In Manulife’s latest study, “#FYP: Future-proofing Young Pinoys: Examining Health and Longevity Perspectives, Sentiments, and Aspirations of Millennials and Gen Zs,” we found that while millennials and Gen Zs in the Philippines are reshaping what it means to live well and live long, significant gaps between awareness and action jeopardize their health, wellness, and longevity aspirations.
Additionally, the study found that millennials and Gen Zs embrace the concept of longevity, which no longer means just simply living a longer life, but gives higher premium on relationships (for millennials) and meaning and purpose (for Gen Zs).
We also discovered that when it comes to longevity, young Filipinos wish to attain financial independence, maintain a sound mind, and live their desired life. Both millennials and Gen Zs are taking proactive steps to prepare for their futures financially. Both generations acknowledge the importance of insurance and investing to avoid the risks of outliving one’s retirement savings but have yet to fully act on these.
Key Finding 3: Financial independence is the top longevity concern among Filipino Millennials and Gen Zs
When thinking about longevity, majority of Filipino Millennials and Gen Zs prioritize financial independence. This suggests that younger Filipinos value quality of life and autonomy over simply living longer, with a strong focus on financial security and mental health.
Gaining financial independence is also a top longevity priority for young Filipinos.
Top Longevity Priorities of Millennials and Gen Zs
52% of respondents said they prioritize gaining financial independence
36% said family relationships
33% chose physical health
Respondents who prioritize financial independence
Top Longevity worries among younger Filipinos
61% Running out of money
54% Loss of loved ones
52% Chronic physical illnesses
48% Feeling useless/being seen as feeling useless
44% Loss of purpose in life
Financial planning remains one of the many challenges the youth face. Gen Zs surveyed estimate needing PHP22.3 million to achieve financial independence upon retirement, while millennials estimate PHP18.4 million.
Top actions taken by respondents who consider financial independence as important:
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