FINANCIAL security, particularly to handle healthcare emergencies, and the aspiration to start a business to ensure economic stability and independence are two of the topmost dreams of Filipinos across generations.
Findings of the “The Filipino Dream” study released by global management consulting firm Boston Consulting Group (BCG) on Tuesday showed 58 percent of respondents ranked financial security for health scares as a top dream while 56 percent expressed aspirations to start their own businesses.
The survey, conducted in the first week of October on 1,484 respondents, showed a common denominator to these top two dreams is the need to achieve financial security among Filipinos.
But to pursue those dreams lies the challenge of getting the resources.
Other aspirations unveiled by the survey are to travel more, pay off debt, move in to a new home and have large savings.
Only 46 percent of Filipinos feel financially prepared for emergencies, with many turning to traditional savings methods, such as the paluwagan system, to create a safety net outside of formal institutions.
The survey also said 65 percent of those with health plans are prepared for a medical emergency and only 21 percent for those with no health plans.
About 68 percent of the respondents are optimistic of what will come this year, with a higher optimism rate of 70 percent for those in rural areas.
About 53 percent feel they are closer to achieving their primary dream than last year.
“While optimism remains strong—particularly among rural consumers—significant challenges exist. Four of the top six dreams in the survey relate to financial security, underscoring that rising living costs, healthcare expenses, and institutional distrust are major hurdles,” the report said.
Julian Cua, managing director and partner, said findings of the study present a clear picture of the barriers Filipinos face and their resilience in overcoming them.
“By understanding both the dreams of different Filipinos and their motivations behind them, we believe corporations in the Philippines will be able to support and empower them at every stage of their journey,” Cua added.
BCG’s study offers key insights for businesses, policymakers, and leaders aiming to help Filipinos achieve their dreams. With the knowledge Filipinos perceive starting a business to attain financial security to better address health scares, financial institutions, for instance, could develop accessible financial products that respond to immediate needs and long-term aspirations. For healthcare providers, BCG said there is an urgent call to improve accessibility and affordability, particularly in preventive care and insurance offerings. Businesses can strengthen micro-entrepreneurship support, providing aspiring entrepreneurs with pathways to financial independence. (I. Isip; Malaya)
