DEMAND for legacy planning continues to grow in the Philippines as Filipinos want to ensure stability for their future generations, going beyond just simply transferring wealth, a study by Sun Life Asia showed.
According to Sun Life Asia’s second annual Legacy Planning survey conducted in August with 3,073 respondents across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Vietnam, 92% of Filipino respondents said they intend to leave financial assets or wealth to future generations.
Some 61% of these respondents said they want their investments to secure long-term growth, followed by supporting essential family needs at 55%, and education at 53%.
“Among the 92% who intend to leave financial assets or wealth, Filipino respondents prioritize continued growth and practical family support. The intended uses are closely grouped, suggesting that families do not see growth, protection, and education as competing goals. They are complementary parts of a lasting legacy,” Sun Life Asia said.
Meanwhile, 56% rank education among their top three legacy priorities, followed by wealth and family traditions at 45% apiece, and personal influence at 35%.
“Legacy has become an outcomes conversation, not simply an asset conversation. Education leads the list of priorities, while wealth and family traditions carry equal weight. This mix shows that Filipino families are seeking both financial continuity and a broader sense of purpose: enabling opportunity, meeting essential needs, and preserving what the family stands for,” it said.
“Filipinos are increasingly viewing legacy through a broader lens,” Sun Life of Canada (Philippines), Inc. (Sun Life Philippines) President and Chief Executive Officer and Country Manager Jonathan Juan “JJ” D. Moreno said in a statement. “The goal is no longer just to pass on wealth, but to create opportunities, share values, and give future generations the tools they need to succeed. That’s a meaningful shift in how families think about long-term financial planning.”
The survey also showed that legacy planning is becoming more formalized in the Philippines as 36% of respondents said they have fully documented and communicated plans, surging from just 6% last year. It added that 18% have documented plans but not communicated yet, up from 16% last year.
Sun Life Philippines said the country ranks among the strongest markets in Asia when it comes to formalized legacy planning, with the 36% that have fully documented and communicated plans exceeding the regional average of 22%.
Meanwhile, those with no legacy plan went down to 8% from 25%, while those with partial plans declined to 37% from 57%.
Wealth transfer confidence also increased among Filipinos as 58% said they feel mostly prepared for their legacy, up from 28% last year, while 18% feel fully prepared, also up from 16% previously.
“Confidence is improving, but many plans still need refinement, alignment with heirs, or clearer execution arrangements before families consider themselves fully ready,” Sun Life Asia said. “The Philippines has made substantial progress in formalizing legacy plans. The next challenge is to convert documentation into full readiness by closing remaining gaps and ensuring plans are understood by the people expected to carry them forward.”
This is as the study also showed that Filipino families are now more concerned about preparing the next generation than protecting their assets, with 82% worried that their wealth may not survive beyond the next generation.
Half (50%) of respondents said their primary worry is that beneficiaries may not be financially prepared to manage inherited wealth, surpassing concerns about market volatility (46%) and family conflict over assets (42%).
Poor financial decisions or overspending were the most commonly cited risk to family wealth preservation, mentioned by 40% of respondents, while 30% pointed to a lack of financial literacy among future generations, and 29% cited family disputes or conflicts.
The survey also showed more optimism among younger generations, with 71% of Gen Z and 73% of Millennials believing their wealth can positively impact future generations.
“Families are increasingly focused on whether future beneficiaries will be ready to manage wealth, signaling a shift from asset protection toward successor preparedness,” Sun Life Asia said.
“The findings suggest that families recognize wealth preservation is not only about growing assets but also about preparing the people who will inherit them,” Mr. Moreno said. “Financial knowledge, open conversations, and clear plans are becoming just as important as investment performance when building a lasting legacy.”
Conversations about wealth transfer are growing among Filipinos, with 70% having had at least some legacy-related discussions within their families, although only 25% said these plans have been communicated fully.
Professional guidance is also becoming increasingly important as only 34% already sought legacy-planning advice while 50% said they would like to do so in the future. Communication with beneficiaries through a financial advisor also rose to 37% this year from 15% last year.
Sun Life Asia said this highlights how readiness is key to legacy planning, showing the need to start these preparations early.
“The leading concern among people worried about their legacy is whether their beneficiaries will be ready to manage what they inherit. Building financial knowledge and confidence early can be just as important as putting a plan in writing,” it said.
“The strongest legacies are not defined by the wealth that is passed on, but by how well future generations are prepared to carry that legacy forward,” Mr. Moreno added. “When families take the time to prepare heirs, they give their legacy the best chance to endure for generations.” — Aaron Michael C. Sy