Rising healthcare costs Filipinos’ chief trust woe
The rising cost of hospitalization is the primary reason why Filipinos are not confident on their future well-being, according to the latest survey of Manulife.
In a statement, Manulife said that a healthy lifestyle and good physical well-being are the essential elements for positive financial and mental well-being among consumers in the Philippines as they plan for longer lifespans, and lengthier and more comfortable retirements, according to new research by Manulife.
Yet, financial confidence among Filipinos is low amid concerns about inflation, particularly rising healthcare costs.
Manulife’s new Asia Care Survey 2024 drew on responses from 1,050 consumers in the Philippines, launching its MyFuture Readiness Index, which measures how consumers view their current and future physical, mental, and financial well-being.
On a scale of 1 to 100, the index shows their desired readiness level to be 91, which is above the regional average, but the expected level is 79, suggesting a lack of confidence in the future.
“According to the Filipinos surveyed, the top five challenges impacting confidence in their future well-being are rising healthcare costs (82 percent), inflation/rising costs of living (81 percent), economic slowdown/recession (78 percent), increasing interest rates (78 percent), and health trending down (73 percent),” the survey result said.
To help save and prepare for their envisioned future, including greater longevity, retirement, and unexpected medical needs, the Filipinos surveyed highlighted having a passive income after retirement (43 percent), having sufficient savings for a rainy day (39 percent), financial freedom in retirement (32 percent), and having enough savings for healthcare needs (31 percent) as their main financial goals.
“The survey reveals a lot of anxiety around economic volatility, healthcare-related expenses and uncertainty, which dampens the optimism of many Filipinos in achieving high-quality well-being in the future,” said Rahul Hora, president and CEO of Manulife Philippines.
