Younger does not mean healthier, says insurance company study
by Candy P. Dalizon, https://www.facebook.com/, https://www.facebook.com/BusinessMirror/ · BusinessMirror- Candy P. Dalizon
- November 7, 2024
- 6 minute read
Contrary to the common belief that youth equates to health, a recent study published by insurance company Manulife Philippines indicated that younger Filipinos are increasingly experiencing health issues. The same study revealed that Filipinos still struggle to commit to a healthy lifestyle and that the average Filipino’s savings fall short of supporting future medical needs.
The study titled “In Wellness and In Health: Navigating the landscape of health, well-being, and financial preparedness in the Philippines” surveyed 1,000 consumers to delve into their nutrition and wellness priorities and behaviors, as well as their financial preparedness.
Rahul Hora, President and CEO of Manulife Philippines, presented the survey findings during a media forum held on November 5, 2024.
One of their key findings was that younger Filipinos are getting sick more often. The study found that among all respondents, the average number of sick days a year is 2.7 times. However, that number rose for those between the ages of 18 to 29, to an average of 3.4 times a year.
Hora cited that diabetes, cancer, and heart disease consistently rank among the top three critical illnesses.
“But here, right up with diabetes came anxiety and depression. So these are serious concerns and have increasingly become more and more serious concerns for our customers when we surveyed them. Of course, there is a whole list of other things which people are concerned about but seeing anxiety and depression right up there as high as diabetes was quite a surprise,” he pointed out.
What are some of the reasons that are contributing to these? According to the survey, 28 percent of these young people are not getting enough sleep. In addition, Filipinos aged 18 to 29 are sleeping and exercising less compared with other age groups. The survey found that the biggest reason for lower exercise rates was a perception that following a regular exercise routine is expensive (68 percent).
The lack of proper sleep and exercise, as well as the tendency to neglect their overall health, can make younger Filipinos more susceptible to illness. Moreover, the survey also reported that this age group is also more reluctant to change their lifestyles due to a perceived “fear of missing out.”
Struggling to commit to a healthy lifestyle
THE same study found that cost remains a top barrier to Filipinos’ ability to adopt a healthier lifestyle. While 86 percent of survey respondents believe their health is determined by their lifestyle choices, they also cited barriers that prevent them from having healthy lifestyles.
“The health trends our survey identifies among young Filipinos are concerning. Despite being well-informed, many young Filipinos are facing a rise in illnesses and lifestyle-related issues. This gap between awareness and action implies that mere knowledge isn’t sufficient,” said Hora.
He underscored the importance of finding solutions to these real-world barriers preventing young people from practicing healthier lifestyles.
“Amid the demands of modern life, young Filipinos need the support they can get to better translate health and wellness information into everyday habits, including taking necessary steps toward achieving financial security,” Hora added.
While the study found that a healthy diet is perceived as the best way to prevent illness, three out of 10 Filipinos acknowledge their unhealthy lifestyles, and 50 percent admit to consuming mostly unhealthy meals.
The survey likewise revealed that misconceptions and limited knowledge significantly shape Filipinos’ attitudes towards healthy eating. Fifty-four percent of survey respondents believe that healthy eating is expensive while 46 percent claim that healthy meals are less appetizing. Another 35 percent share that they are more difficult to prepare and find.
The survey also found that 25 percent of respondents believe that critical illnesses can only afflict older Filipinos, while 21 percent of respondents think that eating habits and nutrition have very little or no impact on children’s mental development.
“Our survey underscores a critical gap between awareness of the importance of a healthy diet and its actual implementation among Filipinos,” said Hora. “Misconceptions and perceived barriers, such as cost, taste, and preparation difficulty continue to hinder healthier lifestyle choices. It is essential to address these issues through education and accessibility to ensure better health outcomes for all.”
Financially unprepared for medical emergencies
While two in three Filipinos surveyed believe their health insurance is adequate, the reality is more complex. The Manulife survey found that a significant portion of medical expenses, about 41 percent, still comes out-of-pocket, with these costs predominantly sourced from personal savings.
This reliance on personal funds underscores a significant gap between perceived health insurance coverage and the actual financial burden of medical emergencies. This exposes many Filipinos to unexpected financial strain.
“So imagine the impact that this has on their own financial well-being because these savings were probably meant for something else. These savings were probably meant for their children’s education, for other meaningful expenditures that they were planning for, but it had to be consumed or it ended up getting consumed for a medical expense,” said Hora.
Twenty-six percent utilize Health Maintenance Organizations (HMOs), and 22 percent rely on borrowing, such as loans or borrowing from friends and family, to finance their medical expenses.
The survey also reveals a stark difference in savings for medical expenses across different age groups. On average, surveyed Filipinos have set aside P62,000 for future medical needs such as emergency services, hospitalization, and preventive healthcare.
However, according to the survey conducted, younger Filipinos aged 18 to 29 have saved significantly less, with an average of only P38,000. This disparity suggests that younger individuals might be less prepared to handle unexpected medical costs.
Additionally, the respondents believe they will need to save approximately P571,000 to cover potential medical expenses over the next 10 years, highlighting a substantial gap between current savings and future financial needs.
“These key findings further prove that, when we talk about healthcare and well-being, we must understand where knowledge and behavioral gaps are coming from,” Hora added.
“In this light, we encourage Filipinos to take more concrete steps toward embracing healthier lifestyles—from improving their dietary habits to nurturing their overall well-being.”
Hora emphasized that Manulife is committed to being a trusted partner for Filipinos’ financial and health goals. By offering a wide range of health and life protection plans, Manulife aims to secure their future and improve their quality of life.
“By addressing both health and financial preparedness, Filipinos can build a more resilient foundation for managing their healthcare needs,” said Hora.
Fireside chat
ALSO present during the forum were former Department of Health (DOH) Undersecretary Dr. Enrique A. Tayag, nutritionist Beatrix Mercado, and top content creator and entrepreneur Erwan Heussaff who participated in a fireside chat about Filipinos’ rising health and lifestyle concerns as well as the importance of proactive preparation to better secure one’s well-being.
Mercado said it is important to build a habit, adding that “If you’re not reaching your goal yet, be kind enough to yourself. You will eventually achieve your goal once you start building a smaller but healthier habit.”
For his part, Heussaff suggested that people develop a framework of discipline.
“So what I like to do is, before tackling any health or nutrition aspects of my life, I will journal for a week everything I ate, everything I drank, everything I did, understand where my baseline is, and then decide what are the things that I want to focus on moving on.”
“I will write those down and then make sure to put a start date and an end date because it might be imperative. And then every day, kind of like a test, you need to write down whether or not you’ve accomplished your goals. But keeping yourself in check and keeping yourself disciplined is really important,” Heussaff shared.
Dr. Tayag emphasized the importance of saving for future medical expenses, even with PhilHealth and HMO coverage, and recommended starting early.
The Manulife Philippines study, “In Wellness and In Health: Navigating the landscape of health, well-being, and financial preparedness in the Philippines,” may be accessed and downloaded via the company’s website.
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