Financial independence is the new inheritance

Real care means showing up for the people who matter, just like how Manulife does for Anne Curtis, Erwan Heussaff, and daughter Dahlia.  Photo source: Manulife Facebook page

As more Filipinos in their 30s and early 40s navigate the demands of adulthood, retirement planning is no longer viewed as a distant goal. Many are balancing the responsibilities of building their own future while supporting aging parents, making financial independence an increasingly important priority.

Daily expenses, major life milestones such as buying a home or a vehicle, and economic uncertainty are prompting this generation to take a proactive approach to long-term financial planning.

Manulife's Asia Care Survey 2026 (ACS), titled 'Independence as the New Legacy' revealed that Filipinos are changing the way they view legacy as they live longer lives.

Is independence within reach for Filipinos? Photo source: Manulife Philippines 

Nine out of 10 Filipinos said their longevity goal is to achieve independence and self-reliance for as long as possible. For many, that means having enough savings and investments to maintain their lifestyle, cover healthcare expenses, and enjoy retirement comfortably without depending on their children.

Rather than focusing solely on passing down physical assets such as property, today's adults place value on staying healthy, financially secure, and independent throughout their lives.

Independence starts long before old age. Photo source: Manulife Philippines  The survey also found that 88% of Filipinos agree that their financial independence is the new legacy they want to leave their families. Among respondents aged 25 to 34, that figure rises to an almost unanimous 95%.

When imagining retirement, many Filipinos want a future defined by freedom, choice, and independence. For 61% of respondents, the top priority is avoiding financial or emotional dependence on their children, while 56% want to make decisions without family pressure and 54% want to access quality healthcare using their own resources. This desire for autonomy is also reflected in how they would allocate their assets, with respondents preferring to use 60% to fund their own independence and leave 40% as inheritance.

For some, caregiving responsibilities pose a challenge to attaining independence. Photo source: Manulife Philippines 

Independence comes at a cost 

Retirement planning is also evolving beyond traditional bank savings. More Filipinos are taking a proactive approach to funding their future, combining personal savings with investments and insurance to build long-term financial independence. Careful planning, disciplined saving and long-term investing remain essential to achieving financial independence.

Future healthcare costs continue to be a major concern, with 82% of respondents worried about whether they can afford the care they may eventually need. Filipinos estimate they will require P34,485 each month to cover future care and daily living expenses. Respondents aged 18-24 expect to need even more, estimating P43,437 per month. Over the course of retirement, those monthly expenses may easily amount to millions of pesos.

The traditional belief that children would serve as their parents' retirement plan is also changing, with only 21% of Filipinos expect to rely on their children financially. Among respondents who do not want to rely on their children for financial support, 68% want to remain self-sufficient and 65% want their children to achieve financial stability. 

Turning retirement goals into reality

Setting aside money for retirement while managing everyday expenses may be challenging. Closing the gap between living together and being financially prepared starts with taking practical steps today. Building healthy financial habits, growing savings through long-term investments, planning for future healthcare costs, and having open conversations with family may help turn financial independence into a lasting legacy.

 Independence has a price tag and Filipinos need to start saving enough for it. Photo source: Manulife Philippines 

As Filipinos live longer, the challenge is not only about adding years to life, but ensuring those years are lived with health, dignity, and financial confidence. Manulife Philippines is helping people prepare not only for longer lives, but to have good ones, through health and life protection, investment, and retirement solutions that will help support wealth building and address future care needs. 

"Today's generation is redefining what it means to leave a legacy. Rather than relying on their children in the future, Filipino millennials are taking steps now to become financially independent and prepare for longer lives," said Grace Mallabo, Chief Health and Products Officer, Manulife Philippines. "That means protecting their health, planning for future care needs, and building the confidence to make their own choices in later life. By preparing earlier, they are giving their families something more lasting than inheritance: the freedom to thrive on their own terms."

Conversations about aging and finances may be uncomfortable, but preparing for independence today may be one of the most meaningful gifts anyone gives their family. In a time when longer lives bring both opportunity and responsibility, financial independence is becoming more than a personal goal. It is the new inheritance.

To learn more about Manulife Philippines and explore health and life protection as well as retirement planning solutions, visit the company's Facebook page, its website or speak with a Manulife financial advisor.