In the wake of the pandemic, there’s a noticeable shift in spending habits among Filipinos as they grapple with uncertainties about the future. According to a study conducted by EastWest Ageas in collaboration with Nielsen, titled “A Study of Thoughts, Emotions, Ways, and Actions to Reach Dreams (STEWARD),” more individuals are redirecting funds previously earmarked for personal expenses and leisure activities towards monthly investments and savings. Despite this trend, insurance penetration remains low, hovering at just 1.75% across the entire country.
Why is getting insurance still a challenge for most Filipinos? Here is what we found out:
- Filipinos are worried about their financial security.
Eight out of 10 Filipinos worry about their financial security, and it is difficult to make their budget work amid rising prices across the board.
- Filipinos are worried about their health.
The pandemic has opened the eyes of many Filipinos to the state of the country’s health system, where seven out of 10 worry about access to medical care and costs.
- Filipinos are concerned about access to education.
Five out of 10 Filipinos are concerned about the cost of accessing quality education for their children, which opens better opportunities for them to improve their lives.
- Filipinos are concerned about home ownership.
The cost of becoming a homeowner is another big concern for Filipinos, as five out of 10 worry about the increasing cost of properties and the diminishing possibilities this creates.
These concerns present significant obstacles for Filipinos seeking insurance coverage and must be addressed promptly. However, the reality is that obtaining insurance offers a more secure and long-term solution to these needs. Whether it’s covering the expenses of hospitalization, mitigating the financial impact of job loss due to accidents, or providing financial support in the event of death, insurance offers a protective layer that aids Filipinos in managing the aftermath effectively.
Encouragingly, the majority of Filipinos share this perspective. According to the same study, nine out of ten Filipinos believe that insurance plays a crucial role in preparing them for life’s uncertainties. Making the decision to secure insurance coverage is essential. Simplify the process by selecting the appropriate financial partner, offering assistance from planning to protection.
Explore the range of insurance solutions offered by EastWest Ageas to begin building a brighter future today.
EastWest Ageas is a joint venture between EastWest Bank and Ageas.
EastWest Bank has 30 years of local banking experience, while Ageas is a leading Belgian insurer with 200 years of global expertise. Learn more about how they can help you live your best life right now. Visit their website at ewageas.com.ph or follow them on Facebook and LinkedIn. To help you build a better tomorrow, please contact EastWest Ageas at +632.893.93924 or AskMe@ewageas.com.ph.
