A new study found that millennials in Asia are at a substantial cash risk during their later years, expecting to carry mortgage debt into retirement or even run out of money.
The study was conducted by Manulife and surveyed investors born between 1984 and 2004, finding that nearly 90 percent said they expect to be able to maintain or improve their standard of living into retirement, but nearly 30 percent expect to run out of money later on in life.
"Asians used to be known as the prudent consumers with the lowest levels of debt," Roy Gori, president and CEO of Manulife Asia told CNBC. "Today, that's no longer true. In some cases, the level of indebtedness we see in Asia either equals or exceeds that of U.S. consumers, measured by household debt relative to disposable income."