Passing on wealth has become a central financial priority for many Singaporeans, with new research showing most intend to leave an inheritance for the next generation.
At the same time, another study highlights how women are managing their own financial responsibilities, often balancing progress in financial independence with ongoing family obligations.
A recent survey by Etiqa Insurance Singapore reported that 77% of Singaporeans place importance on leaving assets to future generations.
Among those aged 55 and older, nearly three-quarters said they had already transferred or expected to transfer wealth.
More than three-quarters of this group also said open discussions about inheritance within families were necessary.
The survey found that 53% of Singaporeans had received or expected to receive an inheritance.
Younger respondents were more likely to anticipate one, with 62% of those under 24 expecting to inherit.
About one in five of all respondents anticipated the value of their inheritance or transfer to exceed $1 million.
For those who had already inherited, just over half said it played a significant role in their financial stability.
In contrast, only 35% of those who had yet to receive an inheritance expected it to strongly influence their long-term finances.
Insurance is increasingly being used in wealth transfer planning. Nearly half of survey participants said they incorporated insurance into their legacy strategies, while 46% said they preferred to distribute some wealth during their lifetime rather than wait until death.
Family involvement also featured prominently. About 42% involved family members in planning conversations, and 41% emphasised instilling values of responsibility in successors.
However, 18% said they had no clear plan for preparing heirs.
Concerns included possible family conflict (36%), the risk of undermining their own financial security (34%), and mismanagement of inherited wealth (31%).
Roughly a third of respondents said they rely on financial advisers for guidance.
Raymond Ong, CEO of Etiqa Insurance Singapore, said inheritance is increasingly being regarded as a process of preparing the next generation rather than only a financial handover.
“It is heartening that Singaporeans are having conversations about wealth planning through open family dialogue and meticulous planning, fundamental to ensuring financial well-being of their families,” he said.
The theme of balancing legacy with present financial pressures is echoed in a separate Sun Life Asia survey focused on women’s financial well-being.
Two-thirds of women in Singapore said they were better off financially than their mothers were at the same age. Yet 69% cited medical costs as the largest barrier to security.
Health expenses were the biggest factor in financial decision-making for 55% of respondents, compared with 47% citing retirement and 38% home ownership.
Mothers in the “sandwich generation” reported the most pressure, with 56% supporting both children and parents.
While 60% said they save for parental care, only 12% expect similar support from their own children.
Many respondents said they sacrifice personal needs for family responsibilities. Fifty-seven percent said they had delayed medical treatment to manage family costs, and 53% reported placing household priorities above their own.
The Sun Life study also identified gaps in financial literacy. Nearly two-thirds of women surveyed rated their understanding of financial concepts as basic.
While most understood short-term matters such as credit card balances and exchange rates, fewer expressed confidence about mortgages or investment returns.
For mothers, top financial priorities included maintaining emergency savings (53%), saving for education (48%), and ensuring adequate insurance coverage (46%).
