Sun Life Asia Financial Resilience Index reveals Hong Kong Gen Z as Least Financially Secure as Inflation Forces a Shift to Short-Term Thinking

• 62% of Millennials feel financially secure compared to just 55% of Gen Z respondents.
• More than a quarter of Gen Z respondents (26%) do not seek help when making financial decisions.
• 92% of people are feeling the pressure of inflation and, and 46% face a significant impact on their ability to cover expenses.
• More than half (54%) of respondents still lack a financial plan that extends beyond 12 months, and only 9% are planning more than 10 years ahead.

Hong Kong (26 June 2025) – Sun Life Asia today unveiled its second Sun Life Asia Financial Resilience Index: Balancing today’s needs and tomorrow’s goals, offering a detailed look into how individuals in Hong Kong are managing their finances while navigating today’s volatile financial landscape. The findings reveal that overall perceptions of financial security have worsened amid rising inflation – particularly for Gen Z in Hong Kong, who emerge as the least financially secure and resilient generation surveyed, in contrast 62% of Millennials who feel financially secure.

The research surveyed over 6,000 respondents across Hong Kong, the Philippines, Indonesia, Malaysia, Singapore, and Vietnam, and highlights trends in financial planning, literacy, risk appetite, and the role of professional advice in building long-term resilience.

Gen Z faces the steepest climb to financial security

Gen Z in Hong Kong lags behind other generations in both confidence and preparedness. Only 55% of Gen Z respondents feel financially secure, well below 62% of Millennials, the most financially secure generation, and 60% of Baby Boomers. While time is on their side, their investment approach suggests hesitation rather than ambition, with 61% describing themselves as conservative investors, pointing to a lack of awareness around how to balance risk and long-term reward.

Gen Z is also the most isolated in their financial decision-making compared to other generations. More than a quarter (26%) do not seek any advice at all, despite being the generation most in need of structured guidance and support. When they look for financial management support, they are most likely to turn to family (40%) and friends (29%), as opposed to professionals such as financial advisors (26%).

Rainbow Pan, General Manager, Wealth & Pensions at Sun Life Hong Kong said, “The findings point to a growing concern among younger generations — particularly Gen Z — who often feel unsupported when navigating financial decisions. They also tend to rely on informal sources when seeking financial guidance, instead of turning to professional advisors. At Sun Life, we recognize our responsibility to meet changing client expectations by combining trusted financial guidance with innovative tools that empower younger generations to take control of their financial futures.”

Short-term focus over long-term wealth

Amid rising living costs in Hong Kong, many people are struggling to manage their daily and long-term expenses. 92% of people are feeling the effects of persistent price increases, and 46% note a significant impact on their ability to cover monthly expenses.

As household budgets tighten, more people are focused on meeting their immediate needs rather than planning for their future goals. Managing day-to-day expenses is the top financial priority for 60% of respondents, up from 54% last year, while retirement planning has dropped from first to sixth place this year – a clear sign that budgeting for the present has taken precedence over long-term goals.

In an uncertain economic environment, building emergency savings has also climbed the ranks and is now the second most important goal (43%).

Achieving financial security is further challenged by a lack of long-term planning. Despite slight year-on-year improvements, long-term financial preparedness remains dangerously low. More than half of respondents (54%) still lack a plan that extends beyond 12 months, and only 9% are planning further than 10 years ahead, revealing a widespread gap in financial foresight and resilience.

Bridging the resilience divide

The survey findings also reveal a stark difference between Hongkongers with high financial resilience and those without.

Both high and low resilience individuals – categorised in this survey as having, respectively, a high or limited ability to withstand financial shocks and achieve financial goals – most commonly prioritise building emergency funds (44% and 42%). However, their secondary financial goals differ – high resilience individuals are more likely to focus on saving for retirement (39%), while low resilience individuals tend to prioritise paying off debts (40%).

For high resilience individuals, financial confidence also runs high – 83% are sure they can meet short-term obligations and 85% believe they will achieve long-term savings goals. Over four in 10 (42%) say they could financially support themselves for more than six months in the event of a crisis. This group is also more likely to seek professional advice, with 40% working with financial advisors. Many are taking proactive steps to improve their financial situation – 52% are reading up on personal finance and 46% are investing for stronger returns.

Only 24% of low resilience individuals feel they can manage short-term finances, and just 11% expect to meet long-term financial goals. Alarmingly, 88% say they wouldn’t be able to support themselves for more than six months in the face of job loss or serious illness. Just 29% consult professional advisors, relying more often on informal networks or social media.

Rainbow Pan, General Manager, Wealth & Pensions at Sun Life Hong Kong said, “The survey reinforces that many individuals are focused on short-term financial pressures, underscoring the importance of building long-term financial resilience through early planning, particularly for retirement. Building financial resilience does not happen overnight. At Sun Life, we are committed to supporting individuals at every stage of their journey, with accessible solutions that help them achieve lifetime financial security.”

The full report is available 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 U.S., the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2024, Sun Life had total assets under management of $1.54 trillion. For more information, please visit www.sunlife.com.

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

Note: All currency figures are in Canadian dollars, unless otherwise stated.

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Media Relations Contact: 

Bryan Shen

Account Director, Sandpiper

T: +85292015160

Bryan.shen@sandpipercomms.com

Hill Ho   

Manager, Product Proposition & Client Experience, Wealth & Pensions, Sun Life Hong Kong

T: +85231832653

Hill.CS.Ho@sunlife.com