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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
In Manulife’s latest study, “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,” we found that the pandemic has heightened the financial and mental health challenges of today’s most empowered generations -- Filipino millennials and Gen Zs. As they strive to navigate the new realities brought by COVID-19, they are also taking more proactive steps toward achieving financial security and mental wellness.
The study also found that the pandemic has impacted their financial behavior, recognizing that due to various economic disruptions, they have become more financially conscious – reassessing their priorities, and their needs vs. wants -- so they can be more ready for the future.
Gens Y and Z have become more financially conscious because of the pandemic.
Top stressors
-
Running out of money
-
Getting sick
-
Own death or death of a family member
-
Declining mental health
-
Drowning in debt
These concerns have greatly influenced their top priorities in life.
Top priorities
-
Stay healthy and avoid illness
-
Save money
-
Become financially independent
-
Secure a well-paying job
-
Establish a business
While most claim to save at least 25% of their monthly income and stick to a budget religiously, they are actually only able to save approximately 10%.
How did the pandemic impact their financial behavior?
-
They are more conscious about spending and budgeting, and they are focusing on essentials.
-
They save more.
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They learned about and started investing.
-
Because they have lower income, they recognize their limited funds.
-
They acknowledge that job opportunities are more limited during the pandemic vs. pre-pandemic.
77% prioritize spending on necessities over wants
92% of Gen Z consider buying insurance in 1-2 years
82% don’t want to incur debt or take loans they cannot pay
79% of Millennials are looking to grow money
Gen Zs expressed heightened concern over declining mental health.
-
Gen Zs, particularly students, are more concerned about declining mental health, likely affected by toxic social media and peers getting ahead.
-
53% of Gen Z Filipinos are more inclined to turn to social media to cope with stress.
-
However, toxic social media posts are a prominent stressor for them.
Top ways Gen Z Filipinos cope with stress
-
Sleep (84%)
-
Enjoy a proper
meal (76%)
-
Talk to friends
and family (74%)
-
Make time for
hobbies (74%)
-
Exercise and
do fitness
activities (62%)
-
Achieving overall wellness is their top immediate goal.
Millennials have become more focused on growing their money.
-
75% of millennials religiously track their net worth over time to see assets accumulated and current debt.
-
Compared to Gen Zs, millennials approach investment with an even balance between risk and protection.
Top financial products owned
| Millennials | Gen Z | |
| Insurance | 79% | 68% |
| Government savings programs | 78% | 50% |
| Cryptocurrency | 60% | 40% |
| Accident Insurance | 45% | 38% |
| Mutual Funds | 38% | 33% |
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