financial independence – Jellybeans in the City

Caught Off Guard: How Inflation Challenges Are Reshaping Retirement in Asia

As the sun sets on years of hard work, retirement is meant to be a time of rest, relaxation, and reward. But for many retirees across Asia, the golden years are proving to be a financial juggling act, especially as inflation continues to bite. A recent survey by Sun Life Asia paints a vivid picture of the challenges faced by retirees in the region and offers a glimpse into the future of retirement planning.

Regrets and Reality: The Filipino Experience

In the Philippines, nearly half of today’s retirees harbor regrets about their financial decisions, with the majority lamenting not saving enough (73%). Others cite unwise investments (47%) or retiring too early (38%) as missteps. These regrets have tangible consequences: one in four retirees finds themselves blindsided by the rising cost of living, particularly healthcare and daily expenses.

The survey, titled Retirement Reimagined: Facing the Future with Confidence, highlights how inflation—markedly higher in the Philippines than the Asia average of 11%—has stretched retirement budgets thin. Many retirees have been forced to cut spending (62%) or turn to family for financial support (48%).

“There is a growing awareness among Filipinos about the importance of financial management to achieve a prosperous and comfortable retirement,” said Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer at Sun Life Philippines. “Financial literacy remains key, and we are committed to this advocacy to help more Filipinos overcome the obstacles and enjoy quality lives in their golden years—just as they deserve.”

The Challenge of Late Planning

Despite these lessons, planning for retirement often starts far too late. Alarmingly, 66% of survey respondents admitted they would only begin preparing for retirement expenses within five years of retirement—or not at all. David Broom, Chief Client and Distribution Officer at Sun Life Asia, warns that this approach leaves many unprepared for the realities of post-work life.

“Our research shows that while independent financial security is seen as the foundation for a rewarding retirement, many people remain unprepared for the realities they face,” Broom said. “Early planning and disciplined saving are key to facing your golden years with confidence.”

The Next Generation: Redefining Retirement

Younger generations, however, are taking note of these challenges and adjusting their expectations. Workers across Asia now anticipate retiring at an average age of 65—seven years later than their retired counterparts. Many cite the need to save more (59%), stay active (59%), and cover increased living expenses (46%) as reasons for postponing retirement.

This shift reflects an evolving understanding of financial independence and longevity. “Ensuring the wellbeing of our growing senior population is a shared challenge in our communities,” Broom said. “We have a unique opportunity to redefine what a secure and healthy retirement looks like and empower people to approach their post-career years with proactive financial planning.”

Gold Star Planners vs. Retirement Rebels

The survey also identified two distinct groups among retirees: the “Gold Star Planners” and the “Retirement Rebels.” Gold Star Planners, who begin planning expenses well ahead of retirement, save more than 10% of their income, and invest in insurance and pension products, are more likely to stay within their budgets and express greater confidence in their health and finances.

In contrast, Retirement Rebels, who lack sufficient planning and insurance protection, often find themselves struggling to adapt. They are more likely to regret their financial decisions and face unexpected expenses in their later years.

Aspirations and Anxieties

For many Filipinos, retirement aspirations remain simple yet profound: spending quality time with family and friends (48%), escaping the daily grind (16%), and traveling the world (14%). However, these dreams are often tempered by concerns about health issues and physical decline (68%), which can derail even the best-laid plans.

A Call to Action

Sun Life’s findings are a wake-up call for individuals across all age groups. As the survey underscores, achieving a secure and fulfilling retirement requires early action, disciplined saving, and professional guidance. For those ready to take control of their financial future, Sun Life offers products like Sun Smarter Life Elite, Sun MaxiLink Prime, and Sun Senior Care, alongside access to trusted financial advisors.

“Retirement is not just a financial milestone—it’s a chance to live the life you’ve always dreamed of,” Gonzalez-Chong said. “With the right planning and support, every Filipino can look forward to golden years filled with joy, security, and peace of mind.”

For more information or to consult a Sun Life advisor, visit www.sunlife.co/TalkToAnAdvisor.

Details provided in a recent press release.

Playing for Life with Sun Life: Adopting Sound Personal Finance Strategies for a Lifetime

Imagine navigating life’s financial decisions like a strategic game. That’s the essence of “playing for life”—making smart choices to ensure long-term financial stability and growth. For some of you guys in Gen Z, balancing income, investments, and other financial priorities can feel overwhelming. But what if you could take control of your financial journey in a fun and engaging way?

