Filipino millennials and Gen Zs are becoming more concerned over their financial and health situation, prompting them to find ways to grow their money while preparing for their health and financial protection for the future, according to the recent Manulife Asia Care Survey.
The survey showed younger millennials (born 1989 to 1996) anticipate they will only be at the prime of their health until age 55.
The survey noted the following factors cited by millennials and Gen Zs: critical illness risk, poverty risk, and weakened social safety nets due to economic uncertainties.
Gen Zs and millennials are not immune from the risk for critical illnesses due to genetics, the environment, the stresses of modern living, and other factors.
Citing a report of the Philippine Statistics Authority, Manulife said for Filipinos, coronary heart diseases, tumors, and cerebrovascular conditions are the top health and mortality risks.
Medical treatments is a financial burden that concerns many Filipinos, with almost half or 45 percent of the national health expense coming from out-of-pocket payments.
Manulife said most Filipinos rely on health maintenance organization plans and government-subsidized health insurance programs for their protection.
With economic uncertainties causing medical inflation to soar to as high as 12 to 13 percent, Filipinos need more resources to cover the rising costs of hospital and medical treatments, Manulife added.
