Post-pandemic, more and more Filipinos are changing their spending behavior to address their worries about the future. In a study by EastWest Ageas commissioned to Nielsen (A Study of Thoughts, Emotions, Ways, and Actions to Reach Dreams (STEWARD)), money for personal expenses and leisure is now being allocated towards monthly investments and savings. However, insurance penetration is still at 1.75 % in 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 create a barrier for Filipinos to get insured because they must be tackled as soon as possible. But the truth is that by being insured, these needs are addressed in a more long-term and secure manner. Whether it’s the cost of hospitalization, loss of job due to an accident, or even death, having insurance provides a layer of protection that will help any Filipino deal with the aftermath.
And the great news is most Filipinos agree with this. According to the same study, nine out of 10 Filipinos believe insurance helps them prepare for life. One simply must decide to get insured. Make things easier by getting the right financial helper from planning to protection.
Check out EastWest Ageas and their suite of insurance solutions that can help you start building your better tomorrow.
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.
