QUEZON, Philippines – About 9 in 10 or 90% of Filipino workers lie awake at night wondering how they can stretch their money when they retire, as they struggle today with little savings and almost no government support, a recent study conducted by The Global Aging Institute and Pru Life UK showed.
"Based on a 2015 study, majority of Filipino workers today are very anxious about exhausting their savings, being in poor health, and having no one to care for them or being a burden on their children when they retire," Pru Life UK Chief Marketing Officer Belle Tiongco told reporters at an insurance seminar on September 24.
Tiongco cited a study entitled "From Challenge to Opportunity: Wave 2 of the East Asia Retirement Survey," which covered 10 countries in Asia.
The retirement survey showed that the Philippines is second to Vietnam (95%) in terms of being anxious on retirement prospects.
This was followed by Indonesia (83%) South Korea (81%), Thailand (79%), Malaysia (68%), Singapore (66%), Hong Kong (64%), Taiwan (60%) and China (50%).
Only 68% of Filipino workers expect to receive Social Security System or Pag-IBIG Fund benefits when they retire, while 8% expect to receive income from financial assets like insurance, stocks, and bonds, according to the survey.
Work doesn't end at 60
Although many Filipino retirees do not have pensions and personal savings, almost all can count on extensive support from their extended families, the study showed.
Now, only one of 10 Filipino workers believe that the family should be mostly responsible for providing income to retired people, the survey revealed.
"More and more Filipinos now are seeing the importance of pensions and savings," Tiongo said.
The retirement survey also showed that nearly three-fifths of Filipino retirees surveyed continue to work at least part time to supplement their income.
"Retirement here in our country isn’t what it looks like on TV commercials, where the elderly are just strolling on the beach. Workers no longer clock out at 60 and spend their final years running down their pension savings in modest obscurity," Tiongco said.