Manulife’s new Asia Care Survey 2024 drew on responses from 1,050 consumers in the PH

A healthy lifestyle and good physical well-being are the essential elements for positive financial and mental well-being among consumers in the Philippines as they plan for longer lifespans, and lengthier and more comfortable retirements, according to new research by Manulife. Yet financial confidence among Filipinos is low amid concerns about inflation, particularly rising healthcare costs.

Manulife’s new Asia Care Survey 2024 drew on responses from 1,050 consumers in the Philippines. It launched Manulife’s MyFuture Readiness Index, which measures how consumers view their current and future physical, mental, and financial well-being. On a scale of 1 to 100, the index shows their desired readiness level to be 91, which is above the regional average, but the expected level to be 79, suggesting a lack of confidence about the future.

According to the Filipinos surveyed, the top five challenges impacting confidence in their future well-being are: rising healthcare costs (82%), inflation/rising costs of living (81%), economic slowdown/recession (78%), increasing interest rates (78%) and health trending down (73%). 

To help save and prepare for their envisioned future, including for greater longevity, retirement and unexpected medical needs, the Filipinos surveyed highlighted having a passive income after retirement (43%), having sufficient savings for a rainy day (39%), financial freedom in retirement (32%) and having enough savings for healthcare needs (31%) as their main financial goals.

“The survey reveals a lot of anxiety around economic volatility, healthcare-related expenses and uncertainty, which dampens the optimism of many Filipinos in achieving high-quality well-being in the future,” said Rahul Hora, President and CEO, Manulife Philippines. “But there are ways to address these concerns so they are future-proofed. Significant of these is the value of financial advice and guidance that can help them assess and bring their goals closer to fruition, mitigate risks, and find the right products that provide stronger health and life protection, as well as investment and retirement solutions.” 

 

Healthcare costs perceived to be too expensive

In the survey, 82% cited rising healthcare costs as a top threat– a percentage that rises to 86% among 50 to 60-year-olds. Their concerns are understandable given that 44.7% of health expenses in the Philippines are out-of-pocket, in total reaching US$9 billion in 2022.[1] It is an amount that Manulife expects to reach US$13 billion by 2028 and account for 38% of their overall medical expenses. 

“We see in the Philippines a realization of longer life expectancy and people rightly want to enjoy good health for a longer time. Healthcare costs trump inflation as their main concern for the future, with women being in general more concerned than men,” said Hora. “To navigate this, there is a need for effective financial planning. It is fair to expect medical costs to rise faster than inflation given aging populations and increased pressure on healthcare services, but our survey suggests that perceptions on the extent of such rises are well above actuality.” 

The survey shows that over the past 12 months, the perception of the Filipinos surveyed on healthcare cost inflation was 32%, the highest in the region (average 23%) and around three times the actual rate^[2]. Most respondents (61%) are concerned about the rises in cost of prescriptions, while 59% of them are worried about hospitalization, and 45% about preventive healthcare. Curiously, elderly care (16%) is much lower.  

The potential illnesses that worry people in the Philippines the most are heart disease (46%), the leading cause of death in the country[3], diabetes (42%), stroke (34%) and cancer (31%).  With the broader concerns about their physical well-being and rising medical costs, 78% of the respondents agree that increasing insurance coverage and benefits for inflation is a crucial part of planning for my future financial well-being.  

The findings show a sizeable segment adopting a strategy of using less expensive healthcare (41%) services and medicines (53%), well above the regional average of 31% and 29% respectively. According to the survey, this would typically mean using government health services and generic drugs, rather than going private. Alongside that, about three quarters are exercising more or improving their diet.

Children no longer viewed as alternative to a pension

Across all the markets covered in Asia, 7 out of 10 of those surveyed said they feel health benefits and coverage from their employers are not enough. In the Philippines, it was a little higher at 76%. As things stand, 78% of the Filipinos surveyed feel a need to top up retirement and pension benefits they receive from their employers to boost their future financial well-being. In addition, 58% are looking to delay retirement because of their financial responsibility for their family.

