It's Time!

By Doris Dumlao
Philippine Daily Inquirer
Originally published on February 7, 2010
ORIGINAL ARTICLE

MANILA, Philippines — Nine out of 10 Filipinos have nothing to bequeath to their loved ones when they pass away, thus leaving many young dependents with an uncertain future, research done by the financial giant Sun Life of Canada shows.

Sun Life’s latest study on lifestyle, attitudes and relationships (SOLAR) also showed that 45 percent of senior Filipino citizens—those aged 65 and above—become a burden to relatives after retirement while 30 percent are dependent on charity and 22 percent continue to work instead of enjoying retirement.

Only 2 percent of retired Filipinos could be considered financially dependent, Sun Life of Canada (Philippines Inc.) president Riza Mantaring said in a press briefing on Friday.

“The statistics aren’t very good,” Mantaring said. “Filipinos don’t understand as well as they should the importance of preparing for their future.”

The urgency of boosting Filipinos’ financial literacy, Mantaring said, was the reason why Sun Life started seven months ago the “It’s Time!” campaign, seeking to bring to a broader market base the importance of preparing for the future.

The It's Time! booth opens at Shangri La Plaza Mall

The latest SOLAR study, which was based on a survey of 1,200 respondents from various income segments last year, showed that health ranks among the top concerns for Filipinos. But while 76 percent of Filipinos are concerned about paying for health treatment, an overwhelming 85 percent have to dip into their savings when they get sick instead of depending on health insurance.

Insurance penetration also remains low in the country even in the presumably financially savvy “AB” income segment (45 percent).

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