Filipinos are minding health and financial issues more today compared to pre-pandemic and they turn to apps on their mobile devices to manage their well-being, according to a study commissioned by life insurer, Pru Life UK.

The region-wide study released on Wednesday, Sept. 27, noted that of 13 Asian countries surveyed, the Philippines is in second place that use mobile devices for a comprehensive personal financial management.

It is also the fourth country that reported the most usage of mobile apps in ensuring a healthier lifestyle, based on the "Fulfilling Futures: Living better with mobile technology in the Philippines" study conducted by Economist Impact.

About 79 percent of those who participated in the survey said they utilize mobile apps to keep track of their finances. This makes the Philippines the second-highest user of finance apps in Asia after India with 80 percent. The top five also includes Thailand with 79 percent, Vietnam with 77 percent and Singapore with 73 percent.

Filipinos aged 45-55 are the active users of finance apps or 68 percent of respondents. Aside from e-wallets, popular finance apps include household expense and budget managers, banking apps, and consumer credit services.

The study said that income status “does not appear to dictate proclivity to use mobile technology” since “respondents with above- median incomes are only slightly more likely to use finance apps than those with incomes below median level (80% versus 78%).”

Bangko Sentral ng Pilipinas (BSP) Director of the Financial Inclusion Office, Ellen Joyce Suficiencia who is part of the study, said a majority of lower-income Filipinos utilize mobile apps for their financial transactions.

“E-wallets in particular have been a major boon to financial inclusion,” she said.

BSP data showed e-money accounts almost doubled in number between 2019 and 2021. The study noted that e-money is in fact “the most owned financial account in the country, outranking deposit accounts.”

“Affordability is the key to e-wallet popularity,” said Suficiencia. There are no fees or deposits required to open an account with a non-bank provider or e-money issuer.

Thus, affordability and convenience are major factors in the popularity of e-wallet since transfer fees are usually much lower compared to banks and it is also easier to transact remittances.

“Transactions—such as sending and receiving remittance—can be made on one’s phone without having to visit a remittance center or a bank. Remittance can be made instantly, which the traditional channels are not necessarily able to provide,” said Suficiencia.

Meanwhile, the study also showed that 75 percent of surveyed Filipinos said they utilize mobile apps to keep track of their physical well-being and fitness.

Mobile app rankings show that step trackers, women’s health apps, calorie counters, pulse and heart-rate monitors, doctor consultation services, and blood pressure monitors are currently the most popular types of free health and fitness apps used in the Philippines, based on the study.

The study noted that although younger Filipinos aged 25-34 and 35-44 are more likely to be mobile health users than the older ones aged 45-55, about 58 percent of surveyed Filipinos that use health apps belong to the older group.

In Asia, India topped this “healthier living” survey with 81 percent saying they depend on mobile devices to monitor their physical health and fitness, followed by Vietnam and Singapore with 78 percent and 76 percent, respectively. Along with Philippines, Hong Kong also has 75 percent of its surveyed people using mobile phones to monitor health.

Pru Life UK President and CEO Eng Teng Wong said that “Filipinos increasingly utilise mobile technology to achieve a healthier life and take a more proactive control of their finances.”

“The technology has drastically changed and enabled Filipinos to monitor their health conveniently and proactively, from using mobile apps that track daily activities to virtual consultations with healthcare professionals. This study also reveals Filipinos’ avid use of mobile finance apps and services like e-wallets, banking and insurance apps, and credit services to keep track of their finances, purchase financial products, and send money to their loved ones here and abroad,” said Wong.

In commissioning the study, he is hoping this will help the country’s financial inclusion efforts, and to critically assess the “advantages and disadvantages of Filipinos’ deepening reliance on mobile technology.”

Asian Development Bank principal health specialist Eduardo Banzon for the South-East Asia Department said that, “people’s wide-scale access to health information online is a two-edged sword.”

“It has helped to increase their awareness of the benefits of healthier lifestyles, but it’s also brought a proliferation of questionable health information and advice,” he said.

The study recommends room for improvement because the “rapid growth in adoption of mobile health and finance” by Filipino consumers “has given rise to some negative side effects.”

As pointed out by Suficiencia, the study noted that “an increased scope for misinformation and fraud is the most concerning one” as well as “poor financial knowledge and cyber hygiene” in mobile finance.

“Insufficient digital financial literacy often exposes people not only to bad financial advice but also to fraudsters,” said the BSP official.

Both Banzon and Suficiencia said that “the combined efforts of service providers and public authorities can further improve the utility of mobile technology in improving people’s lives.”

The study also noted Banzon’s views that the government's health department must apply more social media and mobile app channels to enhance its information campaign. 

The ADB official said the health authorities “should use mobile apps and social media more proactively to popularise health promotion initiatives.” 

As for the BSP, its main objective is for businesses especially micro, small and medium enterprises will have more familiarity with using digital payments.

Pru Life UK Executive Vice President Allan Tumbaga, also its chief customer and marketing officer, said they commissioned the study to have more insights in what they could still offer its clients including better solutions to Filipinos and their families when it comes to insurance needs.

The objective, he said, is to be the “most trusted partner and protector” as an insurance company “by providing simple and accessible financial and health solutions through our digitalization efforts.”

Since Filipinos are relying more on mobile apps, Tumbaga said the research the study will generate will help the company craft products that will be appropriate to the digital age.

Presently, Pru Life UK through its online platforms and 40,000-strong digitally-empowered agency force, wants the "benefits of insurance closer to more Filipino families.”

It said that the study is part of the larger “Fulfilling Futures” umbrella research initiated by British financial services giant Prudential plc, its parent firm.

The study “will serve as a foundation for developing further research and spearheading discussions with experts across industries to improve the existing digitalization regulations and financial inclusion programs in the insurance industry,” said Pru Life UK.