Most Filipinos are prepared for expensive purchases—survey

Despite having health-related concerns, Filipinos are more prepared to fund their expensive purchases, recent survey commissioned by Sun Life of Canada (Philippines) revealed.

According to a Social Weather Station (SWS) survey, which was commissioned by Sun Life, one of two Filipinos are planning to make an expensive purchase within the next two years, and nine out 10 are actually prepared to fund it.

These expensive purchases include land, house and lot, car, and business expansion.

On the other hand, the survey also showed seven of 10 Filipinos are worried about the uncertainties like death of a breadwinner (90 percent), a family member suffering a grave illness (90 percent), and inability to pay for huge medical expenses (80 percent).

Despite being worried about their health, only six of 10 of the respondents said they are prepared financially in the event of a grave illness in the family.

“There seems to be a disconnect between Filipinos’ priorities and concerns and the way they financially prepare for these. They are worried about their health and possible illness but they do not prepare financially,” Riza Mantaring, Sun Life president and chief executive said.

She said most of Filipinos rely solely on their active income or on other people to fund their needs.

“What we need to remember is that wealth and health go hand in hand,” Mantaring said.

In order to address the situation and help Filipinos act on their financial concerns, Sun Life is launching the #FIT2LiveFree campaign this Financial Independence Month.

To inspire them to take care of both their wealth and health in a fun and interactive way, Sun Life will make available digital content to engage the public.