More Pinoys interested in retirement planning

MANILA, Philippines — As the pandemic wears on, more Filipinos are becoming increasingly interested in planning for their retirement, even more so than their neighbors in Asia, according to the newly-launched Manulife Asia Cares Survey.

The study was conducted in November 2020 across eight markets in Asia: Philippines, China, Hong Kong, Japan, Singapore, Vietnam, Malaysia, and Indonesia.

Around 4,000 individuals responded to the survey, 520 of which were from the Philippines. These respondents either have existing insurance policies or plan to buy in the next six months.

It was found that nearly 95 percent of the respondents in the region made an effort to improve their health through diet and exercise. Among Filipino respondents, 99 percent affirmed this.

Other than making improvements to their their health, planning for retirement also became more important for most of the respondents.

More than anywhere else in the region, 90 percent of Filipino respondents expressed the most interest in planning for retirement, well above the regionwide average of 73 percent.

Filipinos also thought more about retirement even as they were the least concerned about decline in personal wealth as a result of the pandemic.

“We see that the pandemic has turned the spotlight on health and retirement for many Filipinos,” said Richard Bates, president and CEO of Manulife Philippines.

“Amid all the uncertainty, they are finding ways to take more control of these aspects of their lives.

To help with their retirement goals, 87 percent of Filipino respondents intend to buy new insurance in the next six months, also higher than the regional average of 71 percent.

Philippine residents surveyed were most interested in health, hospitalization and life cover, while also intent on investing in retirement and their children’s education.

Around 70 percent of these respondents said they prefer to manage their policies through digital means such as mobile apps, including for claims and payment.

The survey also shows that 53 percent of them had spoken to an agent about purchasing insurance.

“The Philippines remains one of the most under-insured markets in the region, but technology is enabling more Filipinos to get the protection they need. We also see insurance customers in the Philippines very willing to manage their insurance through digital platforms, having recognized that those channels are secure, simple and convenient,” said Bates.

“At the same time, it’s clear that many still like to speak to their agents. So, while the trend going forward looks to be more digital, having agents and an omnichannel approach is the way of the future.”