Many Filipinos still struggle to stay financially ready for life’s emergencies — here’s why.
Meet Pia, a 35-year-old senior executive, a loving wife, and a devoted mom of two. On paper, her life looks picture-perfect. But like many hardworking, middle-class Filipinos, she quietly worries about one thing: what happens when an emergency strikes?
According to the PURPLE Report, a study by EastWest Ageas in partnership with NielsenIQ, most Filipinos have only ₱50,000 in emergency savings barely enough to cover a major hospital bill or an unexpected crisis. Even more concerning, only 2 in 10 Filipinos have savings that could last over three months.
Why It’s Hard for Filipinos to Save
The report shows that 30% of an average Filipino’s income goes to basic needs like food, rent, transportation, and utilities. With such tight budgets, it’s no surprise that long-term financial planning often takes a backseat.
Still, the desire for security is strong. Over 52% of respondents said they worry about their loved ones’ health, while 24% are anxious about critical illnesses and the massive expenses that come with them.
Here’s the reality check: a study from the Philippine Statistics Authority (PSA) found that ischemic heart disease remains the country’s leading cause of death and the average treatment cost can soar to ₱690,000. That’s far beyond what most households can afford. Even with public healthcare and social welfare coverage, many families struggle when the family breadwinner can’t work.
The Readiness Gap
Interestingly, the PURPLE Report reveals that financial preparedness tends to improve with age. Those over 40 are more likely to have three months’ worth of emergency savings, while younger adults (22–39) admit to having less.
Economic pressures like inflation, income instability, and rising living costs make it even harder for Filipinos to grow their savings. In emergencies, many fall back on personal savings, family support, or informal loans, a system rooted in Filipino resilience and bayanihan, but one that exposes how fragile financial stability can be.
Bridging the Gap Between “Wanting to Be Ready” and “Being Ready”
Filipinos shouldn’t have to choose between paying bills today and saving for tomorrow. The report suggests that financial literacy, tailored insurance plans, and inclusive savings programs can help make preparedness more achievable.
“Readiness” isn’t just about having money set aside it’s about access, education, and empathy. Every Filipino deserves a life that’s secure, with affordable healthcare and financial solutions designed for real-life needs.
If banks, insurers, and government programs work hand-in-hand to empower communities, then perhaps the next generation of “Pias” won’t just survive crises, they’ll thrive beyond them.
It’s Time to Redefine Readiness
We’ve all been in Pia’s shoes juggling bills, family, and goals while hoping life doesn’t throw us a curveball. The PURPLE Report reminds us that preparedness is possible, but it takes the right mindset, habits, and support systems.
Start small. Save a little. Learn often. Protect what matters. Because being ready isn’t just about money, it’s about peace of mind.