EventsPinoy GenZs choose to hustle, while Gens X and...

Pinoy GenZs choose to hustle, while Gens X and Y want safer paths to retirement

A study by leading HMO PhilCare reveals how different generations are preparing for their futures


- JAGUAR F-TYPE -spot_img

A study by leading HMO provider PhilCare today said that workers are confident about retirement, although generations of Filipinos are choosing to prepare for their proverbial rides to sunset in their own different ways.

For older millennials and Generation X, preparing for retirement means working in a traditional office setting while keeping their eyes on potential business ventures.

For Filipino GenZs, or Zoomers, they would rather live fast and retire young, as the study showed many of them are banking on preparing for the future by getting as many “gigs” as they can this early.

The “PhilCare Wellness Index: An Updated ABC of Pinoy Gen X, Y, and Z” is the seventh in the HMO giant’s groundbreaking series of nationwide health and wellness studies that started in 2014.

PhilCare Wellness Index lead researcher and University of the Philippines Diliman College of Mass Communication dean Dr. Fernando Paragas, PhilCare Wellness Index chairman, former Health Secretary, and former executive secretary of the National Kidney and Transplant Institute Dr. Enrique Ona, PhilCare President and CEO Jaeger L. Tanco, and PhilCare Chairman of the Board Monico ‘Nick’ Jacob

This latest installment builds on the insights of two previous generational studies, the “PhilCare Wellness Index: The ABCs of Pinoy Xs and Ys” and the “PhilCare Wellness Index: The Rise of Filipino Gen Z,” and is a comparative analysis of the three generations. It aims to uncover similarities and differences, as well as the evolving dynamics within the workforce and society at large.

The study also sheds light on a notable trend towards the gig economy among younger workers, with 53 percent of its Gen Z respondents saying they prefer multiple part-time jobs over just one full-time one, compared to just 48 percent of Generations X and Y.

For context, Generation Z, or Zoomers, are those born between 1997 and 2015; Generation X are those born between 1965 and 1981; and Generation Y, or Millennials, are those born between 1981 and 1995.

“The preference for part-time work among Gen Zs reflects a desire for flexibility and autonomy in their careers,” PhilCare Wellness Index lead researcher Dr. Fernando Paragas said. “To accommodate their preference, employers need to consider offering flexible arrangements, as this can enhance employee satisfaction and attract top talents from Gen Z, and even perhaps other generations.”

According to PhilCare president and CEO Jaeger Tanco, the confidence Gens X, Y, and Z has when it comes to retirement preparations shows that they have a proactive approach to long-term financial planning and wellbeing.

“As a trusted healthcare provider, PhilCare aims to equip Filipino workers with the tools and resources they need to lead healthy fulfilling lives, both now and after retirement. Our accessible and comprehensive healthcare solutions are there to help them reach their retirement goals with confidence,” Tanco said.

He added that the Wellness Index is PhilCare’s “blueprint for big ideas,” empowering the company to launch innovative products and services that aim to support employers and individuals in their health and wellness journey.

These offerings include the very first prepaid health care cards in the market, individual and corporate health plans, web-based teleconsultation service DigiMed, clinic-on-wheels MedHub mobile, and mental health program Mindscapes.

While generations differ in their ways, the majority of respondents said they are on track with their retirement goals. Results of the “PhilCare Wellness Index: An Updated ABC of Pinoy Gen X, Y, and Z” revealed that 56 percent of both Filipino Gen Z and Generations X and Y respondents expressed confidence in retiring comfortably. “We’re witnessing a shift in attitude among different generations, with Gen Zs seemingly growing in confidence about achieving financial security,” PhilCare Wellness Index chairman Dr. Enrique Ona said.

“To recruit and keep talents from these groups, employers should consider taking on mentor roles that will guide young employees to having strong financial lives.”


Please enter your comment!
Please enter your name here

Latest news

Get ready for a next-level culinary journey

Worldbex Services International continues to celebrate diverse industries with its premier food and beverage event, the Manila Foods and...

All for Mom

Mother’s Day treats at City of Dreams Manila City of Dreams Manila unwraps thoughtful offerings in appreciation of moms on...

‘Drive Your Friend’: Dongfeng Motors PH launches new models

Dongfeng Motors (DFM) Philippines staged a unique event to unveil a new line-up of high-tech, sustainable vehicles for its...

Primer Distribution Center welcomes BOXME Asia

In a strategic move, Primer Distribution Center (PDC) forges an alliance with fulfillment provider BOXME Asia, catalyzing the emergence...
- Advertisement -spot_img

Federal Land’s Meadowcrest: A master plan to bolster Biñan

Spanning over 50 years of industry excellence and expertise, Federal Land further expands its footprint outside Metro Manila as...

20 years of extraordinary brand events and activations

Prime Cast Events, a premier experience and activations agency in the Philippines, is proudly celebrating its 20th anniversary, looking...

Must read

Color theory

It’s all about hue! Bright colors and monochromatic tones...

Why there’s much to love in the Philippines

A FEW years ago, my family and I took...

Overcoming my cell phone addiction

I must confess: I had become a cell phone...

A rebel to clean up Customs

If former rebel general and subsequent political prisoner Danilo...

Consumed by good food

“My name is always a conversation starter,” says Eric...
- Advertisement -spot_imgspot_imgspot_img