The 2024 Manulife Asia Care Survey found that establishing passive income, securing emergency savings and financial security at retirement were the topmost financial goals among Filipinos.
Of those surveyed, however, only 6 in 10 individuals own investment products such as bonds and unit trusts, Manulife said.
Most respondents prioritize life and health insurance at 71 percent for single individuals and 82 percent for married individuals. They also prioritize savings products, such as fixed deposits and foreign currency savings at 64 percent for single individuals and 68 percent for married individuals.
“Typically, cash and cash equivalents are preferred for their low-risk returns. While they are suitable for immediate financial needs, such as school tuition, emergencies and medical bills, excessive reliance on cash as a placeholder investment can erode one’s purchasing power because of the continual rise of the prices of goods and services,” Aira Gaspar, president and CEO of Manulife Investment Management and Trust Corp., said.
“By leveraging our diverse suite of unit investment trust funds or UITFs, which include income-paying funds, investors can build a diversified investment portfolio to earn potentially better returns while ensuring a steady income stream for their household,” Gaspar added.
Started in 2020, Manulife’s Asia Care Survey is an annual research study that explores the evolving behavior, sentiment and priorities of people from eight markets in Asia, including mainland China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore and Vietnam.
This year, the survey looks to understand the 10-year outlook of Filipinos on their physical, mental and financial well-being amid the threats of inflation, rising prices and cost of living, rising healthcare costs and how they navigate these challenges so they 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 achieve their envisioned future through innovative and relevant insurance and investment solutions,” Manulife said.
