Sunlife survey: 85% of Hong Kong people intend to pass on wealth, yet only 10% have a comprehensive legacy plan

Strong succession intentions among family businesses, but planning remains incomplete

• 85% of Hong Kong respondents intend to pass on financial assets or wealth, yet only 10% have fully developed their legacy plans and discussed them with their heirs
• Nearly nine in ten next-generation family members are willing to take over the family business, yet only one-third have fully developed succession plans
• Among those concerned about passing on their wealth, next-generation preparedness and market volatility are the top concerns, each cited by 50%

HONG KONG, Nov. 12, 2026 /PRNewswire/ -- "Passing the Torch: When Legacy Means More Than Money^[1]", the latest survey by Sunlife Asia, reveals that 85% of Hong Kong respondents intend to pass wealth on to the next generations. However, only one in ten (10%) have fully developed their legacy plans and discussed them with their heirs, highlighting a clear gap between intention and action.

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

Next-generation preparedness and market volatility top legacy concerns

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% 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, capabilities and confidence to manage wealth is equally important.

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

Strong succession intentions among family businesses, but planning remains incomplete

The "legacy readiness gap" is even more evident among family businesses. Among those intending to pass on wealth, 78% are concerned that their wealth may not endure to the next generation, compared with 63% of non-family business respondents. 88% of family-business respondents say the next generation is willing to take over. However, willingness does not always translate into planning. While 83% of family business respondents have a succession plan, only one-third (33%) say 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.

Two-thirds (67%) of Millennials (aged 30–45) and 65% of Gen Z respondents (aged 15–30) believe their wealth can have a lasting impact across generations, compared with 51% of Baby Boomers (aged 60–80). At the same time, 76% of Gen Z and 72% of Millennials worry that their wealth may not be successfully passed on to the next generation.

Dr. Christine Yeung, Deputy Chief Executive Officer, Life and Health at Sun Life Hong Kong Limited, said: "This is the second consecutive year we have conducted our legacy planning study. The findings show that while Hong Kong people generally want to leave a legacy, intention does not necessarily mean preparedness. With wealth and legacy needs becoming increasingly diverse, early planning around asset allocation, protection and family communication is more important than ever. These insights help Sunlife better respond to our Clients' evolving wealth and protection needs."

Legacy conversations become more structured as advisor involvement increases

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% of respondents say older generations in their families have communicated at least some aspects of their legacy plans, mainly through family meetings (42%) and one-on-one conversations (40%).

Encouragingly, more families are also turning to professional advisors to support legacy conversations. The proportion of respondents communicating with beneficiaries through a financial advisor rose significantly from 11% in 2025 to 39% in 2026. Demand is particularly strong among high-net-worth individuals, with 63% having proactively sought professional advice, compared with 53% of non-high-net-worth respondents. The findings demonstrate the growing role of professional advisors in helping families clarify expectations, build consensus and put legacy arrangements in place.

"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. 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. As a trusted financial partner to our Clients, Sunlife will combine the expertise of our professional financial advisors with comprehensive wealth and legacy planning solutions to help Hong Kong families and family businesses turn their intentions into clear, actionable plans and build a lasting legacy for generations to come." Dr. Christine Yeung added.

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About Sunlife

Sunlife is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sunlife has operations in a number of markets worldwide, including Canada, the U.S., the United Kingdom, Ireland, Hong Kong SAR, the Philippines, Japan, Indonesia, India, Mainland China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of 30 September 2026, Sunlife had total assets under management of $1.68 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited (incorporated in Bermuda with limited liability) is a wholly-owned subsidiary of Sun Life Assurance Company of Canada and operates in Hong Kong.

^[1] Passing the Torch: When Legacy Means More Than Money is Sunlife Asia's second annual legacy planning study. Conducted in August 2026, the survey gathered responses from 3,073 individuals across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore and Vietnam, including 521 respondents in Hong Kong. The research explores trends in intergenerational wealth transfer, family business succession and attitudes and behaviors towards legacy planning across different generations, providing insights for individuals and businesses navigating the future of legacy planning.

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SOURCE Sunlife Hong Kong