Parents with kids as retirement plan: Sharon Cuneta weighs in
MANILA, Philippines — Filipinos have typically relied on a strong sense of family obligation to care for aging parents and relatives, a new study commissioned by insurance company InLife shows.
The study, which involved 500 respondents from across generations from Luzon, Visayas and Mindanao and equally represented by males and females, showed that around 13% of the respondents were influenced by strong fundamental ties and the expectation of intergenerational support.
This, according to InLife Chief Product and Innovation Officer Jose Eduardo Ang, “has created a system of shared responsibility across generations where older Filipinos typically, and this you've seen further out, especially outside of Manila, older Filipinos rely on their kids for support in their later years, where having kids is sort of really the retirement plan.”
“Our studies show that a significant majority of middle class Filipinos, 52%... They want to avoid the need that they are reliant on their kids for their futures,” Ang shared at a recent press presentation in Peninsula Hotel in Makati City.
“This reflects the growing desire to break free from the generational cycle as part of the culture that we've always said in the Philippines of being… kids are really looking to achieve financial independence in old age. They want to have their own retirement income so that they're not a burden to their kids.”
According to him, their study further showed that “Younger generations aspire to retire earlier and break free from the traditional practice of relying on their children for financial support.”
Based on the study, InLife created Retire Assure as arguably the first true retirement insurance product in the country that has guaranteed benefits, is comprehensive, and has a hassle-free application process. It includes guaranteed life insurance given to the insured’s beneficiaries in case of death.
“Ang dual benefit na ito — retirement income at life insurance — ay nagbibigay ng tunay na financial independence at peace of mind, hindi lang para sa’yo kundi pati sa mga mahal natin sa buhay. Lastly, it features guaranteed issuance—no medical evaluation needed, regardless of your health condition,” said InLife endorser Sharon Cuneta in a statement.
“It’s designed to provide guaranteed monthly income starting at age 60 or 65, all the way until age 100. Simply put, parang tumatanggap ka pa rin ng sweldo kahit na tumigil ka na sa years and years of pagtatrabaho. What’s even better? This income has the potential to grow over time through additional cash dividends, offering protection against inflation.”
The secret to retiring “without worries,” she said, is “having a steady stream of retirement income for life—one that complements your pensions and helps you avoid dipping into your personal savings, emergency funds, or retirement benefits.”
“I know it’s in our culture na maraming Filipinos rely on their kids to take care of them in their old age. Wouldn’t it be a wonderful gift to our children kung hindi tayo magiging pabigat? We don’t want to be a burden to them pagdating ng araw. Para naman lahat tayo sa pamilya — especially our children — can live our lives with less worries,” she assured.
At a roundtable interview after the presentation, Cuneta was asked by Philstar.com for her thoughts about parents turning to their children as “retirement plan.”
“I feel bad about that,” the “Megastar” said.
“When my kids nga make me lambing and they say, ‘Mama, we’re gonna take care of you, I tell them, ‘You don’t need to do that because I’m working so hard for you guys.”
She, however, commend children who pay back to their parents, especially if their parents did their job of taking care of their kids.
“But I think it’s also right for a child, like I did it. I really didn’t have to take care of my parents day-to-day, but when there’s a big bill, like a medical bill, OMG, these are my parents, and without their guidance and their love, the way they raised me, I don’t think I’ll go as far as I have. I think kailangan din sa atin ‘yung filial piety. It’s just in our culture. And I’m sorry, kahit anong sabihin mo, may utang na loob ka sa magulang mo,” she stressed.
“Siguro like me, they know I don’t need their money, pero the mere thought na naisip nila. Si Frankie, when she got her first paycheck, it was P20,000 in cash. When she got it, I was saying, ‘Wow, you got na your whole pay.’ You know what, she was giving the whole amount to me. She said, ‘It’s my first pay.’ I said, ‘OMG, you know, you just give us P1,000 and we’ll split it. You can keep that. Half of it you can spend with what you want, half of it you can keep muna.’ I’m teaching them, you know.”
Even if parents might not need help, it still flutters them if their kids show them they care, Sharon said.
“Just the gesture, the generosity, parang nakaka-ano lang ng dibdib, ‘di ba? Or someone would say, ‘Mom, you can use my savings muna.’ Ako naman, ‘No, no, no…’ ‘Di ba? If I’d ever borrow money from you, I would pay with interest, but I never have. So it’s just cute that they’re aware and they’re very willing and there’s so much trust and respect,” she shared.
“So ayun lang, don’t ignore your parents. Iba naman talaga ‘yung nineglect ka, walang pakialam sa’yo, iba naman ‘yun. S’yempre, case-to-case basis.” — Video by Deni Bernardo
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