A closer look at the financial and mental well-being of Filipino millennials and Generation Z in the time of COVID-19.
Manulife Asia Care Survey 2024
How do you see yourself in 10 years? It may seem so far away, but there are ways to prepare for a better future today.
What is Manulife Asia Care Survey?
Started in 2020, Manulife’s Asia Care Survey is an annual research study that explores the evolving behavior, sentiments and priorities of people from eight markets in Asia (Mainland China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, and Vietnam) against the backdrop of volatile economic and sociopolitical realities that impact their financial goals, aspirations and overall well-being.
This year, the Asia Care Survey aims to understand the 10-year outlook of Filipinos on their physical, mental and financial well-being amid threats of inflation, rising prices and cost of living, and rising healthcare costs, and how they navigate these challenges so they can meet their financial and health goals. More than 1,000 respondents from the Philippines were surveyed to provide insights into where economic challenges were most felt. The survey results also inform our strategy so we can continue to help customers as their partner for progress through innovative and relevant insurance and investment solutions.
First, let us show you how Filipinos we have surveyed feel about their future.
Goals vs. Expectations
(A 10 - Year Outlook)
MyFuture Readiness Index indicates that Filipinos are less confident that they wil achieve their desired levels of physical, mental, and financial well-being in the future.
They are least confident about being financially ready.
Let's take a deeper look to understand why.
Filipinos believe that healthcare costs increased by 32% in the last 12 months*, and will continue in the long term.
Medical inflation is most felt by Filipinos in the following:
59% Hospitalization
39% Health management and wellness services
45% Preventive healthcare
35% Outpatient services
So how do Filipinos currently cope?
53% use less expensive meds (i.e., generic meds)
41% use less expensive services (i.e., government clinics and hospitals)
Aside from its health risks to themselves, Filipinos fear financial risks. Because many often just have enough to get by, they worry that spending for medicines and treatments would take resources away from their loved ones’ basic needs. We designed our solutions to help Filipinos have a sense of security and ease their financial worries in case they get sick. It also helps protect their savings so they can focus on recovery, while financially securing their future and that of their family.
Rahul Hora
President Chief Executive Officer, Manulife Philippines
In this study, we found that the pandemic has heightened the financial and mental health challenges of today’s most empowered generations.
Talk to a financial advisor today
Want to learn more about how to plan for a better, longer life?
Health
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Top 5 Feared Illnesses
Why Filipinos are less confident about their physical well-being
42% Diabetes
31% Cancer
34% Stroke
46% Flu and pneumonia
Top 5 Worries
Why Filipinos are less confident about their mental well-being
47% Anxiety
35% Sleep Disorders
39% Depression
23% Loneliness
How can I take better care of myself?
The best time to invest in health protection is now.
For many Filipinos, taking care of one’s health also means taking care of your finances. When you start to invest in life and health protection, you can achieve financial security and peace of mind. As economic challenges can impede progress to achieve financial goals, there are also risks and uncertainties that need to be considered.
Critical illness risk. Genetics, the environment, the stresses of modern living, and even binge-eating, may conspire to put everyone at risk for various critical illnesses. A relatively young age does not guarantee protection. For Filipinos, coronary heart diseases, tumors, and cerebrovascular conditions are the top health and mortality risks, according to the Philippine Statistics Authority (PSA).
Weakened social safety nets due to economic uncertainties. Most Filipinos rely on health maintenance organization (HMO) plans and government-subsidized health insurance programs for their protection. However, with economic uncertainties causing medical inflation to soar to as high as 12-13%, Filipinos need more resources to cover the rising costs of hospital and medical treatments.
To address these and help make it easier for Filipinos to boost their health and life protection, Manulife offers various health and life insurance solutions that enable customers to personalize health coverage while protecting themselves and their loved ones.
A closer look at the financial and mental well-being of Filipino millennials and Generation Z in the time of COVID-19.
In this study, we found that the pandemic has heightened the financial and mental health challenges of today’s most empowered generations.
Talk to a financial advisor today
Want to learn more about how to plan for a better, longer life?
