What is Manulife Asia Care Survey?

Started in 2020, Manulife’s Asia Care Survey is an annual research study that explores the evolving behavior, sentiments and priorities of people from eight markets in Asia (Mainland China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, and Vietnam) against the backdrop of volatile economic and sociopolitical realities that impact their financial goals, aspirations and overall well-being.

This year, the Asia Care Survey aims to understand the 10-year outlook of Malaysians on their physical, mental and financial well-being amid threats of inflation, rising prices and cost of living, and rising healthcare costs, and how they navigate these challenges so they can meet their financial and health goals. More than 1,000 respondents from the Malaysia were surveyed to provide insights into where economic challenges were most felt. The survey results also inform our strategy so we can continue to help customers as their partner for progress through innovative and relevant insurance and investment solutions.

First, let us show you how Malaysians we have surveyed feel about their future.

Overall, the survey shows that Malaysians have very high aspirations but also have huge gaps in their confidence level to achieve future wellbeing, in particular financial wellbeing.

Protecting your health is protecting your wealth

The top three challenges to achieving people’s financial goals being the rising cost of living and economic slowdown (both 83%), and the rising healthcare costs (82%).  Comparing the three aspects of well-being, as people in Malaysia looked ahead to the next 10 years, they recognized that physical well-being is the most important factor (36%), over financial (34%) and mental (30%) well-being.

The survey shows that respondents’ perceptions of healthcare cost inflation over the past 12 months to be on average 29%, well above the regional average (23%) and about three times the actual rate. Consumers said they saw the highest rises in the cost of prescriptions (54%), hospitalisation (43%) and health management and wellness services (40%).

Malaysian consumers are as equally concerned about the rising living and medical costs as the economic slowdown, all of which are affecting their confidence in achieving their wellbeing aspirations

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