Sun Life Survey: Filipinas are More Financially Secure Than Ever, But Challenges Persist

Women in the Philippines have made significant strides towards financial empowerment although barriers remain.  

This is according to new research by Sun Life Asia entitled Women’s Wealth in Focus: Building Confidence and Security, which interviewed over 3,000 female respondents to understand the financial attitudes, behaviours, and challenges of women across the Philippines, Hong Kong SAR, Indonesia, Malaysia, Singapore, and Vietnam. 

Finding showed that 60% of Filipinas feel their financial security has improved compared to their mothers’ generation. Despite the generational progress, however, traditional family dynamics and responsibilities held by women at home prevent many from achieving financial stability. 

Sun Life Survey Reveals Hidden Financial and Mental Health Impacts of Type 2 Diabetes

Over half (51%) of those living with diabetes in the Philippines report a ‘severe’ or significant’ financial impact on their lives, with 89% unable to consistently afford the right care. 

81% of non-diabetics are either ‘very concerned’ or ‘concerned’ about the financial burden that would result from a type 2 diabetes diagnosis.

69% of diabetics report a negative impact on their mental health.

Yet 40% of the population have never had blood sugar screening.

New research by Sun Life Asia reveals the hidden cost of living with type 2 diabetes and the condition’s financial and mental health impacts, highlighting an urgent need for education, prevention, and access to care.

Sun Life’s survey, titled Healthy Habits, Healthier Futures: Preventing Diabetes in Asia, interviewed 3,647 people across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, about their awareness of diabetes risk factors, treatment and prevention. The survey included 600 people currently living with type 2 diabetes, providing an insight into life with the condition.

Sun Life Survey Highlights Inflation Challenges for Retirees in Asia

As the region’s population ages, younger generations are retiring later to save more

In the Philippines close to a half of today’s retirees express regret over past financial decisions with the biggest reasons being not saving enough (73%), followed by not investing wisely (47%), and retiring too early (38%).   

66% of respondents will leave planning for retirement expenses within 5 years of retirement. 

Younger respondents are adjusting expectations in light of looming challenges, including delaying their retirement. Primary reasons include the need to save more (59%), the desire to remain active (59%) and the need to cover increased living expenses (46%).