They’ve been dubbed the “YOLO (You Only Live Once) Generation” with a serious case of “FOMO” (Fear Of Missing Out). We know that they strive to maintain a certain lifestyle that caters to their love of experiences — from regular travels with friends to a specific coffee from their favorite third-wave shop.
We also know that they value convenience and ease in their payments. In fact, it is now typical for them to automate their spending — from monthly bills and installment-based payments, to auto-debited Netflix and Spotify subscriptions.
But what does saving look like for millennials?
The Manulife Investor Sentiment Index reveals that Filipino millennials are confident about retirement and their future financial state, with 97% of them expecting to maintain — or even improve — their current lifestyles.
But despite this sense of assurance, the same study showed that only 7% of these respondents actually have a monthly savings plan, with most also investing irregularly and 10% unable to save at all. So while Millennials have gotten the hang of scheduling and planning their expenses, they continue to fall short in the discipline of saving, with their knowledge of future needs not reflected in their present behavior.
Looking at the bigger picture is just as troubling, with the study reporting that all Filipino respondents, regardless of age, have just managed to put together savings that will last them a mere 3.6 months on average after retirement — the lowest figure among 8 Asian countries included in the survey.
With millennials already comprising half of the current global workforce population*, the time is ripe for employers to champion their employees’ future success by giving them the opportunity to work on their financial security as they work for the organization.
Enter Access, a powerful savings and benefits platform that enables Filipinos to automate their savings in the age of automated spending.
Completely free and digital and automated, Access boasts three key features for employees: Smart Savings, an automated savings function; Smart Loans, which enables employees to apply for lower-interest loans or refinance an existing loan that may prove too expensive for their current payment capacity, all while growing their savings; and Low-cost Salary Loans, which provides more secure loan options at lower interest rates. You can even shop with Access and enjoy significant discounts and affordable instalment options from partner merchants.
With its convenient and affordable financial services, flexible payment schemes, and the ability to automate saving, Access helps employees — especially millennials — have greater confidence in their financial future.
* Based on a study by Allianz PNB Life
If you’d like to know more about our powerful savings and benefits platform, we’d love to help you! Send us a message at email@example.com or visit bridgeaccess.life.