Despite having identified financial priorities, overall financial preparedness among Filipinos remains low, according to a study conducted by Sun Life Grepa Financial Inc.
The company said in a statement most of the respondents who took part in the 2023 Financial Readiness Survey said they still lack financial readiness when it comes to securing protection instruments that address their various goals and needs.
Perceived full preparedness is less than 10 percent, Sun Life Grepa said.
According to the survey participants, they are fully or somewhat prepared when it comes to having funds for emergency use (34 percent) and for major goals (32 percent), personal health (32 percent) and investments (30 percent).
In terms of respondents’ top financial priorities, the latest priority rankings are consistent with the company’s 2022 survey results, although the percentages have slightly changed.
Earning and saving income ranks number one at 69 percent (previously at 77 percent), followed by building wealth at 57 percent (from 60 percent), and protecting money at 39 percent (from 33 percent).
The company said changes in variance can be attributed to the sustained “new normal” or post-pandemic recovery.
Full-time jobs and other income-generating opportunities have become more stable, allowing people room to adjust their financial priorities.
Health protection ranks fourth at 29 percent, up from fifth spot last year at 24 percent.
This is followed by child education at 26 percent, which held the fourth spot last year at 28 percent.
