The Vietnamese edition of Manulife’s annual Asia Care Survey 2023 was conducted in the first quarter of this year via online self-completed questionnaires in seven markets. (Photo courtesy of Manulife Vietnam) According to the survey, more than half of respondents expect to see theirpersonal income increase on average 17% in 2023. This will helpthem achieve their financial goals, the principle of which is saving forretirement (40%), followed by saving for healthcare and medical costs (37%),children’s education (32%) and saving for a new home (30%).
The main tools for achieving personal finance goals, including saving forretirement, are cash (80%), family support and inheritance (42%), andpersonal health and critical illness insurance (37%). These percentages arebroadly in line with consumers in other markets across Asia.
At the same time, Vietnamese consumers see the main obstacles to achievingtheir goals as economic slowdown (62%), inflation (60%) and a deterioration inhealth (51%). Loss of income (48%) and the rising cost of healthcare (38%)are also significant concerns.
Higher medical costs are the key factor in nearly all respondents (98%)having health management anxieties, the survey said, outlining the risingexpense of medical treatment (43%) as the biggest one. The cost ofconsultation is also considered too high (31%). Other concerns include the riskof lost income or even job loss (31%) due to illness.
Close to two-thirds expect to achieve their save-for-retirementgoals within 10 years however that may be optimistic given that only 12% ofthose surveyed said they have a retirement plan in place, compared to anaverage of 32% across Asia.
The survey also shows millennials are less concerned about saving forretirement (34%) than they are about buying a home (42%). Millennials alsoexpect to retire at 56, while they think bad or chronic health issues will setin at a very young 48, suggesting eight years of bad health before retiring. Incontrast, 45-plus-year-olds expect to retire at 61 and anticipate poor healthat 67.
The Vietnamese edition of Manulife’s annual Asia Care Survey 2023 was conductedin the first quarter of this year via online self-completed questionnairesin seven markets including mainland China, Hong Kong, Indonesia, Malaysia,Philippines, Singapore, and Vietnam.
A total of 7,224 people, aged 25 to 60 years old, were surveyed in lateDecember 2022 and early January 2023. In Vietnam, 1,015 people were surveyed.Each respondent either owns insurance or intends to buy insurance./.
VNA