Traditionally in Asia and elsewhere in the world, an alternative to insurance and a pension for old age would be having children. But that is not the case now in the Philippines where 58% of the Filipinos surveyed disagree that children are great investments because they provide support in old age. Only Japan had a higher rating at 70%. In the markets covered, half those surveyed said they do not plan to have kids. The average number of children wanted by Asians is 1.6. In the Philippines, the preferred number is 1.8.

“We encourage more Filipinos to consider ways to increase their health protection. At the same time, insurers have an important role in helping them do that, including changing perceptions on health costs and focusing on specific individual needs. There’s a need also for greater financial literacy,” said Hora. “Doing that will enable everyone to focus on ways to effectively address the challenges on health protection and long-term savings that exist.”

To help address the unique needs of Filipinos when it comes to their health, well-being and finances, Manulife Philippines offers a suite of innovative insurance and investment solutions that can help them financially prepare for the future, while ensuring life and health protection coverage in case of the unexpected. 

 

About the Manulife Asia Care Survey 2024 

In its fifth year running, the latest Manulife Asia Care Survey was conducted in January and February 2024 via online self-completed questionnaires in eight markets. A total of 8,400 individuals, evenly split between men and women, aged 25 to 60 years old were surveyed: mainland China (1,052), Hong Kong (1,052), Indonesia (1,063), Japan (1,000), Malaysia (1,038), Philippines (1,050), Singapore (1,038) and Vietnam (1,107).  Each of those surveyed

---

[1] The Country’s Total Health Spending, Philippine Statistics Authority, August 20, 2023. Last Accessed June 6, 2024  

[2] 2024 Global Medical Trends Survey, November 2023. Last Accessed June 6, 2024

[3]2023 Causes of Death, Philippine Statistics Authority, February 2024. Last Accessed June 6, 2024

Augment your income and pursue your passions while creating positive impact

 

With the threat of inflation and economic uncertainties, Filipinos continue to grapple with declining purchasing power, lower savings, and rising prices in commodities. In addition, while government surveys show that unemployment rate in the Philippines has dropped to 4.4% from 5.3% last year, the proportion of underemployed persons is at 7.5 percent*. 

 

To help address this gap, many companies provide more opportunities to help Filipinos find the right career that aligns with their life goals, as they aim to improve their financial situation and attain personal and professional fulfillment. 

 

Manulife Philippines, the local arm of leading global financial services provider Manulife, continues to expand its agency force by employing more Filipinos nationwide as financial advisors. The recruitment efforts are also in response to the growing interest in life and health insurance products and services among Filipinos, especially millennials and Gen Zs.  

As part of the company’s latest recruitment campaign, Manulife features the inspiring stories of some of its thriving agents who came from different backgrounds and diverse experiences but who share one common ground -- having found meaningful career journeys as a financial advisor. 

 

Building a fortune of their own

 

Erika Lubrin, a mother to a child with developmental disability, started as a part-time financial advisor while working as an administrative officer at a government agency. After determining that she may earn as much as five times her government salary, she joined Manulife full-time. In her new career, she has not only provided for her child’s needs but also reached her aspirations for her family. “Through Manulife, we were able to build our dream house, purchase an additional car, and manage to support our son’s numerous therapies and education.”

 

Meanwhile, Arlene Genove, who used to rely on her monthly honorarium of PHP6,000 as a barangay councilor to provide for her family, also achieved her dream of living a comfortable life as a financial advisor. “Manulife changed my life. I renovated our house, which previously had no door and kitchen. Now my family has a decent place to live in.”

 

JC Balanza had to do various jobs to support his big family before becoming a Manulife financial advisor – from being a service crew at fast-food chains to working at local and international logistics companies. He had high hopes of achieving financial success when he became a licensed customs broker and even established his brokerage firm. However, his expectations were only met when he joined Manulife. “I am now receiving compensation that is commensurate to my exerted efforts.” With his earnings, JC was able to purchase his first car and a lot for his dream house.

 

Being of service to others

 

Beyond the financial gains that come with their chosen profession, Manulife's financial advisors also discovered a profound sense of purpose in their roles – helping their clients live comfortably, meet their financial goals, and ensure life and health protection for themselves and their families.

