Many Filipinos remain ill-prepared for life after work, with retirement planning still seen largely through a financial lens, according to a new study by Insular Life Assurance Co. Ltd. (InLife).
InLife reported an overall retirement readiness score of 47 out of 100, based on an online survey of 1,000 Filipinos aged 18 to 59. The index evaluated respondents across several dimensions, including finances, health, life stage, pension access, mindset, and social support.
“The Retirement Index shows us that Filipinos need to see retirement in a new light,” InLife Chief Marketing Officer Gae Martinez said during a briefing. “It’s not just a financial milestone. It’s an emotional, social, and even cultural journey.”
She added: “If we only focus on money, we miss out on the other pillars that make retirement truly secure and meaningful.”
Generational divide
Gen X respondents (45 to 59 years old) topped the study with a score of 54, attributed to stable incomes and more consistent planning habits as breadwinners or parents with dependents.
Gen Z respondents scored the lowest at 36, as many expressed future goals but lacked concrete strategies for retirement. Millennials followed with moderate readiness, buoyed by investments and efforts to build passive income streams.
Policyholders fare better
Insurance and investment participation played a significant role. InLife policyholders scored 62, compared with 42 for non-policyholders. Those financially ready were also more equipped for health-related needs, having funds for medical emergencies and long-term care.
Gaps in support and access
Informal workers and single individuals were found to be among the most vulnerable, often lacking access to pension programs like the Social Security System or Government Service Insurance System.
Gender disparities also emerged, with men scoring 49 and women 45, reflecting differences in employment opportunities and investment exposure.
Martinez urged families, institutions, and communities to help change mindsets around planning for later life. “These data clearly indicate that retirement readiness requires conversation,” she said.
