Vietnamese people are optimistic about the improvement of their personal finances but the vast majority are anxious about how they will manage their health, a Manulife survey has revealed.
According to the survey, more than half of respondents expect to see their personal income increase on average 17% in 2023. This will help them achieve their financial goals, the principle of which is saving for retirement (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 for retirement, are cash (80%), family support and inheritance (42%), and personal health and critical illness insurance (37%). These percentages are broadly in line with consumers in other markets across Asia.
At the same time, Vietnamese consumers see the main obstacles to achieving their goals as economic slowdown (62%), inflation (60%) and a deterioration in health (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 rising expense of medical treatment (43%) as the biggest one. The cost of consultation is also considered too high (31%). Other concerns include the risk of lost income or even job loss (31%) due to illness.
Close to two-thirds expect to achieve their save-for-retirement goals within 10 years however that may be optimistic given that only 12% of those surveyed said they have a retirement plan in place, compared to an average of 32% across Asia.
The survey also shows millennials are less concerned about saving for retirement (34%) than they are about buying a home (42%). Millennials also expect to retire at 56, while they think bad or chronic health issues will set in at a very young 48, suggesting eight years of bad health before retiring. In contrast, 45-plus-year-olds expect to retire at 61 and anticipate poor health at 67.
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 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 late December 2022 and early January 2023. In Vietnam, 1,015 people were surveyed. Each respondent either owns insurance or intends to buy insurance./.
Source: Vietnam News Agency