Let your Tita Jellybeans shed some light on this and share some of my own experiences.

Strategies to Play for Life

Manage Your Resources

Think of managing your money like playing a resource-management game. In my case, creating a budget was my first step towards financial control, setting spending limits and regularly adjusting them as my financial situation changed. This approach helped me avoid unnecessary expenses and prioritize savings.

Build a Survival Kit

An emergency fund is like your in-game survival kit. My first financial goal was to save three months’ worth of living expenses. Automating transfers to a separate savings account ensured I stayed on track. This fund became a lifeline during unexpected events, such as medical emergencies, providing me peace of mind and a sense of financial stability.

Defeat the Debt Boss

Take it from me: conquering debt can feel like defeating a powerful game boss. I found it best to prioritize paying off high-interest debts first, which significantly reduced my financial burden over time.

Avoiding new debts and focusing on paying off existing ones is crucial in my journey toward financial freedom, so you can bet I sometimes hide my credit cards during peak shopping season.

Invest in Power-Ups

Investing is like collecting power-ups that boost your abilities in a game. You might hear this all the time but it is best to start early. It will enable you to benefit from compound interest, significantly growing your investments over time. Diversifying your portfolio will also reduce risks and maximize returns.

Prepare for the Endgame

Planning for retirement is akin to preparing for the inevitable endgame. I’ve seen firsthand how something you may be counting on from your work or family may just disappear into the void. Anticipating your future needs and making regular contributions to retirement accounts are some of key steps I would recommend as you prepare for your future.

Sun Life is Your Partner for Life

Still find yourself at a loss at game of personal finance?

Fortunately, Sun Life aims to equips individuals like you with the tools and knowledge needed for lifetime financial security and healthier lives. Its latest initiatives emphasize financial literacy through gamification, making learning about finance engaging and accessible to more Filipinos, especially those in younger generations.

Play for Life Online Game

Sun Life’s new game, Play for Life: A Game of Choices, mirrors real-life financial decisions. Launched in June 2024, this single-player online game allows players to achieve life goals by making strategic financial and life choices. From selecting a career to navigating life’s ups and downs, the game offers a realistic financial journey that ends with players accumulating enough play money to reach their goals. Want to play it with your squad? Take heart: a multi-player version of the game is set to launch soon.

Know more about it here.

Play for Life Boardgame

At a recent media conference held at Conrad Manila, I had the chance to try a more immersive, table-top boardgame version of Play for Life: A Game of Choices. Together with fellow attendees, I chose characters (such as a teacher or a BPO agent) and rolled the dice which led to life decisions (such as having a baby or investing in education) or circumstances (such as medical emergencies) that have either short-term or lasting impact on my finances which, in turn, affect how I get to achieve a financial goal. The experience was enlightening, demonstrating how financial decisions impact our lives. Through the gameplay, I gleaned insights from my decisions as well as from fellow players.

During this event, Sun Life unveiled its latest digital video commercial featuring celebrity ambassadors Piolo Pascual, Sarah Geronimo-Guidicelli, and Matteo Guidicelli playing the board game. They also shared their experiences and learnings from the game and from their real-life experiences, making the event both informative and enjoyable.

The good news is that you can experience this table-top version of the boardgame. All you need to do is visit your nearest Sun Life branch. A Sun Life Financial Adviser can serve as your game master and guide you through your game play.

Life-Size Game Tour

For those seeking an even more interactive experience, a life-size version of Play for Life will be touring select areas around the country. You can navigate giant game boards and make real-life choices at these locations and dates:

SM Sta Rosa from July 27 to 28, 2024
SM Lanang in Davao from August 24 to 25, 2024
SM Iloilo from September 14 to 15, 2024

Table-top boardgame versions will also be available during these activations, so you can play it with your family and friends.

Travel and Giftaway Vouchers Up for Grabs

Have an existing Sun Life policy? You can get a chance to win a Php100,000 travel voucher to Japan or Giftaway vouchers worth up to Php10,000! All you need to do is play the Play for Life game by participating in any of the mall activations or playing online, then submitting the form at the end of the game. Winners will be drawn up among eligible Sun Life clients via an electronic randomizer. Promo runs until October 31, 2024.

