FILIPINO workers born during the late 1990s and early 2000s—called Gen Zs—have different views on financial security and future planning, according to a poll by PhilhealthCare Inc. (PhilCare).
The poll results reveal that almost three-fourths (73 percent) of those surveyed feel prepared enough for retirement, as 65 percent can have funds for leisure, including travel and vacations.
However, only 44 percent are confident in meeting daily and unexpected expenses while less than 39 percent believe they can afford to own their dream house.
PhilCare President and Chief Executive Officer (CEO) Joseph Augustin L. Tanco mused that “when it comes to managing their money, Gen Zs seem to be balancing future aspirations while navigating current challenges.”
“Companies looking to recruit and retain young talents need to be creative with their benefits to address this need,” Tanco added.
The poll, led by Fernando dlC. Paragas of the University of the Philippines-College of Mass Communication, also showed that 76 percent of participants feel responsible to earn for themselves and their families.
“Businesses should acknowledge Gen Z’s financial responsibilities toward their families. Offering support beyond the standard paycheck could significantly impact their financial wellness,” Paragas said.
Elusive dream
WHILE the surveyed young professionals view homeownership as an elusive dream rather than a realistic possibility, former Health Secretary and PhilCare Study Chairman Dr. Enrique Ona encouraged policymakers to make strategies that push for affordable housing for the growing Gen Z workforce that accounts for 18 percent of the country’s workforce.
“Government initiatives that encourage affordable housing projects would benefit the younger generation,” Ona said. “Another effort could be the development of enhanced financial literacy programs within educational curriculums that equip young people with the skills and knowledge necessary for effective retirement planning and housing investments.”
For PhilCare Chairman of the Board Monico V. Jacob, the survey results open a chance for business owners and employers to contribute positively to their employees’ financial well-being.
“Employers may benefit from implementing financial wellness programs that offer resources and guidance on the areas of budgeting, investing, and housing decisions to help employees navigate financial challenges effectively,” Jacob said.
“They may also want to explore flexible work arrangements, including remote work options, to ease the financial burden of commuting and onsite work so employees can save money for more important things like housing,” added the Philcare Board chairman.
The report of PhilCare on Gen Zs forms part of a series of studies the health maintenance organization conducted on different generations. It is set to release subsequent findings early this year.