Filipino Gen X and Y workers appear to handle their finances like a delicate balancing act based on the results of the latest PhilCare Wellness Index: The ABCs of Gen Xs and Ys.
According to the study, 29 percent of the respondents said they feel the double burden of earning for themselves, their family, and their parents; In comparison, also 29 percent believe they’re preparing well enough to retire comfortably.
Interestingly, while many of the respondents have expressed the weight of carrying a huge financial responsibility, 20 percent of them are still able to set aside funds for leisure like travel and vacations.
“We are witnessing a profound balancing act among Generation X and Y, where the enduring dedication to provide and support loved ones coexists with a commendable confidence in preparing for retirement,” PhilCare President and CEO Jaeger Tanco said.
“This dual perspective, including their knack for adventure, reflects their resilience and forward-thinking approach to life and well-being.”
Tanco added that PhilCare understands the intrinsic link between health and professional longevity by providing innovative products and services with this in mind. These offerings include ActivNation, a series of corporate programs designed to help employers keep their workforce healthy; customizable corporate plans to meet the specific needs of a business, regardless of its size; and prepaid healthcare plans to help workers, particularly those in the freelance economy, access quality medical and mental health services.
PhilCare also appoints liaison officers in companies to make sure the utilization of its services is both the responsibility of PhilCare and the business.
“We recognize the challenges and aspirations of Generations X and Y by empowering them to navigate their careers with vitality and retire well by prioritizing their health,” Tanco pointed out. “We aim to be the steadfast partner of employers and workers in achieving holistic well-being.”
The ABCs of Pinoy Xs and Ys is the sixth in PhilCare’s groundbreaking series of nationwide health and wellness studies that started in 2014. This latest installment builds on the insights of the first generational study about Gen Zs that came out in late 2023 and puts the spotlight on Generation X, or those between ages 43 and 58, and Generation Y, also known as Millennials, or those between ages 27 and 42.
It aims to shed light on the two generations’ attitudes and priorities and the evolving dynamics of the modern workplace.
PhilCare is set to release its third and final generational Wellness Index in the next couple of months. It will be a comparative analysis of the studies done on the three generations.
