'It's time!'

MANILA, Philippines - The recent global financial meltdown has spurred a great deal of anxiety among Filipinos. Concerns about quality of life, uncertainty of events and financial well-being have continuously disturbed the Filipino psyche, further intensifying a feeling of insecurity when it comes to financial affairs. 

As the economic crunch continues, a change of perception is critical. It is not simply riding out the storm, but seizing the opportunity that comes with the crisis. After all, there is no better time than today.

It could be wrong to assume that Filipinos are not involved with their finances. But misconceptions and passive responses hinder the effective means by which to react to these anxieties.

It is on this premise that Sun Life Financial-Philippines conceptualized a financial literacy campaign designed to further educate Filipinos on how to effectively prepare for the future.

According to SOLAR ( Sun Life’s Study of Lifestyle, Attitudes and Relationships), 86 percent are concerned and very concerned about inflation. However, 67 percent think savings and time deposits give the best returns in the long term.

Since health ranks among the top concerns for Filipinos, 76 percent are concerned about paying for health treatment. Still, an overwhelming 85 percent will rely on savings as opposed to 35 percent who depend on health insurance.

So it is not surprising that insurance penetration remains low: 45 percent of AB market; 30 percent of C1 market; and 17 percent of C2 market. And though 50 percent say they are likely to buy either life or health insurance in the next 12 months, the historical growth rate of insurance sales per annum is a mere 3 percent.

“There is this great disparity between the perception of Filipinos and what they actually want to happen. We want them to be pro-active, instead of passive! Fortunately, Sun Life has the answer for them,” declares Sun Life Financial Philippines (SLFP) chief strategic marketing officer Greg Martin.

It’s time!

Pursuing its mission of providing a secure and stable future, SLFP latches on the urgency of current conditions to educate the market on how to manage and grow their hard-earned money.

“We named our financial literacy advocacy ‘It’s time!’ to compel everyone to action. Basically, we want every Filipino to assume an active role when it comes to his/her financial needs,” explains Martin. Through the advocacy, the market can take a pro-active stance in their financial resources.

It’s Time! also counters the usual objection of “no money, no need, no hurry.” For Martin, these are mere excuses to delay the meticulous task of putting one’s finances in order. Images of endless receipts and slouched-on-the-chair-until-midnight often terrify even the most purposive clients.

“What’s great about It’s Time! is that we do not want to overwhelm our clients. Financial planning is both a process as well as a lifestyle change. It can’t happen overnight, but Sun Life can make it easy for them,” said Martin.

And in order to bring the advocacy closer to the public, several proponents of financial literacy have been tapped. Among them are health and insurance advocate Pia Magalona and youth leader Bam Aquino.

Catalysts of change

Still, It’s Time! enjoins every Filipino to be a champion of the financial movement. Making a round of talks and recommendations with family members and friends can start a paradigm shift on how Filipinos view insurance and investment products.

“Each of us is a catalyst of change. Let’s start with our own anxieties, believing that proper planning can dispel such worries. Then we’ll move on to those closest to us, which they’ll pass on to their own circles. By simple actions, our advocacy is in full gear,” Martin points out.

After all, time is of the essence.