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' top financial goals
39% Have enough savings for rainy days
31% Have enough savings for healthcare needs
32% Enjoy financial freedom or security after retirement
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% Economic slowdown / recession
78% Increasing interest rates
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
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