Young people are more sensitive to the goal of financial security: study
MANILA – Some people think that young people are just wasting their time on unimportant things even during the pandemic.
However, this goes against the results of a study carried out by a life insurer which showed that Generation Y or millennials aged 25 to 40, and Generation Z aged 15 to 24 are “very aware” of securing their financial health.
During a virtual briefing for the release of the report “Know Your Y and Z: A Closer Look at the Financial and Mental Well-Being of Millennials and Gen Z Filipinos in the Time of Covid-19 19″ on Wednesday, Melissa, chief marketing officer of Manulife Henson said the 500 respondents who took part in their survey, conducted between April and May this year, identified staying healthy and avoiding illness, saving money , becoming financially independent, getting a well-paying job and starting a business as their top priorities.
On the other hand, their main stressors are lack of money, illness, their own death or the death of family members, deteriorating mental health and drowning in debt.
Henson said the pandemic is having far-reaching consequences and it has made younger generations more aware of the importance of their physical, mental and financial health.
Ensuring financial stability has increased among young people, she said, citing that what younger generations want are products and services that are not only aligned with their beliefs and interests, but will help them. to secure a stable future.
“Understanding this behavior helps us find new ways to innovate and introduce more relevant financial protection products so we can better support them in achieving their most important goals,” she added.
The study showed that respondents save money to protect themselves and their families against any eventuality, to pay basic living expenses, to meet the future needs of immediate family, to have funds to start or expand a business and secure their retirement funds.
While most respondents aim to stick to their budget and save at least 25% of their monthly income, Henson said some admitted to failing in this regard and only saving around 10% of their income.
She said about 81% of respondents said they take the necessary steps to secure their future financially, 77% prioritize spending on basic necessities over wants, 82% don’t want to take on debt they can’t pay and only 19% save money for luxury. (NAP)