A new study by Manulife revealed that the health longevity of Filipinos is becoming a significant concern, especially as they consider the financial costs of critical illnesses amid a backdrop of economic uncertainties,
According to the Manulife Asia Care Survey 2023, Filipinos anticipate only three years of healthy living post-retirement, despite expecting to retire at 59 years of age.
Among those surveyed, Filipino millennials aged 25 to 34 had the most pessimistic outlook, believing they would remain healthy only until age 55.
Manulife Philippines president and CEO Rahul Hora said that health concerns and financial implications are becoming more intertwined, prompting Filipinos to take proactive steps in maintaining good health and finances.
Most respondents feel confident about their current finances, with 77 percent anticipating their finances will improve in the next 12 months.
However, Filipinos are most worried about inflation, which emerged as the most significant financial concern among those surveyed.
They also expressed concerns over an economic slowdown and rising healthcare costs.
The study showed that 81 percent of Filipinos believe that cash and bank deposits are the primary ways to achieve their financial goals, but this puts them at risk of inflation.
Meanwhile, Manulife said that the majority of Filipinos view retirement planning positively, with 55 percent considering it their top personal finance goal. However, only 30 percent have a retirement plan in place.
The study also revealed that interest in health insurance is on the rise, with 80 percent expressing interest in insurance, mainly because of the protection it offers against financial risk. However, their current ownership of insurance is the lowest in the region, with only 59 percent owning one.
“While it is inevitable that our bodies change as we age and that the state of the global economy may be beyond our control, Filipinos can take proactive steps to strengthen their health and finances and have a more financially secure future,” Hora said.
