According to reliable sources, the priority of the “selfie” generation is to splurge on items related to lifestyle including cars and gadgets. It is noteworthy that “selfie” represents to the new young generation who are without any type of financial dependents and is believed to form a growing consumer powerhouse in Philippines.
A recent survey conducted by Sun Life Financial Philippines focusing on the attitudes, lifestyles and relationships of the natives of age group of 23 to 35 are revealed that this group of people also prioritized to setting money aside in order to open a business, acquire a real property and start a health insurance. The selfies also aimed to be independent financially either by starting a business or by owning a real estate before starting their family.
Sun Life Philippines thus consider these generations as potential investors. In an interview, Riza Mantaring, president of Sun Life Philippines, informed that the client base of the company’s mutual funds is now aged at or below 30. The scenario was entirely the opposite only a few years ago.
Solar has conducted a nationwide survey and found that 49 percent of the selfies informed that their priority is to purchase a vehicle within the next two years while 57 percent of them aimed to own a gadget within the same period. Moreover, 40 percent of the respondents wished to obtain health insurance, 47 percent wanted to buy a lot and 45 percent planned to start a business.
Unlike older or same-age peers who have some financial dependants or who are married tend to allocate most part of their investments to maintain the lifestyle. The research disclosed that 34 percent prioritized dining out, while 86 percent of them wanted to spend on communication as a priority while 66 percent cited bags, shoes and clothes.
In addition to all these, the study also disclose the facts that the young generation allocated 1.22 percent for insurance, 7.22 percent on bank savings and 0.91 percent for investments.
While answering about their priorities for the next two years, 31 percent stated that they want to open a business, 83 percent cited bank insurance, and 10 percent making an investment and 22 percent wish to get a life insurance.
Most strikingly, it is evident from the study that almost 20 percent of selfies have no financial worries. On the other hand, 21 percent cited financial worries regarding food while 24 percent of them cited health of the family.
However, selfies are concerned about their personal worries that include the health of their parents, their own health, security of income, personal safety and job security.
In the words of the chief marketing officer of Sun Life Philippines Mylene Lopa, these selfies are probably employed and in most of the case of their own.
It is worth to mention over here that recently Sun Life launches a new financial advocacy named “Brighter Life” that would promote education and financial planning and is informed to target the young generation especially the selfies. Lopa hoped that Brighter Life would offer them the opportunity to change their money behaviors and forward them towards a brighter future.
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