MANILA, Philippines — Financial security to address health emergencies and starting one’s own business were identified as top dreams of Filipinos as they aspire to be resilient and self-sufficient, according to the Boston Consulting Group (BCG).
These were among the findings of a BCG study covering 1,500 respondents to gain insight on Filipino aspirations, needs and attitudes toward financial and institutional support.
The study showed that 58 percent of respondents cited financial security for health scares as a top dream, reflecting Filipinos’ concerns over healthcare costs and access.
It also revealed that 56 percent aspire to start their own businesses.
BCG said these dreams show the prevailing sentiment across Filipino society – a desire for resilience, self-sufficiency and progress.
The study also showed that 53 percent of respondents feel they are closer to achieving their primary dream than last year, with 68 percent optimistic about the coming year.
Despite the optimistic outlook particularly among rural consumers, there are significant challenges.
Of the top six dreams of Filipinos, BCG said four relate to financial security, emphasizing that rising living costs, healthcare expenses and institutional distrust are seen as major hurdles.
It also revealed that only 46 percent of Filipinos are financially ready for emergencies, with many turning to traditional savings methods like the paluwagan system as an alternative to formal institutions.
In addition, the research showed Filipinos are relying more on self-sufficiency due to perceived limitations within public and private institutions.
For Filipinos, achieving financial freedom is largely a personal responsibility.
BCG managing director and partner Julian Cua said the study shows the barriers Filipinos face in achieving their dreams.
“By understanding both the dreams of different Filipinos and their motivations behind them, we believe corporations in the Philippines will be able to support and empower them at every stage of their journey,” Cua said.