 

Kit Arlante's journey took on a deeper meaning after experiencing the devastating loss of her grandfather to cancer and her father to a tragic accident. The burden of overwhelming medical bills left a lasting impact on her family. Since then, she shared that “it has become my advocacy to help families have a fighting chance when unexpected circumstances happen, such as losing a loved one.”

 

Similarly, Hilda Linaac's sense of purpose was reignited after the sudden loss of her husband to a stroke, which encouraged her to help protect more people from the financial setbacks that arise when critical illness strikes. “I started reaching out to more clients and covering more lives as much as possible through insurance.”

 

For Genove, helping free customers from the financial burden of losing their loved ones has been her most significant win as a Manulife advisor. Her recent one was when her neighbor successfully claimed Php800,000 in benefits after the death of her husband. “Manulife taught me the importance of focusing on our mission of making decisions easier and lives better for more Filipinos.”

 

Achieving growth and self-fulfillment

 

At Manulife, financial advisors express contentment and gratification in their careers, as they get to enjoy generous compensation, achieve a bigger sense of purpose, and seize continuous learning opportunities all at the same time. 

 

For Arlante, working for Manulife has been a journey to self-discovery, where she learned how to see things at work differently. “Nowadays, I view my deadlines with a deeper meaning and my meetings with a personal impact. With every deadline met is a family secured, and every meeting set is a life changed.”

 

Meanwhile, Lubrin values the free training sessions that Manulife continuously provides so they can stay competitive and up-to-date with shifting industry trends and rapidly evolving technologies. “Manulife helped me grow as a person and as a professional. Now, I can confidently pursue my financial advocacy among my clients.”

 

Being able to pursue her passion for art and music, while being instrumental in helping others attain financial success, is what’s most rewarding for Linaac. “It gives a different sense of fulfillment that I help countless Filipino families live every day better.”

 

For those interested to become part of Manulife’s growing team of financial advisors, visit manulife.com.ph/about-us/joinmanulife or facebook.com/ManulifePH.

 

*Based on the August 2023 Labor Force Survey of the Philippine Statistics Authority (https://psa.gov.ph/statistics/labor-force-survey/node/1684061252)

 

Manulife brand ambassador Anne Curtis, fulfilling your dreams is not impossible if you are focused on your goals

 

You can’t be ‘self-made’ alone, as it requires finding the right team to work, learn, and grow with, so you can maximize your potential. For multi-faceted A-lister and Manulife brand ambassador Anne Curtis, fulfilling your dreams is not impossible if you are focused on your goals, and have the much-needed support to achieve them. 

 

As wife to content creator and creative director Erwan Heussaff and mother to two-year-old Dahlia, Anne shared how her priorities have evolved — thinking more about her family than herself, especially when making financial decisions. The mindset has become almost selfless, focused on building a beautiful future for the people who matter to her. 

 

“I am happy that my personal advocacies go hand-in-hand with my partnership with Manulife. I love how they really brought out the “Anne with a Plan” in me, especially now as my life and family goals continue to evolve and grow. My family has become my top priority, and my focus is to ensure that we are ready to face whatever the future holds while living our lives to the fullest,” Anne said.

 

 “I encourage Filipinos to be goal makers — have the courage to reach for your dreams and become more financially empowered to get the future that you want,” she added. “By learning to save, finding creative ventures to help augment your income, and securing insurance and investment policies, you can seize every opportunity to be a step closer to your financial goals.” 

 

Anne had been taught the importance of being financially smart, having started in the entertainment industry at a young age. “I learned early on that I must work hard to get what I want. My parents taught me the value of hard-earned money when I started earning — malaki na noon ‘yung Php1,000, my first paycheck. It made me realize the value of hard work. Along the way, you also want to make sure that what you’ve worked hard for all these years, may mapupuntahan.  I am glad that Manulife has always been there to guide me on how to maximize my hard-earned money, and sustain financial stability and growth, so I can better prepare for my future and that of my family.” 

