With 77% of Singaporeans prioritizing leaving a financial legacy to future generations and two-thirds of Singaporeans having either received, transferred or expect to receive or transfer their wealth – a commitment most pronounced among those aged 55 and above ( 74% ) – proactive wealth planning and management for Singaporeans is more crucial than ever, according to a recent report.

Over half of Singaporeans surveyed ( 53% ) have either received or expect to receive an inheritance. This expectation is even higher among younger Singaporeans, with 62% under the age of 24 expecting to receive an inheritance, finds Etiqa Insurance Singapore’s Wealth Transfer Insights Report, which examines trends in intergenerational wealth transfer.

Among Singaporeans who expect to receive or give an inheritance, the report notes, one in five anticipate a windfall of S$1 million ( US$ 778,607 )  or more. Financial education becomes key and recipients need financial planning and management to manage this wealth.

Notably, 78% of Singaporeans aged 55 years and above prioritize the importance of discussing inheritance matters with their families, signalling a clear cultural shift towards open and proactive legacy planning.

And most Singaporeans preparing to pass on wealth involve their family in financial planning conversations ( 42% ) and instilling values of responsibility and diligence ( 41% ), the report points out, but a notable 18% still lacking a plan for successor readiness.

However, wealth transfer comes with complexities, the report shares. Key worries for Singaporeans regarding wealth transfer include family conflict ( 36% ), maintaining their own financial security ( 34% ) and fears of mismanagement of wealth ( 31% ).

“Wealth transfer is increasingly viewed not just as a financial event, but as a purposeful act of next generation empowerment,” says Raymond Ong, Etiqa Insurance Singapore’s CEO. “It is heartening that Singaporeans are having conversations about wealth planning through open family dialogue and meticulous planning, fundamental to ensuring the financial well-being of their families.”