8 in 10 Filipinos worried about financial future, study finds
The study found that most Filipinos have only about P50,000 in emergency savings, a level that may be insufficient to cover unexpected medical costs.
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The study found that most Filipinos have only about P50,000 in emergency savings, a level that may be insufficient to cover unexpected medical costs.
Eight out of 10 Filipinos are concerned about their financial future as rising living costs continue to put pressure on household budgets, according to a study commissioned by EastWest Ageas and conducted by consumer intelligence firm NielsenIQ.
The findings, contained in the PURPLE Report, highlight growing concerns over financial security amid persistent inflation and increasing healthcare expenses. The study found that most Filipinos have only about P50,000 in emergency savings, a level that may be insufficient to cover unexpected medical costs.
The report noted that medical expenses are projected to increase by 16 percent, exposing many households to potential financial strain during health emergencies.
Despite these challenges, the study found that more Filipinos are recognizing the role of insurance in achieving long-term financial goals. Respondents cited value for money, long-term coverage and critical illness protection as among the key considerations when selecting insurance products.
EastWest Ageas said the findings reflect a shift in how Filipinos view insurance, from a contingency measure to a practical financial planning tool aimed at helping families prepare for future uncertainties.
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