A study by leading HMO provider PhilCare today said that workers are confident about retirement, although generations of Filipinos are choosing to prepare for their proverbial rides to sunset in their own different ways.
For most who belong to the older millennials and Generation X, their ideal way to prepare for retirement is by working in a traditional office setting while keeping their eyes on potential business ventures.
For Filipino GenZs, or Zoomers, they would rather live fast and retire young, as study showed many of them are banking on preparing for the future by getting as many “gigs” as they can this early.
The “PhilCare Wellness Index: An Updated ABC of Pinoy Gen X, Y, and Z” is the seventh in the HMO giant’s groundbreaking series of nationwide health and wellness studies that started in 2014.
This latest installment builds on the insights of two generational studies, the “PhilCare Wellness
Index: The ABCs of Pinoy Xs and Ys” and the “PhilCare Wellness Index: The Rise of Filipino Gen Z,” and is a comparative analysis of the three generations. It aims to uncover the similarities and differences between them, as well as the evolving dynamics within the workforce and society at large.
The study also sheds light on a notable trend towards the gig economy among younger workers with 53 percent of its Gen Z respondents saying they prefer multiple part-time jobs over just one full-time work, compared to just 48 percent of Generations X and Y.
For context, Generation Z, or Zoomers, are those born between 1997 and 2015; Generation X are those born between 1965 and 1981; and Generation Y, or Millennials, are those born between 1981 and 1995.
“The preference for part-time work among Gen Zs reflects a desire for flexibility and autonomy in their careers,” PhilCare Wellness Index lead researcher Dr. Fernando Paragas said.
“To accommodate their preference, employers need to consider offering flexible arrangements as this can enhance employee satisfaction and attract top talents from Gen Z, and even perhaps other generations.”
According to PhilCare President and CEO Jaeger Tanco, the confidence Gens X, Y, and Z has when it comes to retirement preparations show that they have a proactive approach to long-term financial planning and wellbeing.
“As a trusted healthcare provider, PhilCare aims to equip Filipino workers with the tools and resources they need to lead healthy fulfilling lives, both now and in retirement. Our accessible and comprehensive healthcare solutions are there to help them reach their retirement goals with confidence,” Tanco said.
He added that the Wellness Index is PhilCare’s “blueprint for big ideas,” empowering the company to launch innovative products and services that aim to support employers and individuals in their health and wellness journey.
These offerings include the very first prepaid health care cards in the market, individual and corporate health plans, web-based teleconsultation service DigiMed, clinic-on-wheels MedHub mobile, and mental health program Mindscapes.
“With the help of the Wellness Index, we are able to innovate and ensure the health and vitality of Filipino entrepreneurs and workers across generations,” Tanco noted.
While generations differ in their ways, the majority of respondents said they are on track with their retirement goals. Results of the “PhilCare Wellness Index: An Updated ABC of Pinoy Gen X, Y, and Z” revealed that 56 percent of both Filipino Gen Z and Generations X and Y respondents expressed confidence in preparing well enough to retire comfortably.
“We’re witnessing a shift in retirement attitude among different generations, with Gen Zs seemingly growing in confidence about achieving financial security,” PhilCare Wellness Index Chairman Dr. Enrique Ona said.
“To recruit and keep talents from these groups, employers should consider taking on mentor roles that will guide young employees to having strong financial lives, like improving their financial literacy for example.”
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