According to a recent survey by Pru Life UK and the Economist Impact, Filipinos are increasingly using their mobile devices to manage their money and health.
According to the “Fulfilling Futures: Living better with mobile technology in the Philippines” research, 75% of participants use mobile applications to improve their physical fitness and well-being, ranking the Philippines fourth out of 13 Asian nations surveyed.
Additionally, 79% of survey respondents reported using mobile applications for complete personal financial management, demonstrating the importance of mobile apps to Filipinos. This places the Philippines, closely behind India, as Asia’s second-highest user of finance applications.
“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 digitization 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.”
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 http://www.prulifeuk.com.ph.
Click here to get a copy of the study.
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