Sun Life Financial Resilience Report: Millennials are most financially literate generation of Filipinos, but many lack a plan of action

Sun Life Asia released its inaugural “Sun Life Asia Financial Resilience Index”, which examines the financial behaviours and beliefs of individuals in eight markets across the region, and the barriers they face in building long-term financial security. The Index shows that while Filipino millennials have the highest levels of financial resilience, many still lack a plan of action – a key pillar of financial resilience.   

The Sun Life Asia Financial Resilience Index is based on a survey of 8,000 people in eight markets: the Philippines, Malaysia, Singapore, mainland China, Hong Kong SAR, India, Indonesia, and Vietnam.  Key findings include: 

Millennials are the most resilient generation

The survey of 1,000 people in the Philippines found that millennials are the most financially resilient generation. They are more optimistic about their financial futures than their Baby Boomer peers (80% vs. 71%) and Gen Z peers (80% vs. 71%), but just as optimistic as their Gen X peers (80% vs. 80%). They are more likely to make financial decisions based on research than older generations (50% vs. 46%).