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March 14, 2024

Sun Life Asia Financial Resilience Index Report: Hong Kong millennials are most financially literate generation, but few translate knowledge into action


  1. Millennials in Hong Kong emerge as most confident in managing finances and have high optimism about their financial future
  2. Millennials in Hong Kong base financial decisions more on research (61%) than other factors like emotion
  3. Confidence across all generations is high, but 59% have no financial plan beyond one year 

Hong Kong (13 March 2024)
– Sun Life released its inaugural “Asia Financial Resilience Index” today, which provides a snapshot of the financial behaviours and beliefs of individuals across the region and the barriers they face in building long-term financial security. The Index shows that millennials in Hong Kong have a high degree of optimism and also rank highest in financial literacy, but many still lack a plan of action – a key pillar of financial resilience.

The Sun Life Asia Financial Resilience Index is based on a survey of 8,000 people in eight markets: the Hong Kong SAR, Malaysia, Singapore, mainland China, India, Indonesia, the Philippines, and Vietnam. Key findings include:

Millennials the most resilient generation 

Millennials were revealed to be the most financially resilient generation in Hong Kong. Compared with other age groups, they are more optimistic (76%) about their financial futures. Millennials are also more likely to be confident about meeting their long-term goals (75%) compared to older generations (62%), and more likely to make research-based decisions (61% compared to 57%). That said, only 43% of millennial respondents have a financial plan beyond one year, putting their long-term financial goals at risk.

Rainbow Pan, General Manager, Wealth & Pensions of Sun Life Hong Kong Limited, said: “The Sun Life Asia Financial Resilience Index provides a window into how households in Hong Kong are approaching their financial goals and highlights the fact that many are more positive about their financial future compared to the previous year. It's wonderful that so many people feel more optimistic about their finances in 2024, and this optimism deserves a plan to make it a reality. A financial plan and trusted advice can improve Hongkongers’ financial resilience if it provides clear steps toward achieving wealth and health goals. We are committed to developing solutions that enhance the financial resilience of our Clients from different generations, empowering them to navigate the various stages of life, with the goal of helping them achieve lifetime financial security.”

Confidence outstrips preparedness 

The Index found that across Asia, confidence outstrips preparedness when it comes to long-term financial goals. In Hong Kong, 67% of all respondents are confident in meeting their long-term financial goals, yet only 41% have a financial plan beyond one year ahead.

Emotion and trust play a key role in financial decision-making

More than 40% of Hong Kong respondents reported that trust and emotion played a key role for them in making financial decisions. Financial institutions are the most trusted sources of financial information, followed by friends and family. Social media is a common source of financial advice (43%), but few trust it (14%). Close to half (46%) want to educate themselves more about personal finance yet they may be reluctant to ask for help – as fewer than a quarter of respondents (24%) currently seek professional help or advice in managing their finances.

Being wealthy – not a guarantee of financial resilience

The survey found that even the wealthiest respondents had gaps relating to preparedness, underestimating expenditure and lack of long-term financial planning. High-income respondents are just as likely to exceed their monthly budgets as lower-income respondents (26% for both), and furthermore were slightly less confident than lower-income respondents (69% vs 72%) in managing finances to meet long-term goals.


View the Hong Kong findings of the Sun Life Asia Financial Resilience Index here: 


About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, mainland China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2023, Sun Life had total assets under management of $1.4 trillion. For more information, please visit

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.


Note to editors: 

1.  The Sun Life Asia Financial Resilience Index was conducted in October 2023 and measures financial resilience against five key pillars: confidence, behaviour, planning, tools and resources. It is based on a double-blind survey of 8,000 people (1,000 per market) across eight markets: the Hong Kong SAR, Malaysia, mainland China, India, Indonesia, Singapore, the Philippines, and Vietnam. 


Media Relations Contact: 

Becky Marshall   

Director, Communications

T. +852 61710132