Filipinos are now placing greater emphasis on their health and financial matters compared to the pre-pandemic era, and they are turning to mobile apps for managing their well-being, according to a study commissioned by life insurer Pru Life UK.
The region-wide study, unveiled on September 27, revealed that among the 13 Asian countries surveyed, the Philippines ranks second in the use of mobile devices for comprehensive personal financial management.
Additionally, it is the fourth country in terms of mobile app usage to maintain a healthier lifestyle.
Approximately 79 percent of survey participants reported utilizing mobile apps to track their finances, making the Philippines the second-highest user of finance apps in Asia, trailing only behind India at 80 percent.
The top five also include Thailand at 79 percent, Vietnam at 77 percent, and Singapore at 73 percent.
Within the Philippines, respondents aged 45-55 make up 68 percent of finance app users. Popular finance apps include e-wallets, household expense and budget managers, banking apps, and consumer credit services.
Respondents with above-median incomes (80%) are only slightly more likely to use finance apps than those with incomes below the median level (78%)
According to data from the Bangko Sentral ng Pilipinas, e-money accounts nearly doubled between 2019 and 2021, surpassing traditional deposit accounts in popularity.
The BSP attributed the popularity of e-wallets to their affordability, as they typically do not require fees or deposits to open an account with non-bank providers or e-money issuers.
Moreover, e-wallets offer cost-effective transfer fees compared to traditional banks and facilitate hassle-free remittances.
As regards physical well-being and fitness, 75 percent of surveyed Filipinos reported using mobile apps to track their health.
Leading health and fitness app categories include step trackers, women’s health apps, calorie counters, pulse and heart-rate monitors, doctor consultation services, and blood pressure monitors
Although younger Filipinos aged 25-34 and 35-44 are more likely to use mobile health apps, approximately 58 percent of health app users belong to the older age group, aged 45-55.
Eng Teng Wong, president and CEO of Pru Life UK, said: “Filipinos are increasingly utilizing mobile technology to achieve a healthier life and take more proactive control of their finances.”