In recent years, not only the Philippines but the entire world has experienced financial instability. Stock market volatility, natural disasters, economic and political unrest have all caused many a parent to become increasingly anxious about their family’s financial security. That’s why Sun Life Financial-Philippines came up with an advocacy campaign called “It’s Time!” They give parents the reasons why there’s no better day than today to invest in insurance.
Pinoys and the Peso: What Studies Say
According to SOLAR (Sun Life’s Study of Lifestyle, Attitudes and Relationships), 86% of Filipinos are very concerned about inflation. However, 67% think savings and time deposits give the best returns in the long term. The same study stated that health ranks among the top concerns for Filipinos. Thus it is not surprising that 76% are concerned about paying for health treatment. Still, an overwhelming 85% will rely on savings as opposed to 35% who depend on health insurance.
On retirement, studies have indicated that out of 100 Filipinos who retire, 45 are dependent on their relatives, 30 are dependent on charity, 22 are still working and only 2 are financially independent.
Pinoys Called to Gear Up Financially for the Future
The Sun Life “It’s Time!” advocacy is a financial literacy campaign designed to further educate Filipinos on how to effectively prepare for the future.
“There is a great disparity between the perception of Filipinos and what they actually want to happen. We want them to be pro-active, instead of passive!” declares Greg Martin, Sun Life Financial Philippines (SLFP) chief strategic marketing officer.
It’s Time! Also counters the usual Pinoy objections of “no money, no need, no hurry.” For Martin, these are mere excuses to delay the meticulous task of putting one’s finances in order.
Family Insurance: Helping Parents Prepare
As parents experience growing concerns over their families’ financial security, it’s always a wise decision to invest money early in financial tools like insurance to prepare for the future. Before considering getting insurance, review your options by educating yourself on the different kinds that you can avail of. Check out these articles to help determine what’s the most suitable insurance type for you and your family and how to get started buying insurance: Insurance PrimerTypes of Insurance