More than 70 percent of middle-class consumers in Asia feel anxiety about their overall financial wellbeing, with almost half aiming to build a basic safety net for their families, a survey by Insurer FWD Group (1828) showed.
The insurance company revealed findings from its consumer outlook survey Tuesday. The pan-Asian survey, conducted with Ipsos, surveyed over 9,000 middle-class consumers aged 21-65 years old across the 10 markets where FWD operates, including Hong Kong SAR and Macau SAR.
It was found that 71 percent of middle-class consumers feel anxiety about their overall financial wellbeing, with 71 percent concerned about the rising cost of everyday living; 43 percent about the high cost of healthcare and 37 percent about unexpected job loss or a reduction in their income.
As a result, their primary financial goals are focused on a two-to-three-year time frame. 44 percent of the respondents aim to build a basic safety net for their families, while 37 per cent hope to achieve financial independence.
“Insurance provides protection in difficult times, but it can also help to build resilience, secure income for retirement, and give people the confidence they need to celebrate living,” said Lee Yen Ho, group chief distribution and proposition officer of FWD Group.
