MANILA -- Filipinos are more worried about their health when they get older, but many of them are still not making plans for their future, according to a survey.
Results of the Manulife Asia Care Survey 2023 showed that Filipinos on average expect to retire at 59 years old, and only remain healthy three years after.
Millennials or those aged 25 to 34 are the most pessimistic among the respondents as they believe they will only remain healthy until they are 55 years old.
"Filipinos are realizing that personal health issues cannot be isolated from the financial implications of critical illness, along with wider economic uncertainties," Manulife Philippines president and chief executive officer Rahul Hora said in a statement.
When it comes to their top health management worry, the cost of medical treatment came out on top (49%), followed by loss of income or job due to illness (37%), and not knowing who will take care of them when they are sick (26%).
Most respondents said they are worried of at least one illness, with heart disease, diabetes, and cancer as their main fears.
Given this, many of them are taking actions to manage their wellbeing through exercise (65%), better diet (62%), regular checkups (52%), and closer self-monitoring (50%).
The Manulife study also noted that 80% have a positive view about the idea of retirement planning, with many considering it as a personal finance goal (55%).
However, only 30% of them have plans in place, with 70% saying they will prepare within three years.
Many of them are looking at cash savings or deposits (46%), potential inheritance from family members (18%), government or state subsidy (18%), and support from their children (17%).
When it comes to insurance, 80% of those surveyed said they are interested, but ownership level is only at 59%. Their top insurance categories include health (36%), life (34%), and hospitalization (33%).
"While it is inevitable that our bodies change as we age and that the state of the global economy may be beyond our control, Filipinos can take proactive steps to strengthen their health and finances and have a more financially secure future," Hora said.
The Manulife Asia Care Survey 2023 was conducted online in seven markets, including the Philippines. A total of 7,224 people aged 25 to 60 were surveyed in December 2022 and January 2023, with 1,004 coming from the country.