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.
On Healthcare
25% want to have sufficient insurance coverage for their healthcare or medical needs
7 out of 10 feel that health benefits and coverage from employers are not enough.
On Retirement
58%* disagree on the belief that "children are great investments as I expect them to provide for me when I get old".
58% of Filipinos are looking to delay their retirement age because of their financial responsibility for their family.
16% want to retire early
14% want to manage or maintain their current lifestyle
*second-highest in the region; Japan at 70%
Financial products ownership
| Financial Products | Single Filipinos | Married Filipinos |
|---|---|---|
| Insurance Products (life, retirement, critical illness) | 71% | 82% |
| Investment Products (bonds, unit trusts) | 57% | 66% |
| Savings Products ( foreign currency savings, fixed desposits) | 64% | 68% |
How can I take better care of myself?
Let us help you choose the best plan to support your needs, budget, and goals.
Last year, 87% of Filipinos have expressed that they are considering buying insurance, with health (36%), life protection (34%), hospitalization (33%), retirement (29%), and accident (24%) as top product considerations - based on the 2023 Manulife Asia Care Survey.
As we continue to introduce various products that protect customers from the financial burden of critical illness and medical emergencies, it is zeroing in on the importance of long-term savings and investments that are based on individual goals and retirement aspirations.
We aim to reach out to more Filipinos who have become more financially conscious since the pandemic. As they save to protect themselves and their families in case of unexpected events, and they want to ensure they have enough money for retirement, we want to provide them all relevant solutions that are aligned with their goals and priorities, while helping ease their anxieties about the future. – Rahul Hora, President and CEO, Manulife Philippines
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