Sun Life Survey Reveals Many Malaysians Struggle with Wealth and Legacy Preservation, While Family Business Succession Remains Underprepared
A new Sun Life Asia survey reveals that families across Asia are navigating a pivotal moment in legacy planning and family business succession. In Malaysia, only 34% of respondents have a fully developed succession plan, leaving two thirds underprepared. While 60% of families prioritise practical legacy goals such as essential needs, long-term wealth creation and education, more than two thirds (68%) worry their wealth will not last beyond their children’s generation. The research, titled Passing the torch: Building lasting legacies in Asia, surveyed over 3,000 respondents across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Vietnam, and highlights the attitudes, behaviours and aspirations surrounding legacy planning. A companion survey of 1,823 respondents further explores the unique perspectives of family business owners and their sentiments on the challenges involved in passing on enterprises to the next generation. With Asia experiencing the larg...