Health
Hospital-based medical insurance for the treatment of non-critical and critical illnesses
Health
Be prepared when critical illness strike with a comprehensive health plan that does the work for you
Filipinos' top financial goals
39% Have enough savings for rainy days
32% Enjoy financial freedom or security after retirement
31% Have enough savings for healthcare needs
26% Be completely debt-free
Top 5 Challenges
Why Filipinos are less confident about their financial well-being
81% Inflation/rising costs of living
78% Increasing interest rates
78% Economic slowdown / recession
73% Health trending down
Women are more concerned about rising healthcare costs and inflation (85%) impacting their financial goals than mean(80% and 78%, respectively).
Filipinos aged 50-60 have more concerns on the rising healthcare costs (86%) and health trending down (75%) than younger segments.
How can I take better care of myself?
Your life later depends on the plans you build today.
80% of Filipinos are not ready for retirement, due to lack of money, a YOLO attitude, “Bahala na” mentality, a preconceived notion that they can still work after retirement, and general lack of awareness on how to plan - according to the Philippines News Agency.
Fortunately, more people also recognize the importance of financial planning. But how much would be considered enough? Having a savings account and pension plan is good as a baseline, but factors like inflation must be considered.
A smarter option is to get insurance with investment. For example, an investment-linked insurance for retirement provides wealth accumulation, protection for you and your family, flexibility, professional fund management and peace of mind.
Our retirement and long-term savings solutions aim to help Filipinos save smarter, live better, and retire ready. We empower them to build funds that supplement their savings and other financial products they own, while offering additional protection for the future.
We at Manulife understand that economic challenges, like the threat of inflation and other financial worries and accountabilities, may put constraints on Filipinos’ available resources and energy to take the necessary steps to secure their future. While they aspire to enjoy life and spend more time with their family, they are concerned that their finances will not be enough to sustain them during their retirement years.
Rahul Hora
President and Chief Executive Officer, Manulife Philippines
A closer look at the financial and mental well-being of Filipino millennials and Generation Z in the time of COVID-19.
In this study, we found that the pandemic has heightened the financial and mental health challenges of today’s most empowered generations.
Talk to a financial advisor today
Want to learn more about how to plan for a better, longer life?
Savings
Wealth
Maximize the growth of your funds and get life insurance to secure yourself and your family.
Savings
Get a boost for the future with a plan that works as hard as you do.
On Healthcare
25% want to have sufficient insurance coverage for their healthcare or medical needs
7 out of 10 feel that health benefits and coverage from employers are not enough.
On Retirement
58%* disagree on the belief that "children are great investments as I expect them to provide for me when I get old".
58% of Filipinos are looking to delay their retirement age because of their financial responsibility for their family.
16% want to retire early
14% want to manage or maintain their current lifestyle
*second-highest in the region; Japan at 70%
Financial products ownership
| Financial Products | Single Filipinos | Married Filipinos |
| Insurance Products (life, retirement, critical illness) | 71% | 82% |
| Investment Products (bonds, unit trusts) | 57% | 66% |
| Savings Products ( foreign currency savings, fixed desposits) | 64% | 68% |
How can I take better care of myself?
Let us help you choose the best plan to support your needs, budget, and goals.
Last year, 87% of Filipinos have expressed that they are considering buying insurance, with health (36%), life protection (34%), hospitalization (33%), retirement (29%), and accident (24%) as top product considerations - based on the 2023 Manulife Asia Care Survey.
As we continue to introduce various products that protect customers from the financial burden of critical illness and medical emergencies, it is zeroing in on the importance of long-term savings and investments that are based on individual goals and retirement aspirations.
We aim to reach out to more Filipinos who have become more financially conscious since the pandemic. As they save to protect themselves and their families in case of unexpected events, and they want to ensure they have enough money for retirement, we want to provide them all relevant solutions that are aligned with their goals and priorities, while helping ease their anxieties about the future.
Rahul Hora
President and CEO, Manulife Philippines
A closer look at the financial and mental well-being of Filipino millennials and Generation Z in the time of COVID-19.
In this study, we found that the pandemic has heightened the financial and mental health challenges of today’s most empowered generations.
Talk to a financial advisor today
Want to learn more about how to plan for a better, longer life?
Goal Maker
Get easier financial planning solutions with the help of Manulife Goal Maker. Talk to us about a life goal you have and we'll recommend the best product for you.
Health
Be prepared when critical illness strike with a comprehensive health plan that does the work for you