A recent survey by insurer Manulife reveals that Filipinos are increasingly focused on securing their financial, physical, and mental well-being. The 2024 Manulife Asia Care Survey shows that while many aspire for a better future, rising costs of living and economic challenges are affecting confidence in financial planning.
Among the key findings, 43% of Filipinos are considering passive income as part of their financial security strategy, 39% are building emergency savings, and 32% are seeking financial freedom post-retirement. However, these goals are hindered by concerns over rising healthcare costs (82%), inflation (81%), and a slowing economy (78%).
“Many Filipinos are grappling with a number of challenges that are impacting their ability to feel secure about their overall well-being within the next decade, including their financial confidence,” Grace Mallabo, chief health and products officer of Manulife Philippines, said in a media release.
She encouraged preparing for the future with savings and life insurance plans, such as Manulife’s Freedom, which offers guaranteed cash payouts and life insurance protection.
Taking proactive steps now, such as building emergency funds and making sound financial decisions, can help Filipinos achieve a secure future despite the economic challenges they face today.