Millennials lead as most financially resilient generation in Asia, Sun Life finds

Millennials lead as most financially resilient generation in Asia, Sun Life finds | Insurance Business Asia

Life & Health

Millennials lead as most financially resilient generation in Asia, Sun Life finds

Report unveils generational strengths and challenges

Life & Health

By
Roxanne Libatique

Sun Life Asia’s inaugural Financial Resilience Index has cast a spotlight on the financial health across Asia, finding millennials to be the most financially resilient generation.

The Sun Life Asia Financial Resilience Index, which surveyed 8,000 individuals across eight Asian markets, aims to offer a comprehensive overview of the region’s financial resilience.

The index underscored a striking confidence among millennials regarding their financial future, with 75% expressing optimism, a sentiment higher than any other age group. This optimism is backed by a strong sense of confidence, with 70% of millennials believing firmly in their ability to meet long-term financial objectives, surpassing the confidence levels of older generations.

Millennials face financial planning-related challenges

However, despite their optimism and confidence, millennials face similar challenges as other generations when it comes to financial planning. Only 42% of millennials have crafted financial plans that extend beyond the upcoming year, pointing to a potential gap between their financial optimism and actual preparedness.

David Broom, chief client and distribution officer in Asia at Sun Life, noted the distinct position millennials hold in the financial landscape.

“The Sun Life Asia Financial Resilience Index provides a window into how households across Asia are approaching their financial goals and protecting their future. It’s wonderful that so many people feel more optimistic about their finances in 2024, and this optimism deserves a plan to make it a reality. A financial plan provides simple, clear steps towards achieving your wealth and health goals,” he said.