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In Manulife’s latest study, “Know Your Ys and Zs: A closer look at the financial and mental well-being of Filipino millennials and Generation Z in the time of COVID-19,” we found that the pandemic has heightened the financial and mental health challenges of today’s most empowered generations -- Filipino millennials and Gen Zs. As they strive to navigate the new realities brought by COVID-19, they are also taking more proactive steps toward achieving financial security and mental wellness.
The study also found that the pandemic has impacted their financial behavior, recognizing that due to various economic disruptions, they have become more financially conscious – reassessing their priorities, and their needs vs. wants -- so they can be more ready for the future.
Gens Y and Z have become more financially conscious because of the pandemic.
Top stressors
These concerns have greatly influenced their top priorities in life.
Top priorities
While most claim to save at least 25% of their monthly income and stick to a budget religiously, they are actually only able to save approximately 10%.
How did the pandemic impact their financial behavior?
77%
prioritize spending on necessities over wants
92%
of Gen Z consider buying insurance in 1-2 years
82%
don’t want to incur debt or take loans they cannot pay
79%
of Millennials are looking to grow money
Gen Zs expressed heightened concern over declining mental health.
Top ways Gen Z Filipinos cope with stress
Millennials have become more focused on growing their money.
Top financial products owned
| Millennials | Gen Z | |
|---|---|---|
| Insurance | 79% |
68% |
Government savings programs |
78% | 50% |
| Cryptocurrency | 60% | 40% |
Accident Insurance |
45% | 38% |
Mutual Funds |
38% | 33% |
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