71% of Asia’s youth prioritise financial planning: Study

They cite financial security as their top life concern.

More than seven in 10 young adults in Asia (71%) who responded to a Prudential plc study choose clear financial planning over spontaneity, as they maintain consistent insurance and investment habits.

The research, titled "Financial Mindset of Young Adults in Asia,’ surveyed over 5,300 young adults aged 20 to 35 across seven Asian markets, including Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, and Thailand.

The study found that 63% of Asia's young adults believe that living in uncertainty is now the norm and that financial security is their top life concern at 77%.

It surpassed family responsibilities (53%), health (52%), career and education (42%), it added.

The respondents maintained a positive personal financial outlook, with 64% percent expressing confidence that they will have enough money to fund retirement.

The Prudential survey also found that young adults in Asia approach investment with a measured risk profile and long-term perspective.

About 42% are balanced between high-risk investments for higher returns, and 40% prefer safe, and low-risk options such as fixed deposits to safeguard savings.

Nearly 60% prefer investment instruments designed to be held for an extended period.

Generation millennials and Gen Z are expected to make up about half of Asia-Pacific's consumers by 2030, Prudential said.