Filipino adults shoulder heavy family support burden, hindering financial future

MANILA, Philippines — About two in three Filipino adults shoulder financial responsibilities for family members, placing the Philippines among the most burdened in Asia and making it harder for many to pursue long-term financial and health goals, according to Manulife’s latest survey. The Manulife Asia Care Survey 2026, which polled more than 9,000 respondents across Asia, including 1,000 in the Philippines, found that 68 percent of Filipino respondents carry financial responsibilities for family members, breaching the regional average of 48 percent. READ: Institutionalizing children as breadwinners These respondents spend nearly half of their monthly income supporting relatives, while 67 percent also provide care to a family member, spending an average of 32 hours a week on caregiving—well above the regional average of 23 hours. “Family caregiving and financial responsibilities strain long-term self-reliance. This is most felt by the sandwich generation,” the insurance firm said, referring to adults who care for both their aging parents and their children. Among respondents, 13 percent provide care to both generations, while 17 percent extend financial support to both. “For many, these dual responsibilities are making it harder to prepare for their own future: 74 percent say caregiving and financial commitments hinder their ability to build self-reliance, while 71 percent report delaying their own medical care as a result,” Manulife said. Concerns over future care costs also remain widespread, with 82 percent worried about being able to afford long-term care. On average, respondents estimated they would need P34,485 a month to cover future care expenses, with most planning to rely on personal savings and investments. Still, 21 percent of respondents expect to rely on financial support from their children to help fund their care needs in old age. In a separate development, Manulife said demand for insurance products has remained resilient despite global economic uncertainty and shifting consumer spending priorities. READ: Half of Filipinos seen not ready for retirement “Because of the overall global uncertainty, we see a demand for guaranteed-return products coming up because people want more stability in the near future rather than taking some kind of risks in the market because of the unpredictability, especially if you have a shorter horizon for your investments,” Rahul Hora, president and chief executive officer of Manulife Philippines, said. “The demand for health products is growing very fast. That is one of our fastest-growing product segments. More and more customers are becoming conscious of the need to buy a health product so that they can take care of the financial aspect of getting sick,” he added. INQ