Asian Gen Z confident in finance skills, lag in insurance awareness

Gen Z is projected to make up at least 25% of the APAC population by 2025.

Despite being at earlier career stages, many Gen Z individuals in Asia exhibit strong ambition and confidence in their financial literacy, often matching Millennials’ self-assessed expertise, a Peak Re survey showed.

However, their awareness of insurance products is generally lower, except for cybersecurity insurance, which stands out due to their digital nativity and heightened concerns about online security.  

Peak Re's 2024 Emerging Asia Middle-Class Consumer Survey examined the attitudes and behaviours of 7,080 middle-class consumers aged 25 to 50 across six key markets. 

Millennials dominated the sample at 72%, with Gen X representing 14% and Gen Z, aged 25 to 27, accounting for 13%.  

Gen Z, a rapidly growing demographic in Asia, is projected to make up at least 25% of the Asia-Pacific population by 2025. For instance, China’s Gen Z population is estimated at 233 million, contributing 13% of household expenditures. 

Mental health issues, including depression and anxiety, are a significant concern for Gen Z, surpassing the emphasis on mental health seen in older generations. 

Whilst they also worry about diseases like cancer and diabetes, their openness to discussing mental health and using wellness services reflects their comfort with digital platforms that reduce stigma and promote awareness.  

Gen Z shares caregiving responsibilities for parents with Millennials and Gen X, which, whilst a source of pride, contributes to their stress levels. 

They also report high stress from work and social life, similar to trends observed in Western markets like the US, where Gen Z experiences lower emotional and social well-being than older generations.