Surveys Revealed That Families in PH Faced Financial Issues in Lockdown

In a study done by Manufacturers Life Insurance Co. (Phils.) Inc. (Manulife PHL) has discovered that pandemic lockdowns imposed by the government have brought about financial issues for Filipino families.

According to the survey, the restrictions in mobility gave rise to more parents delving into finance by diversifying their portfolios to incorporate non-tradition and traditional investment products and sustainable investing.

On the other hand, around 24% of Gen Z children respondents felt stressed due to family quarrels often caused by financial issues. Other notable triggers were work, school, and household chores and obligations.

Ms. Melissa Henson, Manulife PHL’s Chief Marketing Officer, the study was to aid insurers “to better understand how family dynamics have evolved during the pandemic and how technology has impacted behaviors at home and influenced everyday decisions.”

“Identifying these shifts in behavior has been vital in helping us to better serve our customers,”

This study is called “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal,” and highlights the effects of digitalization and the pandemic on families.

The survey was done in May 2022 and focused on “the worst period of the pandemic” and showed that 38% of Millennial and Generation X parents, while 40% of Generation Z have stated that their well-being had suffered.

Respondents have shared that with the mobility restrictions brought about by lockdowns and quarantine, they needed to find ways to cope. The study noted isolation, financial difficulties, depression and fatigue, and a decline in physical activities as the main negative effects of the lockdowns.

Source: Business Mirror