SURVEY: FILIPINOS READY TO FUND EXPENSIVE PURCHASE, BUT ARE UNPREPARED FOR HEALTH NEEDS
As it declares the month of June as Financial Independence Month, Sun Life of Canada (Philippines), Inc., the country’s longest standing life insurance company, urges Filipinos to prioritize financial preparedness for their health needs and employ more appropriate ways of preparing financially for their other needs.
This is in response to the results of a Social Weather Station survey commissioned by the company where Filipinos claim to be prepared to fund expensive purchases, despite having health-related concerns.
The survey showed that 1 of 2 Filipinos are planning to make an expensive purchase within the next two years, such as land, a house and lot, or a car, or expand their business, with 9 out 10 actually prepared to fund it.
But at the same time, 7 of 10 Filipinos are worried about the uncertainties brought about by concerns such as the death of a breadwinner (90%), a family member suffering a grave illness (90%), and inability to pay for huge medical expenses (80%).
Only 6 of 10 of the respondents say that they are prepared financially in the event of a grave illness in the family.
“There seems to be a disconnect between the Filipinos’ priorities and concerns and the way they financially prepare for these. They are worried about their health and possible illness but they do not prepare financially. Most of them rely on their active income or on other people to fund their needs,” said Sun Life President and CEO Riza Mantaring. “What we need to remember is that wealth and health go hand in hand. By making sure that the right products are availed of to prepare for both wealth goals and health needs, Juan can be more fit to live free.”
Financial Independence Month activities
In order to address the situation and help Filipinos act on their financial concerns, Sun Life is launching the #FIT2LiveFree campaign this Financial Independence Month.
To inspire them to take care of both their wealth and health in a fun and interactive way, Sun Life will make available digital content to engage the public. Those who would like to determine their money mannerisms can take the Moneyrism Quiz on Facebook, while those who would like to share their fitness journey can join the conversation on Instagram with the hashtag #WellnessWednesday. By engaging with fellow wealth and health enthusiasts online, they get the chance to win minor prizes of FitBit wireless activity wristbands and a grand prize of a travel package to Seoul, South Korea.
For those wanting to go on an in-depth learning of personal finance, modular lessons will be offered online in the Brighter Life Institute. Its initial offering is a five-module lesson for those starting their financial journey. This can be accessed at brighterlife.com.ph, where relevant articles are also shared regularly. The Brighter Life Institute is another pioneering financial literacy effort of Sun Life to reach out to more people online.
Aside from the online initiatives, the public can also attend the #FIT2LiveFree Expo where known personalities such as actor-triathlete Matteo Guidicelli, runner Jaymie Pizzaro, lifestyle blogger Anton Diaz, TV anchor Edric Mendoza, and financial experts Randell Tiongson and Rose Fausto will guide participants in setting their wealth and health goals. These experts will also share tips and inspiring stories on achieving the balance between health and wealth. The event will be held on June 20 at the SMX Convention Center in the Mall of Asia Complex.
All these initiatives will help Filipinos determine the product solutions that will help them achieve the wealth and health goals that they have identified. To address their wealth goals, Sun Life offers the Sun Life Prosperity Funds, which will be promoted in a new TV spot called “Live Free” that encourages Filipinos to invest in their financial freedom. For their health needs, Sun Life has Sun LifeAssure and Sun FlexiLink Assist, to ensure that they have the funds to regain their health, should sickness occur.
“We’re here to empower Filipinos so they can truly enjoy a life that’s free from financial worries,” Mantaring said. “They deserve nothing less.”
For more information, visit brighterlife.com.ph and follow @sunlifeph on Facebook, Twitter, and Instagram.
About Sun Life Financial
Celebrating 150 years in 2015, Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2015, the Sun Life Financial group of companies had total assets under management of $813 billion. For more information please visit www.sunlife.com.