Sun Life Asia released its inaugural “Sun Life Asia Financial Resilience Index” which examines the financial behaviors and beliefs of individuals in eight markets across the region, and the barriers they face in building long-term financial security.
The index shows that while Filipino millennials have the highest levels of financial resilience, many still lack a plan of action—a key pillar of financial resilience.
The Sun Life Asia Financial Resilience Index is based on a survey of 8,000 people in eight markets: the Philippines, Malaysia, Singapore, mainland China, Hong Kong SAR, India, Indonesia and Vietnam.
The survey of 1,000 people in the Philippines found that millennials are the most financially resilient generation. They are more optimistic about their financial futures than their Baby Boomer peers (80 percent vs. 71 percent) and Gen Z peers (71 percent), but just as optimistic as their Gen X peers (80 percent vs. 80 percent).
Millennials more likely to make financial decisions based on research than older generations (50 percent vs. 46 percent).
They are also more confident in their ability to meet their long-term financial goals compared to older generations (68 percent vs.60 percent).
Only 41 percent have a financial plan beyond a year which puts their goals at risk.
“Filipino millennials stood out in our study as the most financially resilient generation,” said Carla Gonzalez-Chong, chief client experience and marketing officer of Sun Life Philippines.
“As a very tech-savvy generation, millennials have more tools at their disposal when it comes to financial planning and are more likely to base their decisions on research,” Chong said.