Financial security remains a growing concern for Filipinos, with eight in 10 worried about their ability to secure their future as rising living costs continue to strain household budgets, according to new research commissioned by EastWest Ageas.
The findings, contained in the PURPLE Report conducted by global consumer intelligence firm NielsenIQ, highlight the widening gap between Filipinos’ financial aspirations and their current level of preparedness, particularly when it comes to emergency expenses and healthcare costs.
The study draws attention to what researchers describe as the modern Filipino dream: achieving financial stability and resilience, even in the face of unexpected challenges such as medical emergencies.
However, that goal remains difficult for many households to attain.
IMAGE CREDIT: EastWest Ageas
According to the report, most Filipinos have only around ₱50,000 set aside as emergency savings. While this may provide a temporary safety net, it could prove insufficient as healthcare costs continue to climb.
Medical expenses are projected to increase by 16%, raising concerns about the ability of many families to absorb unexpected health-related financial shocks.
Rising costs drive demand for financial protection
The findings come at a time when inflation and higher living expenses continue to pressure household finances, leaving many consumers with limited capacity to save or build long-term financial protection.
Despite these challenges, the report suggests that Filipinos are becoming increasingly aware of the role financial protection products can play in achieving their goals.
Respondents indicated a preference for insurance solutions that offer value for money, long-term coverage, and protection against critical illnesses. The results point to a shift in how insurance is viewed — from a product reserved for emergencies to a broader financial planning tool that supports long-term security.
IMAGE CREDIT: EastWest Ageas
EastWest Ageas said it is developing products designed to address these evolving consumer needs through its PURPLE Solutions portfolio.
Among these offerings is Dream Builder, an insurance plan that provides up to 20 years of coverage while offering guaranteed cash payouts and a simplified application process. Policyholders currently have the option to pay premiums over five or 10 years, with a two-year payment option expected to be introduced in the future.
The insurer said the product is designed to help customers balance present-day financial obligations with longer-term goals, including protection against unforeseen life events.
As Filipinos continue to navigate economic uncertainty, the findings underscore the growing importance of financial preparedness and protection.
While achieving financial security may remain challenging for many households, the report suggests that greater awareness of savings, insurance, and long-term planning could help more Filipinos move closer to realizing their financial goals.
