A new study by Boston Consulting Group (BCG) highlights two aspirations that resonate deeply with Filipinos: achieving financial security, especially for healthcare emergencies, and starting a business to gain economic stability and independence.
The findings reveal that 58 percent of Filipinos rank financial security for health emergencies as their top goal, driven by concerns over rising healthcare costs. Meanwhile, 56 percent express a strong desire to start their own businesses, reflecting a shared ambition for self-sufficiency and progress.
“This study shines a light on the resilience and determination of Filipinos. Understanding their unique motivations allows businesses and policymakers to better support them on their journey toward progress,” said BCG managing director and partner Julian Cua.
BCG’s study, titled “The Filipino Dream”, surveyed 1,500 Filipinos across demographics to explore shared aspirations and barriers.
The research identified four distinct groups of Filipino dreamers: the providers, who are millennial women prioritizing family stability; the trailblazers -young Gen Zs focused on personal growth and financial independence; the guardians, who are older rural Filipinos seeking retirement stability; and the rebuilders – millennials recovering financially post-pandemic.
Despite optimism, where 68 percent of respondents feel hopeful about the coming year, major hurdles persist.
Based on the study, rising living costs, healthcare expenses and distrust in institutions impede progress. Only 46 percent feel financially prepared for emergencies, with many relying on traditional savings methods like “paluwagan.”
The study also revealed a growing reliance on self-sufficiency, as Filipinos perceive financial freedom as a personal responsibility rather than something institutions can fully support.
BCG urges businesses and policymakers to address these challenges. Key recommendations include developing accessible financial products tailored to immediate and long-term needs, improving affordability and access to healthcare services, and strengthening support for micro-entrepreneurship to empower aspiring business owners.
“The Filipino dream is not just an individual goal but a collective vision for progress. Collaboration across sectors is essential to empower Filipinos and overcome barriers to their success,” Cua said.
The study was conducted using online and offline methods to ensure diverse representation across age, income, and geography. Advanced clustering and sentiment analysis provided a nuanced understanding of Filipino aspirations and attitudes.
The research serves as a roadmap for stakeholders aiming to align efforts with the values and dreams.
