Recent studies show that most Filipinos would want to retire early as age 50, and that majority consider health as a top concern. However, the sad part is– there is rarely enough savings to sustain an early retirement and only a minimum percentage of these people are prepared to pay for medical costs should an emergency occur. This is a common situation here in the Philippines today, and I believe it is not as hopeless as it seems to be if only financial literacy is instilled in everyone of us.
See, everyone dreams of retiring at an age when they can still be active and engage in new pursuits. We all want to enjoy life to the fullest— see the world, run a business, or pursue our passions. But only a few Filipinos have done what is needed to achieve these goals.
Financial planning is perhaps the most important part of this process. It is a continuous process that maps out the road towards a better future.
Live ready is Philam Life’s Financial Literacy campaign that hopes to impart and emphasize the importance of proper financial planning among Filipinos. The goal is to help our fellow Filipinos to live longer, healthier, and better lives through better financial planning. This aims to create financially literate Filipino families, and build a financially stable nation.
One challenge is worth mentioning that somehow makes it difficult to achieve financial freedom or have a sound financial planning is the YOLO ( You Only Live Once) mentality of the younger generation group we call millennials. We see the vibrance of life in them, being exposed to many options to spend their money in travel, gadgets, food, clothing and a lot more. With this, a little or zero thought is given in saving money for the future, and this is where the campaign for financial literacy comes in, teaching us to be responsible in our finances.
We need to identify our financial goals or dreams that we want to achieve. This could be settling unpaid bills and loans. We also need to save first before spending. Easier said than done, eh? We are often used to saving what’s left after we spend, if there’s any.
It is important to plan our finances early and keep our eyes on our goal for us to achieve financial security when we retire.
Lastly, it pays to talk to a financial expert or adviser. This process takes a lot of discipline and hard work and a financial advisor can help you plan ahead and guide you through a process that is suited to your lifestyle.
For more helpful tips/information on financial planning and Live Ready, visit www.philamlife.com . You may also contact:
MS. CRISTINE SUBANG (Financial Adviser)
The Philippine American Life and General Insurance Company (PHILAM LIFE)
3F Philam Life Davao Regional Office
Rizal St., Davao City
Mobile: +63 (999) 401- 7324 / +63 (917) 444-7040
email : cristinesubang@gmail.com
