Retirement financial preparedness low among Pinoys - InLife study

Fewer than 30 percent of Filipinos feel confident about their financial preparedness for retirement, despite recognizing the importance of savings, insurance and investments, a study showed.

- By MARCO LUIS BEECH

A study by Insular Life (InLife) showed that many challenges persist in ensuring financial security for the elderly, even as Filipino culture places strong emphasis on family and intergenerational support.

“Traditionally, Filipinos have relied on a strong sense of family obligation to care for aging parents and relatives. This cultural value, deeply rooted in Filipino society, has created a system of shared responsibility across generations,” it said.

The study also found that 52 percent of middle-class Filipinos prioritize securing a steady retirement income to avoid depending on their children.