Know more about this promo for clients here.

Non-Sun Life clients also have the chance to win a trip for two to Vietnam or Giftaway vouchers worth up to Php10,000. Just play the online version of Play for Life and fill out the “Double the Pot” form. Winners will be selected via a raffle draw among eligible entries, and announced on September 18, 2024.

Know more about this promo for the public here.

“Rank Your Money Moves” on TikTok

Sun Life has also launched an interactive TikTok filter called “Rank Your Money Moves.” This gamified filter lets you rank your priorities such as love life, food, and travel, providing a fun financial personality type based on their choices. Trying out the filter was a fun way to reflect on your financial priorities and gain new insights.

Try it out here.

It’s time to turn your game plan into actual moves towards financial freedom. Consult a Sun Life advisor to create a personalized financial strategy or visit Sun Life’s website for more information. By taking proactive steps today, you can secure a brighter and more stable financial future.

So my dear young ‘uns, embrace the game of life with confidence and strategy, and let Sun Life be your partner in achieving financial success.

Check out my previous posts about financial freedom:

Check out my posts about Sun Life:

#HealthIsWealth: How your physical well-being impacts your finances

Rebooting your finances: How to restart your financial journey

How freeing yourself from money worries lets you #LiveLifeBrighter

Picture a life where stress and worries take a backseat, where your daily concerns don’t revolve around making ends meet or fretting over unexpected expenses. That is what a brighter life means to me. It’s a life unburdened by financial strains, a life where you have the freedom to chase your dreams, nurture your relationships, and explore your passions without the constant shadow of money problems looming overhead.

Financial Stress and Its Impact

Let’s rewind to the past – a time when my journey (together with my husband’s) was just beginning. Fresh out of college, I found myself not only navigating the world of adulthood but also shouldering the responsibilities of parenthood. The weight of financial obligations grew as my husband and I pursued career paths that differed from our college majors. Climbing the corporate ladder was exhilarating, but it came with its share of challenges, particularly as we juggled building a family alongside our demanding careers.

The differences in how my husband and I managed money only added to the stress. Our contrasting financial styles led to disagreements and misunderstandings, increasing already existing tensions. It became clear that money was not just a tool for transactions; it was intertwined with our emotions, choices, and even our happiness.

Back then, I was constantly fretting over utility and credit card bills, wallowing in bitterness because I felt like I was being left behind by my peers who are out partying at clubs, dining at fine restaurants, or job-hopping to more glamorous or higher paying work, while I was stuck at home, learning how to be a wife and parent, or stuck at work, earning a paycheck to settle the burgeoning bills.

I won’t be surprised if there were times when Hubby didn’t like me then, given how often I nagged and complained. To tell you the truth: looking back, I wouldn’t like me either.

The Journey to Financial Independence

Fast forward to today, and our story has taken quite a different turn. Over time, we’ve come to realize that financial independence isn’t just about having a substantial bank balance; it’s about understanding how money works and aligning our goals and values. (Of course, it helped that as our brood grew to two children, our motivations for getting our act together doubled.)

Also, as we matured and our careers stabilized, we gained a better grasp of managing our finances as individuals and as a couple.

This is when we started to see a shift.

We began to communicate more openly about our financial aspirations, fears, and plans. Gradually, we moved from vastly opposing views on spending and saving our money to meeting in the middle. With this newfound alignment, there was this tangible sense of relief and freedom. It was like shedding an invisible weight that had held us down for far too long.

Cultivating a Brighter Life through Financial Freedom

With financial worries fading into the background, we saw some changes in our relationship as well. We began to appreciate each other’s perspectives, strengths, and even quirks. This newfound understanding brought a renewed sense of togetherness, as we faced life’s challenges hand in hand.

But it wasn’t just about us as a couple. As individuals, we started investing more in ourselves – exploring passions, hobbies, and interests that had taken a backseat during the turbulent financial times. By pursuing career paths that aligned with our competencies and interests, we were also able to develop as professionals and experience pride in our work. We also learned to manage ourselves better, making wiser purchase decisions and putting more value on things that will benefit our family in the long-term, rather than just giving us a momentary taste of luxury. Ultimately, these personal shifts not only made us happier but also added new dimensions to our relationship.

I can definitely say that at this point, we are living significantly brighter lives.

