Many Filipinos still lack adequate overall financial preparedness despite having a clear understanding of priorities, a Sun Life Grepa Financial Inc. study found.
Majority of the respondents in the firm's 2023 Financial Readiness Survey indicated a lack of financial readiness — full preparedness was less than 10 percent — in obtaining protection for their goals and needs.
Despite having identified their financial priorities, majority of respondents said they still lack financial readiness when it comes to securing protection instruments that address their various goals and needs. Perceived full preparedness is less than 10%.
Respondents said they are fully or somewhat prepared when it comes to having funds for emergency use (34%) and for major goals (32%), personal health (32%), and investments (30%).
In terms of respondents’ top financial priorities, the latest priority rankings are consistent with the company’s 2022 survey results, although the percentages have slightly changed. Earning and saving income ranks number one at 69% (previously at 77%), followed by building wealth at 57% (from 60%), and protecting money at 39% (from 33%).
"The changes in variance can be attributed to the sustained 'new normal' or post-pandemic recovery," Sunlife Grepa said.
"Full-time jobs and other income-generating opportunities have become more stable, allowing people room to adjust their financial priorities," it added.
Health protection moved up to fourth position at 29 percent, from fifth last year. Following was child education at 26 percent, which previously held the fourth spot.
Source: Dot Daily Dose