Filipinos are more health and wealth conscious, mobile phone dependent
A recent study conducted by the Economist Impact explored by Pru Life UK revealed that Filipinos are increasingly turning to their mobile devices to manage their health and finances.
“Fulfilling Futures: Living better with mobile technology in the Philippines” study found that 75% of respondents utilize mobile apps to enhance their physical well-being and fitness, placing the Philippines fourth among the 13 Asian countries surveyed.
Furthermore, Filipinos are relying on mobile apps for comprehensive personal financial management, with an overwhelming 79% of survey respondents reporting the use of mobile apps for this purpose. This marks the Philippines as the second-highest user of finance apps in Asia, closely following India.
“The key insights from the Fulfilling Futures Philippine study strengthen Pru Life UK’s mission to be the most trusted partner and protector of Filipinos and their families by providing simple and accessible financial and health solutions through our digitalization efforts,” said Allan Tumbaga, Pru Life UK Executive Vice President and Chief Customer & Marketing Officer.
The Philippine study also revealed that free health and fitness apps were popular among Filipinos. Notably, one-third of respondents indicate that the increased availability of mobile health apps would motivate them to engage in healthier activities.
Regarding personal finance apps, e-wallets emerge as the top choice, primarily due to the convenience and affordability they offer. Other popular apps include household expense and budget managers, banking apps, and consumer credit services.
Gillian Parker, Principal and Sustainability Lead for Asia Pacific, Policy & Insights of the Economic Impact emphasized, “The accessibility of health and finance apps has played a pivotal role in making Filipinos more conscious of their finances and overall well-being. It’s inspiring to witness how technology can transform lives and promote financial literacy at the same time.”
Commitment to reinforcing holistic health and wealth management
The study is part of the larger “Fulfilling Futures” umbrella research initiated by Prudential, which explores the significant shift across Asian markets in their attitudes towards work, health, and overall well-being, and the vital role of digital technology in our everyday lives.
The Philippine study will serve as a foundation for developing further research and spearheading discussions with experts across industries to improve the existing digitalization regulations and financial inclusion programs in the insurance industry.
Through its online platforms and 40,000-strong digitally-empowered agency force, the company aims to bring the benefits of insurance closer to more Filipino families.
To learn more about Pru Life UK’s research and its pioneering role in fostering discussions on health, finance, and digitalization, please visit www.prulifeuk.com.ph.
Click here to get a copy of the study.
About Pru Life UK
Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country. Since its establishment, Pru Life UK has expanded its reach to over 173 branches and 120 general agency offices in the Philippines, with the largest life insurance agency force with more than 40,000 licensed agents.
The company continues to be one of the leading insurers in the country, ranking first in terms of Total Renewal Premium Income from Variable Life Insurance Products* and New Business Annual Premium Equivalent** in Q2 2023, according to the Insurance Commission. Pru Life UK is headquartered in Uptown Bonifacio, Taguig City.
Pru Life UK and Prudential are not affiliated with Prudential Financial, Inc., (a company whose principal place of business is in the United States of America), Prudential Assurance Company (a subsidiary of M&G plc, a company incorporated in the United Kingdom), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies). Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.
For more information: www.prulifeuk.com.ph