In a recent study conducted by leading healthcare provider PhilCare, significant differences in retirement aspirations and approaches have emerged among Filipino generations. The findings, unveiled in the “PhilCare Wellness Index: An Updated ABC of Pinoy Gen X, Y, and Z,” shed light on the evolving landscape of retirement planning and workforce dynamics in the Philippines.
While older millennials and Generation X individuals tend to favor traditional employment settings and cautious financial planning for retirement, the younger Generation Z cohort, often referred to as Zoomers, demonstrates a preference for the gig economy and early retirement.
According to the study, a considerable portion of Generation Z participants are embracing the gig economy, with 53% expressing a preference for multiple part-time jobs over full-time employment, compared to 48% of Generations X and Y. This inclination towards flexible work arrangements reflects Gen Z’s desire for autonomy and adaptability in their careers.
Dr. Fernando Paragas, lead researcher of the PhilCare Wellness Index, highlighted the significance of accommodating the preferences of younger workers. He emphasized the need for employers to offer flexible arrangements to attract and retain talents from Generation Z and other demographics.
PhilCare President and CEO Jaeger Tanco commended the proactive approach of Generations X, Y, and Z towards retirement preparations, citing it as indicative of a broader trend of long-term financial planning and well-being consciousness among Filipino workers. Tanco underscored PhilCare’s commitment to providing accessible healthcare solutions to support individuals in achieving their retirement goals with confidence.
“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.
The PhilCare Wellness Index serves as a blueprint for innovation, enabling the company to introduce groundbreaking products and services tailored to the evolving needs of Filipino entrepreneurs and workers across generations. These offerings include prepaid health care cards, individual and corporate health plans, teleconsultation services, mobile clinics, and mental health programs.
Despite generational variances in retirement strategies, the majority of respondents expressed confidence in their ability to retire comfortably. Fifty-six percent of Filipino Gen Z, Generation X, and Generation Y participants reported feeling well-prepared for retirement.
“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, highlighting the shifting attitudes towards retirement among different generations, particularly the growing confidence of Gen Z individuals in achieving financial security. He emphasized the importance of mentorship programs in guiding young employees toward financial literacy and stability.