A survey commissioned by an insurance company revealed that most of our overseas Filipino workers (OFWs) have no definite plans or timeline for their retirement.
Sun Life of Canada Philippines, Inc. (Sun Life) revealed that they have sponsored a survey conducted August 30 to October 3 last year among 300 respondents comprising of OFWs (excluding immigrants). The respondents are 25-50 years old, residing permanently in Metro Manila, Bulacan, Zambales, Bataan, Cavite, Laguna, Batangas, Rizal, and Iloilo, and predominantly based in Asian countries.
Up to 88% of OFWs who participated admit that they have no definite plans as to when they will retire and come home for good. But these OFWs identified the goals which will serve as their cue to stop working abroad once attained:
- Meeting their savings target (79%)
- Starting a business (71%)
- Owning physical assets (56%)
- Children’s graduation (37%)
- Full payment of loans(27%)
Analyzing the results of the survey, Sun Life Marketing Business Support Unit Head Cary Casipit said that this ambiguity really affects OFWs and their goals.
“It became apparent that while OFWs have definite goals, the path towards those goals remain unclear. This makes it difficult for them to pursue those goals, prepare for retirement, and ultimately, come home for good,” said Casipit.
Sun Life ‘Shine Pinoy’ Program
However, there is hope. The survey showed OFWs actually have the right financial behavior, where they budget their salaries and save. What appeared to be lacking was sufficient knowledge about the proper financial tools and access to a professional financial advisor who can guide them. “This is where Sun Life can help,” Casipit said. “With our commitment to help Filipinos live brighter lives, we have amplified our ‘Shine Pinoy’ program to help OFWs change their mindset from ‘OFW for good’ to ‘come home for good’ so that a comfortable retirement can be a tangible reality for them.”
Shine Pinoy is Sun Life’s program especially designed for OFWs and their families, with a goal of helping them plot a path that will eventually lead them to come home for good and enjoy a financially secure future. Under this initiative, the company holds financial planning sessions and webinars with content tailor-made for this audience.
Shine Pinoy also provides avenues for OFWs to connect with a Sun Life advisor who has been specially trained to address the financial planning needs of OFWs. Through this program, an OFW who wishes to know more about Sun Life’s products may connect with an advisor for a consultation, then avail the products while they are in the Philippines.
“The OFW sector remains to be a significant contributor to the Philippine economy in terms of their remittances, driving domestic consumption, and increasing dollar reserves,” says Sun Life of Canada (Philippines), Inc. President Alex Narciso. “At a time like this when the country is striving to recover from the pandemic, we at Sun Life are determined to strengthen our services for them, so they too can rise to a brighter future and come home for good.”
For a peek at the Shine Pinoy program, one may go to http://bit.ly/suntalksonline and check out the Partner for Overseas Filipino Track. To know more about Shine Pinoy and other updates about Sun Life may visit www.sunlife.com.ph and follow @SunLifePH on Facebook, Twitter, and Instagram.