 

To help Filipinos make more informed financial decisions by being goal makers, Manulife has developed a way to help consumers identify which life and health insurance products best fit their priorities, life stages and goals. “We at Manulife want to support every Filipino, wherever you are in your life journey, and make your everyday better. To this end, we’ve aligned our insurance solutions with Filipinos’ most common life goals. Whether you are someone who wants coverage to help with expenses if you fall ill; a parent who wants to plan for your children’s future; a professional who wants to save for retirement; or an entrepreneur protecting your business and employee well-being, we have a plan for you,” said Melissa Henson, Chief Marketing Officer, Manulife Philippines. 

 

Anne added: “I was a policyholder years before I became their brand ambassador, so I have a long-standing relationship with Manulife. With Manulife as my financial partner, I know I am always protected, no matter what life may bring.” 

 

“It won’t happen anytime soon but planning for retirement is also on my mind. Some might view it as slowing down, but I view retirement an opportunity to explore new interests and adventures. While I have my businesses and investments, I plan on getting a Manulife retirement policy to support my dreams for that stage of my life. I encourage everyone to get a retirement plan while young because you only need to set aside a small amount regularly, and see your investments grow.” 

 

To learn more about how to become a goal maker like Anne, visit. www.manulife.com.ph.

 

Manulife, with the support of adidas Philippines, helps enrich Filipinos’ future

In celebration of its 115th year in the Philippines, and the launch of FutureBoost, a flexible insurance plan that provides customers with rewards and bonuses that can maximize policy value, Manulife has partnered with global sportswear brand adidas through its Double Boost campaign. The leading global life insurer will be giving away pairs of adidas UltraBoost sneakers and adidas store vouchers to those looking to charge up their future. 

 

“For Filipinos who want to power up the path to their goals, FutureBoost is an affordable and flexible life and financial protection plan specially designed to provide them with the opportunity to boost their coverage as their life goals and priorities evolve,” said Melissa Henson, Chief Marketing Officer, Manulife Philippines. “With the support of adidas, one of the world's leading sportswear brands, we’re excited to introduce this innovative insurance plan to help empower Filipinos to take charge of their lives, reach for their goals, and maximize their strength and abilities so they can build a future that they can be proud of.” 

Jennianne Dacasin, adidas Philippines Brand Activation Senior Manager, added: “We at adidas believe in harnessing the power of sport to help people discover their limitless potential, on and off the field of play. By supporting Manulife in this initiative, we also show our support for all Filipinos as they tap into their inner athlete, live with the mindset of a champion, and gain confidence to focus on their goals so they can own their game – whether in sport or life -- and better secure their future.” 

The Double Boost campaign raffle is open to all Manulife and non-Manulife policyholders who can set an appointment about FutureBoost with a Manulife financial advisor from February 21 to March 31, 2022. After a successful product presentation, participants will earn one raffle entry for a chance to win a pair of adidas UltraBoost or adidas store vouchers worth Php1,500. New customers may click on the adidas UltraBoost Promo poster link found on Manulife’s Facebook page to set an appointment, while existing policyholders may get in touch with their financial advisor. Raffle draw winners will be announced in May 2022. 

 

For more details about the promo, visit the campaign page https://manulife.pub/manulifexadidas , Manulife Philippines’ Facebook page, or its website at www.manulife.com.ph

 

Manulife HealthFlex receives Silver Award for Excellence in Integrated Marketing

 

The Philippine arm of leading global financial services group Manulife was recently recognized at the Marketing Excellence Awards 2021 - Philippines for HealthFlex, receiving a Silver Award for Excellence in Integrated Marketing Strategy. The award recognized the company’s outstanding use of a full suite of marketing tools and channels to successfully drive its business objectives. 

 

“We are honored to be recognized for our marketing strategy around HealthFlex, as we aim to effectively communicate the importance of having relevant financial protection against life’s uncertainties,” said Melissa Henson, Chief Marketing Officer, Manulife Philippines. “HealthFlex is a product innovation brought to life by transforming customer insights into meaningful proposition that is aligned with Filipinos’ evolving needs. At Manulife, we take to heart our goal of making every day better for our customers. By empowering them to take charge of their health, finances, and overall well-being, we can help them protect those that matter to them most.”

