Young professionals lack confidence in handling unforeseen expenses.
But they can afford to travel.
According to a survey titled “Philippine Workplace: The Rise of Gen Z” conducted by PhilCare, 73 percent of respondents feel adequately prepared for retirement, while 65 percent can allocate funds for leisure, including travel and vacations.
However, only 44 percent are confident in meeting daily and unexpected expenses, and less than 39 percent believe they can afford their desired home.
“When it comes to managing their money, Gen Zs seem to be balancing future aspirations while navigating current challenges. Companies looking to recruit and retain young talents need to be creative with their benefits to address this need,” said Jaeger Tanco, PhilCare president and chief executive officer.
The PhilCare study also revealed that 76 percent of respondents feel the responsibility to earn not just for themselves but also for their families.
Tanco said this calls for the need for businesses to provide support to their employees beyond the standard paycheck.
This also presents an opportunity for employers to contribute positively to their employes’ financial well-being, according to Monico Jacob, PhilCare chairman of the board.
“Employers may benefit from implementing financial wellness programs that offer resources and guidance on the areas of budgeting, investing, and housing decisions to help employees navigate financial challenges effectively,” Jacob said.
“They may also want to explore flexible work arrangements, including remote work options, to ease the financial burden of commuting and onsite work so employees can save money for more important things like housing.”
Dr. Enrique Ona, chairman of the PhilCare Study, said policymakers could devise strategies promoting affordable housing for the growing Gen Z workforce accounts for 18 percent of the country’s labor force.
“Government initiatives that encourage affordable housing projects would benefit the younger generation,” Ona said. “Another effort could be the development of enhanced financial literacy programs within educational curriculums that equip young people with the skills and knowledge necessary for effective retirement planning and housing investments.”
PhilCare’s study on Gen Zs is part of a series of studies the HMO leader conducted on different generations. It is set to release subsequent findings in early 2024.
