Study Finds Majority Filipinos Unprepared for Retirement with Score of 47

A recent study by Insular Life Assurance Co. Ltd. (InLife) reveals that most Filipinos are inadequately prepared for retirement, with an overall readiness score of 47 out of 100. The study emphasizes that retirement readiness encompasses more than financial resources, involving emotional, social, and cultural dimensions. Generation X scored highest in readiness due to stable incomes and established family roles, while Gen Z scored lowest, often lacking concrete retirement plans despite having future goals. Insurance and investment ownership significantly boost retirement preparedness, with policyholders scoring notably higher than non-policyholders. Vulnerable groups include informal workers and single individuals who often lack pension coverage, and gender disparities reflect differences in employment opportunities and investment exposure. Experts advocate for a shift in mindset and a holistic approach to retirement planning involving families, institutions, and communities to foster greater security and confidence for Filipinos' later years.