Manulife is focused on empowering sustained health and wellbeing. That’s why HealthFlex is designed as a highly customizable insurance product that gives customers the flexibility to select the right critical illness protection for them and enhance their coverage by adding optional benefits. Prior to its development, Manulife launched its 2020 health study, “Understanding Filipino Sentiments Toward Health and Critical Illness,” which surveyed over 500 Filipinos across the country and revealed heightened awareness among Filipinos of the importance of prioritizing their health amid the pandemic. These insights informed HealthFlex’s key design. As part of HealthFlex’s integrated marketing communications initiatives, Manulife leveraged a mix of traditional, digital and social media, including organizing the public webinar, “Flex Your Future: Personalize your journey to health and wellness", where celebrity guests shared their health goals, habits, and personal experiences, to give Filipinos insights into starting their own wellness journeys.

 

At the inaugural awards, Manulife Philippines’ financial literacy program Peso Smart was also a Finalist under the Corporate Social Responsibility category, which recognizes the best marketing campaign or initiative for a charity or cause that makes a positive impact on society. Peso Smart started as face-to-face classes for public elementary school children in 2017 and has evolved to distance learning since 2020, to adapt to the demands of the pandemic. More than 200 students have graduated from the program since its inception. 

 

The first-ever Marketing Excellence Awards - Philippines is organized by Marketing Magazine, Asia’s leading source of advertising, marketing, and media news.

 

For more information about HealthFlex or Peso Smart, visit www.manulife.com.ph. 

Manulife’s “Firsts,” encourages Filipinos to face the year with renewed hope and opportunities

 

Manulife Philippines recently launched its newest digital short film, “Firsts,” which encourages Filipinos to remain hopeful despite uncertainties, and to look forward to a future filled with “new firsts.”

 

“The path forward may seem rough and uneven, as we are still dealing with or recovering from the challenges brought by the pandemic. Despite this, we at Manulife believe that we need to continue to look forward – reaching for our goals and dreams for a better future. We want to share that sense of hope with Filipinos,” said Melissa Henson, Manulife Philippines’ Chief Marketing Officer. 

“Our new digital film aims to inspire Filipinos to find strength, courage and gratitude from past experiences, no matter how difficult, and believe that they can rebuild, thrive and bounce forward. By taking challenges as opportunities to be braver and stronger, we can all take the first step towards whatever comes next, and make every day better. Life may not be how it used to be, and challenges will be certain, but Manulife reminds everyone that life will always be worth seeing through,” Henson added.

 

“Firsts” can be streamed on Manulife’s Facebook page or YouTube channel. 

 

For those who want to take that first bold step towards financially securing their future, Manulife Philippines offers a wide range of award-winning products and services specially designed to respond to Filipinos’ evolving needs. For more information, visit www.manulife.com.ph.  

Manulife’s “Every Day Stories” shares financial wisdom to guide you in 2022

As Filipinos prepare to step into 2022 with more optimism and hope for a better year, Manulife Philippines’ short film, “Every Day Stories,” aims to tell stories of inspiration in overcoming setbacks and preparing for your envisioned future. 

 

These stories are about three Manulife customers: a father who overcame a health scare; a mother who lost her first child; and a couple who recently married. They all share the wisdom they have gained after weathering life’s unexpected turns. 

 

“Since the onset of pandemic, Filipinos have become more conscious not only about protecting our health and well-being, but also our finances. There may have been struggles along the way, but the lessons we learned can help us prepare better for the year ahead,” said Melissa Henson, Manulife Philippines’ Chief Marketing Officer. “I hope that our customers’ stories of strength and resilience offer not only encouragement and hope, but also relevant and practical insights that can help inform Filipinos’ big life decisions. While we may not always know what is ahead of us, we can always set attainable goals and build our roadmap, so we can financially secure our future.”   

