concerned about future changes in laws, regulations or tax policies. This shows that legacy planning goes beyond passing on assets, while helping the next generation build the knowledge, skills and confidence to manage wealth is equally important.

The survey also found that 34 per cent worry about the next generation making poor investment decisions, 32 per cent about overspending and 27 per cent about future generations lacking the confidence to manage inherited wealth. The findings underscore that building financial literacy and wealth management skills is an important part of preparing the next generation.

Like its peers, Sunlife is stressing its credentials for providing solutions for affluent/HNW individuals and families planning to manage succession and cope with wealth transfer complexities. A recent article carried by this news service shows that there is something of a build-out going on among life insurers in Asia over the business of serving affluent and high net worth (HNW) clients. They are eager to explain that insurance should sit within wealth management. They are making hires and issuing a flurry of research and other reports on the space.

Strong succession intentions among family businesses
The "legacy readiness gap" is more evident among family businesses. Among those intending to pass on wealth, 78 per cent are concerned that their wealth may not last until the next generation, compared with 63 per cent of non-family business respondents. Eighty-eight per cent of family-business respondents said the next generation is willing to take over. However, willingness does not always translate into planning. While 83 per cent of family business respondents have a succession plan, only one-third said their plan has been fully developed.

The results point to a notable disconnect between succession intentions and planning readiness among family businesses, highlighting the importance of turning succession intentions into clear, practical plans early to help ensure a smooth transition of the family business and wealth to the next generation.

Sixty-seven per cent of Millennials (aged 30 to 45) and 65 per cent of Gen Z respondents (aged 15 to 30) believe that their wealth can have a lasting impact across generations, compared with 51 per cent of Baby Boomers (aged 60 to 80). At the same time, the survey shows that 76 per cent of Gen Z and 72 per cent of Millennials worry that their wealth may not be successfully passed on to the next generation.

“With wealth and legacy needs becoming increasingly diverse, early planning around asset allocation, protection and family communication is more important than ever,” Dr Christine Yeung, deputy chief executive officer, Life and Health at Sun Life Hong Kong, said. “These insights help Sunlife better respond to our clients’ evolving wealth and protection needs.”

As legacy planning becomes a growing priority, Hong Kong families are taking a more structured approach to discussing wealth transfer arrangements. The survey found that 67 per cent of respondents said older generations in their families have communicated at least some aspects of their legacy plans, mainly through family meetings (42 per cent) and one-to-one conversations (40 per cent).

More families are also turning to professional advisors to support legacy conversations, the firm said. The proportion of respondents communicating with beneficiaries through a financial advisor rose significantly from 11 per cent in 2025 to 39 per cent in 2026. Demand is particularly strong among HNW individuals, with 63 per cent having proactively sought professional advice, compared with 53 per cent of non-high net worth respondents.

"We are encouraged to see more families taking a structured approach to legacy planning and seeking support from professional advisors to have deeper conversations with their families,” Yeung added. “Legacy planning goes beyond passing on assets. It is also about passing on values, building consensus across generations and ensuring the next generation is ready to carry that wealth forward.”

Sunlife provides asset management, wealth, insurance and health solutions to individual and institutional clients, and it is a significant player in life insurance in Asia.