Manulife Investment Management released its Financial Resilience and Longevity Report across seven countries in Southeast and East Asia including China, Hong Kong, Japan, Singapore, Malaysia, Indonesia, the Philippines and Vietnam.
The report highlights ongoing financial challenges faced by consumers, with variations in confidence and circumstances across different markets.
It said that in the Philippines, 67 percent of Filipinos expressed confidence in achieving their top financial goals, with many optimistic that their financial situation will improve over the next decade.
About 63 percent are concerned that insufficient savings may hinder their ability to build financial resilience.
It said 61 percent of Filipinos worry about unexpected medical expenses and 37 percent are concerned about reduced income— factors that pose significant challenges to strengthening their financial security.
The report indicated that while two-thirds of people in Asia believe they can reach their financial goals, older generations express slightly less confidence than younger individuals.
The report emphasized the need for enhanced financial resilience, particularly as life expectancy rises and traditional family support systems evolve.
Calvin Chiu, head of Asia retirement at Manulife Investment Management, underscored the importance of early and comprehensive financial planning.
Financial resilience varies across the region, with 39 percent of all age groups feeling secure in their finances today, though 52 percent are hopeful about improvements in the next decade.
Top concerns affecting financial stability include insufficient savings, unexpected medical costs, and income instability.