 

Here are some tips on how to help prepare for your future today so you can protect and live the life you want tomorrow: 

 

Ensure protection to lessen out-of-pocket medical expenses. Apollo Borlasa, a veterinarian and businessman, suffered from a heart attack in August 2019, which prevented him from working for a long time. As the family provider and breadwinner, he had to find ways to make ends meet while paying for his medical expenses. Because he obtained a Manulife policy in 2015, Borlasa found a safety net to better manage his medical bills. 

 

“As soon as my vital signs became stable at the hospital, my financial advisor immediately visited me and said that my Manulife policy could help us with my hospital expenses. My wife and I were relieved with the good news. Also, we were grateful to my advisor who was there for us and supported us in our time of need,” said Borlasa. 

 

To date, he is fully recovered and embracing a healthier lifestyle. “Wake-up call para sa akin ang nangyari. It made me realize the importance of being protected. That’s why I got my 15-year-old daughter her insurance plan from Manulife as well. It is really best to start early, and life protection is one of the best gifts parents can ever give their children.”   

 

Financial protection does not only cover emergency events, as it can also help fulfill life goals. Michelle Hervas-Par, a government employee, shared that she bought a Manulife policy in 2016, which helped her prepare for her dream wedding in 2020. “My fiancé and I were very conscious about sticking to our wedding budget. Three weeks before our wedding day, I got a pleasant surprise when I discovered that my Manulife insurance policy had a payout benefit. It allowed us to hold our dream wedding without incurring debts,” said Hervas-Par. “We’re pleased that in the most special day of our lives, we had a debt-free celebration -- all because we made sure we were financially prepared.”

 

Having a financial safety net may be a silver lining in difficult times. Diana Alvarado, a software development manager and a Manulife policyholder since 2005, lost her firstborn due to multiple congenital complications soon after he was born. “When I was younger, my mom pushed me to get a Manulife insurance plan. I was thankful that I listened to her. When I had my first baby, he sadly had multiple heart complications and I lost him during surgery,” shared Alvarado. “But my Manulife policy still covered maternity benefits, which helped us with our medical expenses,” Alvarado added.

 

Alvarado is now blessed with two beautiful children. “I’m thankful that my decision to get a plan helped me through the darkest days of my life. It also helped my family recover and move forward.”

 

Building financial security is an important step to ensure protection, build resilience in times of uncertainty, grow your wealth, and secure yours and your family’s future. Take charge of your life goals by exploring opportunities that can strengthen and safeguard your financial stability so you can live every day better. 

 

To know more about their stories, view the short film on Manulife’s YouTube channel at manulife.pub/ManulifeEverydayStories

Know Your Ys and Zs: A closer look at the financial and mental well-being of Filipino Millennials and Generation Z in the time of COVID-19

As the Philippines continues to grapple with the COVID-19 pandemic, Filipino Generation Ys or Millennials (aged 25-40) and Generation Zs (aged 15-24) have expressed heightened financial and mental health challenges, prompting them to take more proactive steps toward achieving financial security and personal wellness, according to a recent study by leading life insurer Manulife. 

 

The report titled, “Know Your Ys and Zs: A closer look at the financial and mental well-being of Filipino Millennials and Generation Z in the time of COVID-19,” surveyed 500 respondents across the Philippines between April and May 2021, to further understand the attitudes, behaviors, and habits of younger generations toward finance and personal well-being, as well as actions they are taking to achieve financial independence and improve mental wellness.

 

“The far-reaching consequences of the pandemic on public health, personal relationships, and the global economy have made the younger generations of Filipinos more aware of the importance of their physical, mental and financial health, and how interconnected these are to achieving optimum well-being,” shared Melissa Henson, Chief Marketing Officer of Manulife Philippines. 

 

“While Millennials and Gen Z may have different priorities and goals, depending on where they are in their life journey, what is common is that the challenges brought by COVID-19 have accelerated their desire for financial stability. They are now seeking more products and services that not only align with their beliefs and interests, but will also help them secure a more stable future,” added Henson. “Understanding this behavior helps us find new ways to innovate and introduce more relevant financial protection products, so we can better support them as they fulfill their most important goals.” 

