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.

Improving financial well-being

In Malaysia across all age segments, the self-rated current financial wellbeing of single consumers is lower than that of married consumers. ​

The much lower financial literacy (particularly on insurance and investment products) and usage of professional financial planners among single consumers appear to correlate with their lower financial wellbeing.​ Single consumers have less trust (-15%) in the advice from insurance professionals than married consumers.  ​

There is a need for insurance agents / financial planners to gain more trust from single consumers (57%) to attain the trust level among married consumers (72%), although the situation in Malaysia is slightly better than that for the region.

Most respondents in the region said they feel their employers’ health benefits and coverage are not enough. Malaysia is no exception with 71% having that view. As present, 75% feel a need to top up the retirement and pension benefits they receive from their employers. Meanwhile, two thirds (66%) of married people intend to delay retirement because of their financial responsibility for their family.

What problems will they face?

Compared to the other ethnic groups, more Chinese feel that it is necessary to delay their retirement age, aligned with the bigger change in their expectations for kids as future income sources and “insurance” 

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