Sun Life steps up financial literacy programs

MANILA, Philippines - Sun Life of Canada (Philippines) Inc., which pioneered life insurance in the Philippines, has invested time and resources in financial literacy programs aimed at creating a financially-prepared generation of Filipinos.

With an army of brand ambassadors and an array of financial literacy programs, Sun Life is ready to talk to Filipinos from all walks of life in hopes of liberating the country from the centuries-old problem of financial insecurity, a heavy price to pay for ignorance in financial concepts.

“We want the Philippines to get out of vicious cycle of lack, where parents rely on their children who cannot prepare for their own future,” Mylene D. Lopa, chief marketing officer of Sun Life Financial said in an interview.

“The critical segment to change that is the young people. Once you educate them, there’s a chance for them to stop the cycle,” she said.

Numerous studies have painted gloomy pictures on the financial security of Filipinos.

In a survey conducted by Social Weather Stations in partnership with Sun Life, nine out of 10 Filipinos experienced financial shortage in the past 12 months, particularly in the areas of basic living expenses, education, health emergency and debt payment. The survey showed that the shortage is not limited to Filipinos belonging to the  lower socio-economic class but it extends to those of higher income brackets.

Even years back, the poor financial health of Filipinos were evident. Lopa said that in 2009, Sun Life found out that 90 percent of those who passed away left no inheritance and among 60 years old and above, only two percent were financially secure.

“We attribute it to lack of financial literacy and there is no foresight. We are not long-term thinkers,” she said. Almost 120 years since the life insurance industry started in the Philippines, penetration rate remains low, with just two percent of the population covered by insurance products, 15 percent if including companies that secure insurance for their employees.

Hence, Sun Life launched the “It’s Time!” financial literacy advocacy in 2009, just when the Philippines and the world were reeling from the global financial crisis.

“We were the first insurance company who did a big multimedia advertising,” Lopa said, adding that Sun Life decided shifted its focus from merely selling insurance products to educating the market on financial literacy.

In June 2013, the company relaunched the financial literacy program through the “Brighter Life” campaign. Its goal is to enlighten Juan on his power over money, show Juan how he can master his money to achieve his aspirations, encourage Juan to plan for the future and empower Juan to make the bright money choices.

“We had the series of activities meant to raise consciousness of Filipinos about their financial situation and we gave them solutions,” Lopa said.

Under the campaign launched in June, which the insurer declared as Financial Independence Month, Sun Life rolled out the FIT program, which stands for Financial Intelligence Test, Financial Independence Trainings and Financially Independent Tomorrow, among others.

“We invited external speakers and registered financial planners to talk about basic personal finance,” she said, adding that there were around 600 participants per session.

Sun Life also made its online presence felt through brighterlife.com.ph, an educational site focused on personal finance. To date, the Brighter Life community has 40,000 members.

Since making financial education its advocacy, Sun Life has come full circle with the help of its brand ambassadors targeted at different Filipino audience.

“We have a spokesperson and message for every segment. This July, our focus is teaching the next generation how to be prepared,” Lopa said.

Specifically, Iñigo Pascual is for the young people just getting started in life while social media darling Team Kramer are for those in the moving up stage.

Veteran actor Piolo Pascual is in the “sandwich generation” or those in the late 30s and early 40s who take care of their own children and also provide for their ageing parents, Lopa said.

Lastly, multi-awarded furniture designer Kenneth Cobonpue is an ambassador on leaving a legacy. “It is for those who have achieved success and they already think of passing legacy to loved ones,” Lopa said.

“We were the only ones who got a celebrity as a spokesperson to bridge the gap,” Lopa said. As a sign of success the morbid topic of life insurance has appeared already appeared on lifestyle and showbiz section of newspapers from the traditional business section only.

“We’ve seen an increasingly number of young people buying products, attending seminars and even becoming agents of Sun Life,” Lopa said, describing the major changes since Sun Life launched its financial literacy program in 2009.

But more work has to be done to improve the financial health and security of Filipinos, starting with education.

Lopa said Sun Life is committed to continuing its programs in line with the mission of helping customers achieve lifetime financial security.

“Let’s raise a financially-prepared generation,” Lopa said.

“The financial choices we make today will determine the kind of life their and their families will have tomorrow,” she said.

Sun Life introduced life insurance in the Philippines in 1895. It is a member of the Sun Life Financial group of companies, a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers.

In 2013, Sun Life posted P42 billion in premium income, up by 61 percent from a year ago, data from the Insurance Commission showed. Sun Life ranked first among life insurance companies, ending 2013 with total premiums of P29.7 billion or 48 percent higher than the previous year, while its joint venture with the Yuchengco group, Sun Life Grepa Financial Inc. posted a 106-percent growth with P12 billion in 2013.