 

Millennials and Gen Z have become more financially conscious during the pandemic

 

According to Manulife’s new study, the top concerns that Millennials and Generation Z are grappling with during the pandemic are: running out of money, getting sick, losing their lives or their loved ones, declining mental health, and drowning in debt. These are their top stressors, which have pushed them to prioritize staying healthy and saving money. In fact, as 87% of them are worried about uncertainties in the future, most of them save so they can protect themselves against an unfortunate future event, continue to fund their daily living expenses, and support their family’s future needs. 

 

Moreover, Millennials and Gen Zs feel that they have limited funds and limited job opportunities during the pandemic, so 77% of them prioritize spending more on necessities than wants. Also, 82% don’t want to incur debt or take loans as much as possible, 82% save money every pay period or every month, 75% follow a monthly budget, and 87% avoid going over budget. 

 

However, while they claim that at least 25% of their monthly income goes to savings, and they stick to a budget conscientiously, in reality, they are only able to save approximately 10%. 

 

Despite these constraints, the study found that 81% of Millennials and Gen Zs have started taking steps to secure their future financially because they both believe it is important to know where their money goes. In addition, 67% percent of Millennials have started investing in financial instruments, 79% are looking for ways to grow their money, and 77% are exploring diversifying their portfolios to mitigate risks. 

 

On the other hand, Gen Zs are actively educating themselves about finance, recognizing that they are not yet financially stable amid the COVID-19 situation. As they pursue ways to achieve financial security, though, they have been quite ahead of the preceding generation. Filipino Gen Zs, on average, start saving money at 17 years old and investing at 21, while Millennials only began saving at 23 and investing at 27. 

 

Moreover, 92% of Gen Zs plan to purchase an insurance plan in the next one to two years, with life, health and variable unit-linked (VUL) products as their top considerations. 

 

Gen Zs expressed heightened concerns about declining mental health 

 

About 53% of Gen Zs, particularly students, turn to social media to relieve stress and cope with the pressures of the extended lockdowns. Unfortunately, social media exposure may have added to their mental health struggles, as they consider toxic social media posts as a prominent stressor for them. 

Mental health issues also affect working Gen Z and Millennials, mainly due to worries about debt and the possibility of job loss. 

 

To look after their mental well-being, Gen Zs practice various ways to improve their health. Their top-ranked activities to care for their mental health include getting enough sleep (84%), enjoying a proper meal (76%), talking to friends and family (74%), making time for hobbies (74%), and being active through fitness activities and exercise (62%). 

 

Millennials have become more focused on growing their money

 

As they take on more responsibilities at work or start to have their own families, Manulife’s study found that Millennials have become more conscious and deliberate in growing their money to secure their future. While both Millennials and Gen Zs own financial products, Millennials’ approach to investment is more accepting of risk, while acknowledging the need for protection. Seventy-nine percent of Millennials own insurance, 78% are subscribed to government savings programs, 60% are into cryptocurrency, 45% own accident insurance, and 38% have mutual funds. 

 

More than 40% of Filipino Millennials also own pension and retirement products, while 29% own Unit Investment Trust Funds (UITFs). 

 

Helping younger Filipinos navigate volatility

 

Informed by these study findings, Manulife aims to introduce more financial products, investment solutions and initiatives that support mental wellness to better address these generations’ overall being. “Unlike the generations who came before them, Millennials and Gen Zs’ most formative years have been marked by hyper-digitalization, easy access to information, rapid social, political and economic shifts, environmental issues, and unprecedented global change. Because of the pandemic, what should have been an optimistic period in their personal and professional lives has become a chapter filled with uncertainty and concern,” Henson said. 

 

“As we strive to navigate present realities, and forge a path toward a better post-pandemic world, we find hope in the fact that younger generations of Filipinos are taking concrete steps toward making every day better for themselves and their loved ones. We aim to help them future-proof their finances, so they can achieve their aspirations and live their lives to the fullest.” 

 

Manulife Philippines’ “Know Your Ys and Zs: A Closer Look at the Financial and Mental Well-Being of Filipino Millennials and Generation Z in the Time of COVID-19” was conducted in partnership with InSites Consulting Asia, an independent market research agency.