Here's What Filipino Millennials Are Worried About During the Pandemic
Ever since COVID-19 triggered a recession, finances has been on everyone's minds. If a new study is to be believed, however, Filipinos millennials are more worried than any other group about financial security.
The study, conducted by Manulife Philippines, reveals the concerns of millennials and generation Z. Published as "Know Your Ys and Zs: A closer look at the financial and mental well-being of Filipino Millennials and Generation Z in the time of COVID-19," researchers surveyed 500 participants across the Philippines.
“The far-reaching consequences of the pandemic on public health, personal relationships, and the global economy have made the younger generations of Filipinos more aware of the importance of their physical, mental and financial health, and how interconnected these are to achieving optimum well-being,” said chief marketing officer of Manulife Philippines Melissa Henson.
What researchers found was that young Filipinos are worried about lack of money, getting sick, losing loved ones, mental health, and more. Contrary to popular belief, young Filipinos are spending more on necessities than luxuries. 77 percent have prioritized spending on things they need, and 75 percent even follow a monthly budget.
"Unlike the generations who came before them, millennials and gen Zs’ most formative years have been marked by hyper-digitalization, easy access to information, rapid social, political and economic shifts, environmental issues, and unprecedented global change. Because of the pandemic, what should have been an optimistic period in their personal and professional lives has become a chapter filled with uncertainty and concern,” Henson continued.