HSBC has just released its 2024 Quality of Life survey exploring what a good quality of life means for affluent individuals globally across different generations; it investigates the relationship between physical and mental wellness, as well as financial fitness.

HSBC's latest Quality of Life survey highlights how affluent individuals are prioritizing financial security and protection needs amid concerns about health and rising living costs. They pinpoint the rising cost of living and health concerns as the main threats to their life goals.

The study, which shows how health and wealth increasingly intersect, covers over 11,000 affluent individuals aged between 25 and 69 in 11 markets worldwide, with investible assets of $100,000 to $2 million. The research was conducted by Intuit Research on behalf of HSBC from March 4 to 20, 2024. Markets surveyed include mainland China, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, the United Arab Emirates, the UK and the US.

The report shows that four in 10 affluent individuals globally are not on track to meet their retirement goals, highlighting a critical gap in planning for the future.

Despite a growing awareness of the need for adequate insurance, the report also reveals that 23 per cent of affluent globally lack adequate healthcare coverage. Gen Z and Millennials are starting to invest up to a decade earlier than Baby Boomers. While eight in 10 affluent individuals globally believe that planning for their legacy is important, only four in 10 have created a will or succession plan, the survey states.

The study also reveals global worry that the increasing cost of living (expressed by 68 per cent of respondents) and the impact of inflation on savings (61 per cent) could impact life plans. These concerns are reflected in the financial priorities of the affluent. Respondents ranked gaining wealth for financial security (46 per cent) and planning for retirement (43 per cent) as their top two financial goals, closely followed by having sufficient insurance coverage (41 per cent).

The study underscores the importance of having a holistic approach to financial planning. Those who address a broad range of financial needs and objectives report 50 per cent higher life satisfaction. It emphasizes the necessity of having an integrated approach to managing wealth and health, as the way financial futures are planned significantly influences overall wellbeing.

“The results show that many people remain underprepared financially for critical milestones, whether it’s funding their child’s education, enjoying retirement, or passing their legacy to the next generation,” HSBC added.