Filipinos’ favorable experiences with digital transactions amid the pandemic fueled greater interest in purchasing insurance online, the latest study by Manulife Philippines revealed.
Based on the study “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal” commissioned by Manulife, about 25 percent of Generation X, or those born between 1965 and 1981, bought insurance products online.
Likewise, around 33 percent of Millennials, or anyone born between 1981 and 1996, purchased insurance options online in the past 12 months.
According to the Manulife study, the top insurance products purchased were life insurance as well as medical/health/accident insurance, which both garnered and tied at 28 percent each, while investment-linked insurance cornered 10 percent.
“Most Filipinos recognize the convenience (45 percent), sense of security (22 percent), and protection (17 percent) that buying insurance online offers,” Manulife noted.
The study was conducted via online self-completed questionnaires, surveyed 500 Filipinos, aged 18 to 55, in May 2022 across the country. This included insurance and non-insurance owners.
Meanwhile, the study also revealed that Filipino parents have thrived while children still struggle in the digital-by-default life of today’s new normal.
According to Manulife, there were notable differences in the impact of the pandemic and digitalization within families, with some embracing new passions and hobbies, while others, particularly younger Filipinos, expressing digital fatigue.
In a survey run in May 2022, reflecting on the worst period of the pandemic this year, 38 percent of Generation X and Millennial parents and 40 percent of Generation Z children said their well-being had suffered.
Across generations, they identified as the top negative pandemic effects: isolation from family or friends; financial difficulties; increased occurrence of negative emotions such as stress, fatigue, and depression; and a decline in physical activities.
The survey also revealed that, as restrictions eased and the country began its shift to the new normal, more than half of Generation X and Millennial parents (54 percent), and Generation Z children (51 percent) said their well-being has improved compared to the peak of the pandemic.
Stress levels also decreased for 57 percent of the parents and 42 percent of the children.
Gens X and Y Filipino parents attributed their improved well-being to better work-life balance and “more hands-on, more present” parenting.
Eighty-two of parents said they bonded more with their families, while 89 percent said their family ties got stronger. As for fulfilling responsibilities, 72 percent of those surveyed said they are able to take care of their kids more, and 74 percent can manage household chores.
For Gen Z children, however, they remain under a lot of pressure and feel more stressed despite the improving pandemic situation.
Specifically, 54 percent shared that they are sleep-deprived; 68 percent experience stress, fatigue, and depression, while 55 percent are increasingly irritable. Thirty-two percent have also developed unhealthy eating habits.
About 24 percent of Gen Z children also shared that they are stressed due to increased family conflicts, usually triggered by financial challenges, household chores and obligations, and work and school demands.
Fifty-six percent of Gen Z children surveyed also said they are concerned with the return of face-to-face classes, while 46 percent of them shared social media and keeping up with online image put pressure on their looks.
To help them cope, they actively sought more opportunities to take a respite from the digital world, as 65 percent have expressed digital fatigue, prompting them to seek more offline interactions with friends and family.