In this study, we found that the pandemic has heightened the financial and mental health challenges of today’s most empowered generations.
The Modern Filipino Family:
Exploring family dynamics and digitalization in the new normal
Manulife's latest study titled, "The Modern Filipino Family: Exploring family dynamics and digitalization amid the new normal," aims to understand how digitalization impacts relationships and family life, while learning to live with COVID-19. Have Filipinos settled in new routines and behaviors brought by a hyper-digitalized world? How has modern technology affected relationships and social interactions?
The study found that Filipino parents and children across generations have found different ways to cope with the digitalization of everyday life. While remaining engaged with each other, their attitudes have shifted. Weighing in both the positive and negative effects of a digital-by-default lifestyle, they also developed a stronger desire to pursue new passions, live a healthier life, secure life protection, and achieve financial freedom.
Adjusting to the new normal: Parents find ways to flourish, while children experience struggles
Well-being is better
Stress levels are lower
More work-life balance for Filipino parents
-
take care of their kids more
72%
-
bond more with their families
82%
-
said their current family ties are very strong
89%
Gen XY parents find ways to flourish
-
41% Watching online content
-
29% focused on health and fitness
-
28% Delved into finance
-
31% bought life and medical insurance online
-
35% is familiar with sustainable investing
Gen Z Kids experience struggles
-
65% expressed digital fatigue
-
60% experienced stress, fatigue, and depression
-
54% are sleep-deprived
Amid a hyper-digital world, parents approve responsible use of personal data
The Filipino home has become an all-in-one hub for digital activities
For most Filipinos surveyed, it's acceptable to use their personal data if it will help:
-
80%
Develop better products and services
-
78%
Improve customer service
-
68%
Show ads for relevant products and services
Filipinos seek more digitally enabled insurance and investments to secure protection
Top reasons to buy insurance online across generation segments
-
Convenience 45%
-
Protection 17%
-
Sense of Security 22%
Investing in insurance
41%
of Gen Zs intend to buy insurance online
33%
of Millennials bought insurance in the last 12 months
25%
of Gen X bought insurance in the last 12 months
In our 2020 study, we found that many Filipinos face barriers to embracing better financial habits. The Filipinos’ desire to have a healthy lifestyle is driven by concerns for their family's welfare, more than their own personal welfare.
Manulife’s My Goal Planner is a simple yet intuitive online quiz that lets you choose your goals and helps you decide on the best plan, just by answering a few simple questions.
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