Monday, May 29, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Lifestyle Young Life

COVID-19 uncovers youth’s fear of running out of money

Monica SanchezbyMonica Sanchez
September 4, 2021, 7:00 pm
in Young Life, Youth
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

The ongoing pandemic has taken several good night’s sleep from Mary Anne Lucero, 28. “The anxiety,” she said, “brought by uncertainty is a powerful stimulant”.

Filipino millennials and Gen Zs are afraid of running out of money during the pandemic, thus becoming more financially conscious.

With an unsure future before her, the communications associate made several changes in her life that she said she “probably” wouldn’t have done if not for these challenges.

What once was a spender, Lucero now saves more than she did two years ago. She invests in several financial instruments, from variable unit-linked (VUL) products to cryptocurrency. She also spends less, “but I still do, especially if I know the purchase will make me happy”. Lucero said, “Grab every opportunity that brings positivity, even just a bit, into your life. We all need it.”

Like Lucero, many millennials (aged 25-40) and Gen Zs (15-24) have become more financially conscious during the pandemic, driven by fear of “running out of money”. 

According to a study conducted by insurer Manulife, titled Know Your Ys and Zs: A closer look at the financial and mental well-being of Filipino Millennials and Generation Z in the time of COVID-19, millennials and Gen Zs are also worried about “getting sick”, “losing their lives or their loved ones”, “declining mental health”, and “drowning in debt”. 

Sixty percent of millennials are investing in cryptocurrency. 

As many believe the pandemic has reduced their funds and job opportunities, 77 percent of the 500 respondents prioritize spending more on necessities than wants. Majority or 82 percent don’t want to incur debt or take loans as much as possible, and 82 percent save money every pay period or every month. 

Understanding that saving is not enough, millennials and Gen Zs have started taking steps to secure their future financially. More than half or 67 percent of surveyed millennials are investing in financial instruments, including insurance (79 percent), government savings programs (78 percent), and  cryptocurrency (60 percent). 

Their younger and not-as-financially-stable peers, on the other hand, plan to purchase an insurance plan in the next one to two years, with VUL products as top consideration.

“While millennials and Gen Z may have different priorities and goals, depending on where they are in their life journey, what is common is that the challenges brought by COVID-19 have accelerated their desire for financial stability.” noted Melissa Henson, chief marketing officer of Manulife Philippines. 

Mental health issues also affect working Gen Zs, mainly due to worries about debt and the possibility of job loss. 

To look after their mental well-being, Gen Zs practice various ways to improve their health, such as getting enough sleep (84 percent), enjoying a proper meal (76 percent), talking to friends and family (74 percent), making time for hobbies (74 percent), and being active through fitness activities and exercise (62 percent). 

“Millennials and Gen Zs’ most formative years have been marked by hyper-digitalization, easy access to information, rapid social, political and economic shifts, environmental issues, and unprecedented global change,” said Henson.

“Because of the pandemic, what should have been an optimistic period in their personal and professional lives has become a chapter filled with uncertainty and concern,” she added as the insurer bares plan to introduce more products that cater to the young generations’ needs.

Tags: cryptocurrencyGen ZManuilife PhilippinesMelissa HensonMillenialsmoney
ADVERTISEMENT
Monica Sanchez

Monica Sanchez

Related Posts

Artist’s corner

byManila Standard
April 15, 2023, 6:00 pm
0
8
Artist’s corner

There’s no limit to a person’s imagination, especially for those who turn their ideas into reality. Winston Jr. S. Abapo,...

Read more

It’s time to #SpeakOut for safe spaces for women

byManila Standard Lifestyle
March 28, 2023, 9:48 pm
0
8
It’s time to #SpeakOut for safe spaces for women

Violence against Women is an issue that affects one in three Filipinas. At some point in a woman’s life, she...

Read more

TAYO20 Awards recognizes Filipino youth’s nation-building capacity

byPatricia Taculao
March 25, 2023, 6:50 pm
0
8
Artist’s corner

"Ang kabataan ang pag-asa ng bayan,” is one of the most popular quotes from the Philippine national hero Jose Rizal....

Read more

Globe sparks hope with Heroes of Learning Awards

byManila Standard Lifestyle
March 25, 2023, 6:40 pm
0
8
Artist’s corner

When schools closed as the pandemic pushed education to remote learning, we knew students would pay a heavy price. True...

Read more

Artist’s corner

byManila Standard Lifestyle
March 25, 2023, 6:30 pm
0
8
Artist’s corner

There’s more to art than the visual feasts people see. Besides theatrical performances, musical scores, and illustrations, to name a...

Read more

Celebrating the Sakura Festival in the metro

byManila Standard Lifestyle
March 24, 2023, 12:40 pm
0
8
Celebrating the Sakura Festival in the metro

Okada Manila unveils cherry-blossomed attractions and themed activities  Okada Manila, a Forbes 5-star property, once again brings the Japanese tradition...

Read more

Print Edition

View More

Recent Posts

  • Catantan out of action for 7 months
  • More fireworks as Heat, Celtics clash in Game 7
  • Alicia hosts National Chess Championships
  • NBA Community Court opens at Reyes Gym
  • PSA execs to grace PSA Forum
  • Erdogan extends 2-decade Turkey rule
  • Ukraine repels huge Russian air strikes
  • Nokor tells Japan of ‘satellite launch’

Advertisement

Latest News

Erdogan extends 2-decade Turkey rule

byAFP
May 29, 2023, 7:15 pm
0
8
Erdogan says Saudi Arabia wants armed Turkish drones

ISTANBUL —Turkish President Recep Tayyip Erdogan appealed for national unity Monday after winning a historic runoff election that extended two...

Read more

Ukraine repels huge Russian air strikes

byAFP
May 29, 2023, 7:10 pm
0
8
Southwoods nails Seniors’ Fil golf crown

KYIV—Kyiv repelled another large volley of overnight air strikes, officials said Monday, as the Ukrainian capital was still picking up...

Read more

Nokor tells Japan of ‘satellite launch’

byAFP
May 29, 2023, 7:05 pm
0
8
Southwoods nails Seniors’ Fil golf crown

TOKYO—North Korea has informed Japan that is preparing to launch a satellite as early as this week, Tokyo announced Monday...

Read more

Budget surplus of national gov’t climbed 13 times to P66.8b in April

byJulito G. Rada
May 29, 2023, 7:00 pm
0
8
How the weaker peso is affecting remittances—and three ways Filipinos can take advantage

The national government posted a budget surplus of P66.8 billion in April, or more than 13 times the P4.9 billion...

Read more

ICTSI investing P15b to build new berth at Manila terminal

byDarwin G. Amojelar
May 29, 2023, 6:55 pm
0
8
ICTSI plans to invest $230m next year to expand Mexican terminal capacity

International Container Terminal Services Inc. said Monday it is investing P15 billion to build another berth at the Manila International...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App