The Life Insurance Association, Singapore (LIA Singapore) has introduced a financial literacy programme for Gen Z students in Institutes of Higher Learning, as younger adults across Asia report mixed levels of confidence about their long-term financial wellbeing. Announced at the association’s annual luncheon on March 30, 2026, the initiative will start in April with in-person workshops at ITE College Central and Republic Polytechnic.
Developed with the Singapore College of Insurance (SCI), the programme will cover issues such as managing first salaries, budgeting around family commitments, and understanding how life insurance can fit into longer-term financial plans. “Life insurance, while essential, is too often overlooked in the financial planning journeys of many young people. Our goal is to help the younger generation truly understand its importance and how it fits into their financial future,” said LIA Singapore president Wong Sze Keed (pictured centre).
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The curriculum includes modules on handling a first pay check and managing debt in relationships, using quizzes, games, practical activities, and group discussions. LIA Singapore and SCI have worked with the participating Institutes of Higher Learning to collect feedback and adjust the programme content. “Over the past few months, the team has collaborated closely with participating Institutes of Higher Learning to gather feedback and insights, ensuring that our curriculum is practical, engaging, and truly relevant to today’s youth,” Wong said.
SCI chief executive officer Shalini Pavithran said the initiative is intended to make financial concepts more understandable for younger adults. “Money should not be a source of anxiety, yet for many youths, it feels like a language they were never taught. This initiative cuts through the jargon, building financial confidence and resilience from the ground up. By giving young people the right tools today, we are not just helping them save, we are laying the foundation for a lifetime of financial stability and empowered decision making,” she said.
Recent survey data in Singapore points to strong aspirations for financial independence, but uneven preparation and uncertainty around the role of insurance. According to the CIMB Singapore “Attitudes and Beliefs towards Financial Independence Report 2025,” 63% of surveyed residents aim to achieve financial independence between ages 40 and 60, and 52% believe they will need more than SG$1 million to do so. Despite this threshold, 72% view financial independence as realistic, and 43% say they are confident in managing their finances to work toward that goal. Respondents under 30 reported the highest confidence, with 54% expressing confidence in their financial management skills. This group was also the most willing to seek financial planning advice. At the same time, 39% of all respondents said they “often” or “always” experience financial anxiety, indicating that confidence and stress coexist in this segment.
The research shows gaps between planning intent and retirement action. While 71% say they have a financial plan, only 48% have started planning for retirement. The combination of ambitious targets, relatively high self-reported confidence, and limited retirement preparation suggests that many younger consumers are still in early stages of structured long-term planning. Insurance ranks among the top three preferred tools for financial growth, together with savings and fixed deposits and stocks. However, 39% of respondents are unsure about the effectiveness of insurance as an investment tool, suggesting that insurance-based solutions may not be fully considered in broader accumulation strategies.
Regional research from Prudential plc indicates that financial wellbeing scores in Asia are highest among younger adults and decline gradually with age, providing context for initiatives that target early financial habits and protection decisions. Prudential’s inaugural Financial Wellbeing Index – which combines attitudes, behaviours, and expectations across present and future financial security and freedom – reports an overall score of 58.9 out of 100 for respondents in Asia. Adults aged 18 to 35 record a score of 59.8, compared with 58.2 for those aged 36 to 49, and 57.7 for those aged 50 to 60. The index suggests a gap between current stability and longer-term outlook. Respondents report a stronger sense of present financial security than of future financial freedom, indicating that day-to-day conditions may be manageable for many, while confidence in absorbing financial shocks or sustaining choices over time is weaker.
Retirement expectations and risk preparedness are also muted. Only one in three respondents say they would not need to keep earning in retirement, fewer than half feel secure when thinking about their financial future, and less than half believe they could handle a major unexpected expense. These indicators weaken further in later life stages, reinforcing the role of early planning, ongoing education, and regular review of protection and savings arrangements. The research points to significant differences across markets. Vietnam records the highest financial wellbeing score at 65.1, with a relatively high proportion of respondents saying they have access to financial services that support long-term planning. Indonesia and Thailand follow, while Hong Kong records the lowest score at 52.5 and lower satisfaction with access to financial solutions.
LIA Singapore’s Gen Z programme sits alongside other initiatives on wealth and health protection that are relevant to insurers and distributors in Asia. On the wealth side, LIA Singapore issued an updated “Your Guide to Investment-Linked Policies” in March 2026, setting out the features, benefits, risks, and fee structures of these products. The association has also said it will review the development, design, distribution, and value proposition of investment-linked policies, with reference to fair dealing expectations and evolving customer needs. On the health side, the association plans to continue education on health insurance, particularly Integrated Shield Plans and riders, which are widely used elements of medical coverage in Singapore. LIA Singapore has said it will produce explanations aimed at making policy structures and options easier for consumers to understand, so they can assess coverage and limits more clearly.
Medical inflation remains a key consideration for life and health insurers. Healthcare costs are projected to increase by 16.9% this year, and LIA Singapore has emphasised that insurers, healthcare professionals, healthcare providers, and public authorities all have a role in moderating cost growth, utilisation and long-term system sustainability. “IP insurers, healthcare professionals and providers, and the authorities must continue working closely towards a common goal. Together, we can better manage medical inflation and ensure the long-term accessibility and sustainability of Singapore’s healthcare ecosystem,” Wong said.
LIA Singapore’s Management Committee for 2026-2027 – led by Wong with deputy presidents Chan San San and Gregory Hingston and senior executives from AIA Singapore, Prudential Assurance Company Singapore, Great Eastern, Income Insurance, HSBC Life Singapore, Manulife Singapore, Singapore Life, and Tokio Marine Life Insurance Singapore – has set three main areas of focus: financial literacy for younger cohorts, public understanding of wealth and health protection, and cooperation with stakeholders on the sustainability of the healthcare ecosystem.
