A closer look at the financial and mental well-being of Filipino millennials and Generation Z in the time of COVID-19.
In Wellness and in Health
Navigating the landscape of health, well-being and financial preparedness in the Philippines
In Manulife’s latest study, “In Wellness and In Health: Navigating the landscape of health, well-being, and financial preparedness in the Philippines," we found that many Filipinos struggle to commit to healthier lifestyles. While they acknowledge the importance of maintaining good health and wellness in the long term, their behavior and attitude towards nutrition and wellness need to be improved.
Additionally, the study found that Filipinos aged 18-29 have fallen sick more frequently than other age segments. Their concerns about Anxiety and Depression are much higher as well.
We also delved into Filipinos' level of financial preparedness and security to manage health emergencies. We found that 41% of their medical spending are out-of-pocket, further highlighting the need to secure the right health protection plan that will enable them to live better every day.
Younger does not mean healthier.
The number of times people have fallen sick over the last 12 months
What's interesting is that the number of times younger people aged 18-29 have fallen sick in the last 12 months is the highest among all age segments.
Top 5 illnesses Filipinos are most concerned about
36% Anxiety
34% Heart Disease
35% Depression
26% Cancer
Concerns about both Anxiety and Depression are much higher among younger people aged 18-29 and females.
Filipinos aged 18-29 years old:
-
28%
are not getting enough sleep
-
68%
are least physically active because they believe that following a regular exercise routine is expensive
-
50%
believe that changing their current lifestyle would mean changing their social life
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 struggle to commit to a healthy lifestyle.
Most important health priorities of Filipinos:
Long-term financial planning for medical expenses
Health Services
Lifestyle
Information and health-related matters
Preventive actions to manage health worries:
Exercise regularly
Reduce stress
Avoid smoking
Avoid drinking
Attitude towards healthy eating
46% Think healthy food doesn't taste as good
35% Share that healthy food is hard to prepare or not easy to find
Common perceptions about diet and nutrition
59% Vitamins and food supplements compensate for missing nutrients
51% The less carbs, the healthier
50% Exercise to "burn it all" after eating an unhealthy meal
49% Intermittent fasting is good for you
Filipinos' attitude towards health and its impact on their eating behavior
-
24%
of Filipinos surveyed said they do not really know what is considered a healthy diet
-
34%
said they are so busy that they do not have time to think about their diet
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
Health is wealth, but Filipinos do not prepare enough for medical expenses.
How Filipinos surveyed fund medical expenses
82% source from personal savings
22% from loans from family and friends
26% from HMO
33% of Filipinos feel that their existing health insurance coverage is insufficient
-
PHP 38,000
Average amount of money set aside by Filipinos aged 18-29 for potential medical expenses
-
PHP 62,000
What Filipinos have set aside for future medical expenses
-
PHP 571,000
What Filipinos think they need to save in 10 years
Most important healthcare needs are:
2. Hospitalization
3. Mental Health
4. Preventive Healthcare
5. Outpatient Services
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