Filipinos see financial literacy gaps among heirs

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December 5, 2025 | 12:00am

MANILA, Philippines — Six in 10 Filipinos fear that their heirs may lack the financial skills to handle inherited assets, highlighting the pressing need for improved financial literacy and open family discussions on money, according to a study by an insurance firm.

A study conducted by insurance firm Sun Life found that 81 percent fear their wealth may not last beyond their children’s generation.

“Concerns are most pronounced among the affluent, as they described themselves as ‘very concerned’ about wealth preservation, highlighting that greater wealth often brings greater responsibility and considerably higher stakes,“ the insurance company said.

The report noted that only 45 percent of respondents are confident that their children will uphold their wishes around wealth transfer, preserve assets and continue to grow them.

Albay 3rd District Rep. Raymond Adrian Salceda has moved to scrap the estate tax, filing a bill that would eliminate the levy so families no longer incur taxes when a relative dies.

”People today want to pass on more wealth, they want to give the next generation the knowledge and values to manage it wisely,” Sun Life Philippines CEO Benedict Sison said.

The Sun Life report further found that 25 percent of Filipinos admitted to having no legacy planning at all. Only six percent have completed and communicated their legacy plan if they were to pass away, 18 percent are fully prepared while 53 percent have only a partial plan.

“Many legacy discussions lack structure. Almost half, or 42 percent, of legacy planning conversations are currently informal or casual, but this does not seem to be the preferred option, with just 19 percent of respondents stating this as the best setting,” it said.

The survey added that seven in 10 Filipino respondents said that having protection in place to ensure family’s financial security is the most important factor in legacy planning.

The study covered more than 3,000 respondents across the Philippines, Hong Kong, Indonesia, Malaysia, Singapore and Vietnam.