What is Manulife Asia Care Survey?
Started in 2020, Manulife’s Asia Care Survey is an annual research study that explores the evolving behavior, sentiments and priorities of people from eight markets in Asia (Mainland China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, and Vietnam) against the backdrop of volatile economic and sociopolitical realities impacting their financial goals, aspirations, and overall well-being.
This year's survey findings reveal a significant shift in priorities among consumers, emphasizing quality of life over lifespan. Filipinos surveyed prioritize health and financial independence to enjoy a better life over merely living a long, illness-free life. The survey also highlights the perceived importance of financial stability in maintaining overall health and quality-focused longevity. This underscores the importance of wellbeing in physical, mental, social, and financial aspects.
This evolving definition of longevity highlights the need for proactive engagement and support to help individuals make informed decisions and adopt behaviors aligning with their life goals. The survey also reveals a variety of approaches to planning for the future, indicating a broader opportunity for collaboration in guiding and empowering consumers to track progress and achieve a fulfilling, independent lifestyle in their later years.
This year’s Asia Care survey asked 1,000 Filipinos about their views on longevity. In the Philippines, life expectancy at birth is projected to reach 73 years by 2050, from 70 years in 2023. As people live longer, they start viewing longevity from a different lens, which focuses on meeting their own needs and priorities.
Goals related to having total financial freedom and maintaining physical, mental, and social health outrank living a longer life. Only 13% of respondents choose living a longer life as their top wish. This is likely due to the general awareness or belief that life expectancy is to keep increasing “by default.” As such, having total financial freedom, and maintaining physical, mental, and social health are valued more deeply.
Additionally, the survey also found that among Filipinos who prefer quality of life over lifespan, there’s a difference of 8 years between their desired lifespan and expected lifespan, which is larger than the regional average of 5 years. For younger consumers aged 25-34, the difference between their desired lifespan and expected lifespan is as large as 10 years.
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