A survey by Manulife Investment Management reveals a strong sense of optimism among Filipinos regarding their financial prospects over the next ten years. The survey finds that while many acknowledge significant challenges, a majority believe their financial situation will improve.
According to the survey, 63 percent of Filipinos are concerned that insufficient savings impede their journey towards financial resilience. Sixty-one percent worry about unexpected medical expenses while 37 percent cite reduced income as a major concern. These factors, the survey says, present considerable obstacles to achieving financial security.
“People in the Philippines indicate that cash and bank deposits will be crucial for reaching their financial goals, with nearly a third suggesting they may need additional employment,” the survey says.
Calvin Chiu, head of Asia retirement at Manulife, emphasized the importance of early and comprehensive financial planning in light of rising life expectancies. “With life expectancy rising throughout the region, it’s imperative that consumers begin planning earlier. The report sheds light on how individuals can build financial resilience and prepare for a secure future,” Chiu said.
The survey covered various Asian countries, including mainland China, Hong Kong, Japan, Singapore, Malaysia, Indonesia, and Vietnam. It underscored the critical role of the retirement industry, governments, and employers in supporting an aging population and encouraging savings and investments.
Despite the challenges, the report reveals that, on average, only 39 percent of respondents across all age groups feel confident about their finances. However, 52 percent are hopeful about improvements in the next ten years.
Ultimately, the survey highlights the essential need for financial resilience in navigating common obstacles such as debt, healthcare costs, and emergencies, as consumers strive to balance immediate financial needs with long-term goals.