First things first: The Financial Planning Pyramid

We all have our unique personal and financial journeys but there are some bits of wisdom that guide us, no matter our unique circumstances.

One of these is the Financial Planning Pyramid.

Sunlife Financial Planning Pyramid — From SunTalks Digital Media Edition “Achieving Your Own Brighter Life”

This tool serves as a road map, determining our current priorities as they pave the way towards our long-term financial objectives.

For instance, as Hubby and I worked our way towards financial liquidity – being able to cover our family’s daily needs, managing our debt and being secure of our ability to weather calamities ranging from bad weather to work disruptions – we are able to devote time and energy towards pursuits that greatly contribute to our family’s health and happiness, as well as those that protect and build wealth that improve our way of life, as well as transfer as our legacy to our kiddos.

This is just one of the many insights that I, together with fellow bloggers, learned during the recent Sun Talks Digital Media Edition “Achieving Your Own Brighter Life.”

Sunlife Achieving Your Own Brighter Life — During the SunTalks Digital Media Edition “Achieving Your Own Brighter Life” (I’m in one of the Zoom frames :-))

During the session, Sunlife Agency Strategy & Digital Transformation Head Jenny del Mundo and Sun Life Advisor Josh Jayzzer de Leon shared their personal experiences and smart tips on how everyone could achieve financial freedom to be able to achieve their own brighter lives.

Fundamental to all of these learnings, of course, is the need to manage money wisely to be able to grow it and live a life free from financial worries.

As I reflect on where Hubby and I were when we started and where we are now, the transformation is awe-inspiring. Our journey from financial stress to having a lot more financial freedom has taught us that money isn’t just currency; it’s the power to shape our lives, relationships, and happiness. The weight of worries has been replaced with the lightness of possibilities, and every day feels like a step towards a brighter future.

So, Dear Reader, should you ever find yourself bogged down by financial woes, remember that you hold the pen to your financial story. As you navigate the maze of financial choices, keep in mind that freedom from money worries is not just a destination; it’s a way of life, one that allows you to shine brighter than you ever thought possible.

Begin your journey towards financial freedom. Check out Sun Life’s life insurance products by consulting a Sun Life advisor or visiting its website.

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2022, Sun Life had total assets under management of CAD 1.33 trillion. For more information, please visit http://www.sunlife.com.

Check out my posts about previous Sun Talks:

Sun Life unveils sustainability agenda with Financial Independence Month

In celebration of the Philippines’ independence this June, Sun Life of Canada (Philippines), Inc. has unveiled its sustainability agenda, reaffirming its commitment to helping Filipinos achieve financial freedom and brighter lives.

Sun Life’s Long-standing Commitment to Sustainability

For over 128 years, Sun Life has prioritized sustainability not only within its Philippine office but also as part of the global organization. Benedict Sison, CEO & Country Head of Sun Life Philippines, emphasized the company’s alignment with sustainability goals and its engagement in philanthropic and environmental initiatives. He stated, “As a life insurance and asset management business, we are naturally aligned with sustainability goals apart from pursuing philanthropic and environmental projects.”

Aligned with United Nations Sustainable Development Goals

Sun Life’s commitment to sustainability is demonstrated through initiatives that support the United Nations Sustainable Development Goals. The company focuses on areas where it can have the most positive social and environmental impact, including Increasing Financial Security, Fostering Healthier Lives, Advancing Sustainable Investing, Operating as a Trusted and Responsible Business, and Uplifting Communities. Sun Life’s sustained advocacy for these causes is showcased on their sustainability journey page, available at www.sunlife.co/SustainabilityPH.

Sison highlighted Sun Life’s dedication to creating a positive impact and empowering Filipinos to achieve financial security and healthier living for future generations. He said, “We aspire for our people and our solutions to make a difference in Filipino lives, empowering them to achieve financial security and healthier living for generations to come.”

Financial Independence Month: Empowering Filipinos

Continuing its mission to enhance financial security among Filipinos, Sun Life is once again celebrating June as Financial Independence Month. The company aims to empower individuals through relevant and engaging content that conveys the message, “Freedom starts with a choice. Kaya mo ‘yan!” (You can do it!)

Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer of Sun Life, emphasized the significance of Financial Independence Month, stating, “Our rallying cry for this year shows our confidence in the Filipinos’ power to bring their goals to life.” She expressed Sun Life’s commitment to support individuals on their journey towards financial freedom and the vision of helping Filipinos achieve lifetime financial security.

Inspiring Short Films and Learning Modules

To inspire and motivate individuals, Sun Life has produced four short films created by its in-house team of young creatives. These films share heartwarming stories of Filipinos who made the choice to take control of their future and realize their goals:

“Sinag” by Mei Solis tells the story of a daughter struggling to connect with her Overseas Filipino mother until they discover a shared goal of being together for good.
“Kulay” by Casey Borja explores the world of a child on the autism spectrum who brings hope to his business-owner father during a crucial time.
“Ngayon at Bukas” by JC Manzano depicts the struggle of a son in search of his path, which unexpectedly leads him to his father’s humble barber shop.
“Para Sa Akin” by Bea Aguilera humorously portrays how a string of bad luck can ironically lead to finding a bright partner.

Starting from June 19, these films will be available on www.sunlife.co/KayaMoYan. Complementing the films, Sun Life is offering free learning modules for individuals seeking to build their financial portfolio. The message will be further amplified through content on Sun Life’s social platforms, including @SunLifePH on Facebook, Instagram, and TikTok.

Sustaining a More Sustainable Future

Sison affirmed Sun Life’s commitment as a partner in achieving a more sustainable future for Filipinos. He expressed appreciation for the progress made thus far and eagerly anticipated future milestones, with the goal of enabling more individuals to experience the freedom of living brighter.

Details provided in a recent press release.

Header image by Freepik

Sun Life and Smart renew partnership to promote financial literacy among cooperatives

Sun Life Philippines (Sun Life), the country’s leading life insurance company for 12 consecutive years, has renewed its strategic partnership with Smart Communications, Inc. (Smart). The aim of this partnership is to enhance financial literacy among cooperatives affiliated with Smart.

Expanding the Program’s Coverage

The renewed partnership between Sun Life and Smart will broaden the program’s reach by conducting financial literacy trainings for cooperatives in various locations, including Benguet, Bulacan, Cavite, Cebu, Davao, Iloilo, and Metro Manila throughout the year. This expansion seeks to empower more cooperative members by providing them with essential knowledge about finance and its relevance to their industry.

Building on Previous Success

Sun Life and Smart are committed to surpassing the achievements of the program in 2022. Last year, the initiative successfully engaged and educated nearly 500 cooperative members on finance fundamentals. The partners aim to build on this momentum and continue empowering Filipinos to pursue their financial goals.

Advocating Financial Literacy

Sun Life has always been a strong advocate of financial literacy, recognizing its crucial role in leading individuals to a brighter life. With the renewal of the partnership with Smart, Sun Life President Alex Narciso believes they can further elevate their efforts and empower more Filipinos to achieve financial independence.

“Sun Life has always been a staunch advocate of financial literacy as we believe it plays a key role in achieving a brighter life. We are always looking for ways to elevate our efforts and help empower even more Filipinos to pursue their financial goals. I believe the renewal of our tie-up with Smart can help us do that,” Sun Life President Alex Narciso said.

Empowering Cooperatives through Financial Literacy

Cooperatives play a vital role in their respective communities and contribute significantly to the country’s economy. Recognizing their importance, Smart is committed to empowering these cooperatives through financial literacy and digitalization. By renewing its partnership with Sun Life, Smart reaffirms its commitment to supporting its partner cooperatives and providing them with relevant solutions.

“Given the key role that cooperatives play in their respective communities and in our country’s economy as a whole, it is important to empower them through financial literacy and digitalization. Through the renewal of this partnership with Sun Life, we are doubling down on our commitment to support our partner cooperatives and help provide them with relevant solutions,” FVP and Group Head of Smart Go-To Market and Subscriber Management Melvin Nubla said.

Joining Forces for Financial Empowerment

The collaboration between Sun Life and Smart represents a collective effort to promote financial literacy and empower Filipinos in their journey toward financial independence. As part of this endeavor, Sun Life encourages individuals to stay updated on the program and other initiatives by following @SunLifePH on social media platforms such as Facebook, Twitter, Instagram, and TikTok. To learn more about Sun Life and its products, visit its website at www.sunlife.com.ph.

Details provided in a recent press release.