Up to 88% of Overseas Filipino Workers (OFW) have no definite plans as to when they will retire and come home for good.
This was revealed in a survey commissioned by Sun Life of Canada Philippines, Inc. (Sun Life) conducted between August 30 to October 3, 2019 among 300 respondents comprising of overseas Filipino workers (excluding immigrants) who 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.
While they have no timeline for their retirement, OFWs identified the goals which, upon attainment, will serve as their cue to leave their jobs abroad. Among these goals are meeting their savings target (79%), starting a business (71%), owning physical assets (56%), upon their children’s graduation (37%), and when loans have been fully paid (27%).
“As we analyzed the results of the survey, it became apparent that while OFWs have definite goals, the path towards those goals remain unclear,” Sun Life Marketing Business Support Unit Head Cary Casipit said. “This makes it difficult for them to pursue those goals, prepare for retirement, and ultimately, come home for good.”
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.