Tuesday, October 26, 2021

Know Y and Z: Survey reveals financial and mental attitudes of young Filipinos

SOURCE: “Know Your Ys and Zs: A closer look at the financial and mental well-being of Filipino Millennials and Generation Z in the time of COVID-19.”

THIS pandemic has forever changed those living through it, and affected the way people think and live their lives. People realize more than ever that nothing is certain, but there are ways that they can mitigate risk and plan ahead in case of emergencies.

This mindset no longer applies just to parents or breadwinners in the family. Even the younger generation is now much more aware that if anything should happen to the loved ones that they are dependent on, they must also be prepared to secure their own futures.

In partnership with an independent market research agency, life insurance provider Manulife recently conducted a study among 500 Gen Y and Gen Z respondents across the Philippines and found that 87 percent of them worry about uncertainties the future may bring. This leads to a heightened consciousness of mental and financial health, which are closely tied to a sense of well-being.

“The far-reaching consequences of the pandemic on public health, personal relationships, and the global economy have made the younger generations of Filipinos more aware of the importance of their physical, mental and financial health, and how interconnected these are to achieving optimum well-being,” shared Melissa Henson, chief marketing officer of Manulife Philippines.

Generation Y millennials are aged 25-40, while Generation Z’s are 15-24. Gen Y’s and Gen Z’s make up 70 percent of the national population, and their beliefs and behaviors are key indicators of how the country’s current and upcoming workforce thinks and feels.

At the top of the list for Top Stressors is “running out of money.” For Priorities, staying healthy and avoiding illness is at the top.

Looking into their saving behavior, the study revealed the following: 82 percent save money every pay period or every month, 75 percent follow a monthly budget, 87 percent avoid going over budget. Gen Z’s started saving at 17 years old and investing at 21. Gen Y’s started saving at 21 years old and investing at 27.

As for Financial Products Owned, Insurance is the top pick for both Gen Y and Gen Z, with 79 percent and 68 percent owning it, respectively.

The accompanying table provides more details. (JVC with PR)


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