Tag: Sun Life survey

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.

The Hidden Costs of Diabetes: Financial and Mental Health Struggles in the Philippines

Imagine waking up every day knowing that managing your health will come at a cost—not just physically, but emotionally and financially as well. For many Filipinos living with type 2 diabetes, this is the reality. A recent survey by Sun Life Asia sheds light on the profound impact of this chronic condition, uncovering an urgent need for better awareness, prevention, and access to care.

The Heavy Financial Toll of Type 2 Diabetes

For 51% of Filipinos with diabetes, the condition places a “severe” or “significant” financial strain on their lives. Alarmingly, 89% of respondents said they cannot consistently afford the care they need, often forced to make difficult trade-offs between health and other necessities. Even those who do not have diabetes feel the weight of this potential burden: 81% of non-diabetics are “very concerned” or “concerned” about the financial repercussions of a diabetes diagnosis.

Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer at Sun Life Philippines, highlights the broader implications: “To help address the financial impacts of this illness, our financial literacy advocacy continues, sharing ways to develop good financial habits, build the necessary funds, and be financially secure even while managing diabetes. This is our commitment.”

Mental Health: The Silent Struggle

Beyond the financial burden, the survey reveals a significant mental health impact for those with diabetes. About 69% of respondents reported negative effects on their mental well-being after their diagnosis. Feelings of judgment and stigma exacerbate this struggle, with 69% feeling judged by family and friends and 70% experiencing bias at work.

Such social and emotional pressures often go unnoticed, yet they are critical in understanding the full scope of diabetes’ impact. “Our research shows it’s critical to address the notable knowledge gaps around diabetes—its risk factors, and the importance of early diagnosis and prevention,” says Steven Ho, Sun Life’s AVP, Medical Director.

A Preventable Crisis

Despite the rising prevalence of diabetes—projected to affect 152 million people in Southeast Asia by 2045—prevention measures remain underutilized. In the Philippines, 40% of individuals have never been screened for diabetes, while only 45% undergo annual screenings. The lack of awareness extends to children: one in ten parents do not ensure their kids eat a healthy diet, and 25% fail to encourage regular exercise.

Understanding food labels is another hurdle, with 30% of respondents struggling to identify hidden sugars and fats in their diet. As Ho emphasizes, simple lifestyle changes, such as regular exercise and healthier eating, can dramatically reduce diabetes risks and even lead to remission.

Barriers to Healthy Living

A decline in physical activity further complicates efforts to combat diabetes. More than a quarter (27%) of Filipinos report exercising less than they did five years ago, citing a lack of safe, accessible spaces as a primary reason. To address this, Sun Life has partnered with Beyond Sport to launch “Hoops + Health,” a program that promotes active lifestyles through basketball. Since 2023, the initiative has reached over 14,000 people in underprivileged communities.

Combating Myths and Misconceptions

Misconceptions about diabetes continue to hinder progress. Nearly 23% of Filipinos believe type 2 diabetes only affects overweight individuals, while 58% attribute it solely to excessive sugar consumption. Such myths contribute to a lack of proactive health management.

The survey also found that only 35% of Filipinos believe type 2 diabetes can be managed without medication, even though many medical professionals emphasize the potential for remission through lifestyle changes. However, only a fraction of diabetics actively work toward reversing their condition, with most unaware that this goal can often be achieved within a year.

A Shared Responsibility

To tackle diabetes effectively, education and community support are key. Gonzalez-Chong outlines Sun Life’s ongoing efforts: “Through partnerships with local hospitals and organizations, we are providing nutrition counseling, fitness activities, and diabetes screenings to communities across the Philippines. It is our hope that this will inspire more communities to make diabetes prevention a shared goal.”

By raising awareness and empowering individuals to take preventive action, Sun Life aims to reduce the hidden costs of diabetes—financial, emotional, and social—and foster healthier futures for Filipinos.

For more details on Sun Life’s “Healthy Habits, Healthier Futures” survey, visit Sun Life’s website.

Details provided in a recent press release.