Smart Solutions for Filipino Retirees, Baby Boomer Generation: Addressing Their Top 5 Financial Concerns

• • There are not 12.5 million Filipino retirees belonging to the Baby Boomer generation

• • Low financial literacy rates, rising costs, and changing economic conditions

• • Manage Escalating Healthcare Costs Effectively

• • Protect Your Purchasing Power Against Inflation

• • Overcome Digital Financial Exclusion

• • Ensure Retirement Security as Savings Fall Short

• • Reduce Financial Strain from Credit and Loans

Practical, actionable strategies to help Filipino Baby Boomers face healthcare costs, inflation, digital barriers, retirement gaps, and debt with confidence

As Baby Boomers in the Philippines enter their golden years, they’re confronted with unique and pressing financial challenges. From escalating healthcare bills to shrinking purchasing power, digital exclusion, retirement uncertainties, and mounting debt, many find themselves navigating a complex financial landscape.

Understanding the scale of this demographic highlights the urgency: as of 2020, PSA data indicate that individuals aged 60–79—the core Boomer age group—numbered approximately 6.76 million in the Philippines.

Meanwhile, projections show that the population aged 60 and above has grown from 9.3 million in 2020 and may reach nearly 12 million by 2025, making up around 10% of the total population.

With over 110 million Filipinos nationwide in 2023–2024, this cohort represents a significant segment whose financial well-being impacts families, communities, and the broader economy.

This blog explores smart, practical solutions to address the top five financial concerns of the country’s retirees and boomer population and help secure a financially stable retirement.

Manage Escalating Healthcare Costs Effectively

The Challenge

Healthcare is a top worry for Filipino Boomers. A 2024 study shows that 82% of Filipinos aged 50–60 perceive rising healthcare costs as a serious financial threat. Meanwhile, out-of-pocket spending is predicted to grow significantly, from US $9 billion in 2022 to US $13 billion by 2028, the Philstar reported.

Smart Solutions

1. 1. Designate a healthcare fund—set aside savings specifically for medical emergencies, separate from retirement savings.

1. 1. Seek comprehensive insurance—from health to critical illness and long-term care. As noted in the Insurance Asia survey, “the value of financial advice helps assess goals and find the right protection products.”

1. 1. Maximize UHC benefits—all Filipinos are automatically enrolled in PhilHealth under the Universal Health Care Act, which also offers free preventive services.

By combining budgeting, appropriate insurance, and government programs, Boomers can build a resilient health safety net.

Protect Your Purchasing Power Against Inflation

The Challenge

Inflation continues to erode the purchasing power of retirees on fixed incomes. In 2025, 92% of Filipinos reported feeling inflation’s impact, and 44% say it significantly strains their monthly budget, data from the Philippine Statistics Authority and EriA.

Smart Solutions

• • Invest in inflation-indexed assets, like Pag-IBIG MP2 and inflation-protected government securities.

• • Include growth-oriented investments, like stocks or mutual funds, in retirement portfolios.

• • Regularly review spending to maintain lifestyle standards despite price rises.

Renowned financial educator Randell Tiongson puts it well:

“It’s not enough to save—you must also protect and grow your wealth against inflation.”

Boomers who adapt their savings and investments can stay ahead of inflation and preserve their quality of life.

Overcome Digital Financial Exclusion

The Challenge

Many Filipino Boomers hesitate to embrace digital finance. BSP data shows many mid-career and older adults remain unbanked or avoid digital services, data from the PSA said.

Smart Solutions

1. 1. Try user-friendly banking platforms—digital options that prioritize simplicity and customer support.

1. 1. Attend bank-led tutorials—many institutions offer workshops that build digital confidence.

1. 1. Seek tech help from trusted people—family members or community workers can guide Boomers through digital transitions.

Bridging this digital divide empowers the Boomer generation to access financial tools that offer convenience, security, and savings opportunities.

Ensure Retirement Security as Savings Fall Short

The Challenge

A significant portion of Boomers lacks sufficient retirement savings. HSBC found that 3 in 10 Boomers are behind on their retirement goals, with over a quarter having no retirement plan, reported EriA.

Smart Solutions

• • Contribute to Digital PERA, the BSP-accredited savings account offering tax benefits and flexible withdrawal options.

• • Consider annuities or pension-like products for steady, lifelong income.

• • Adjust budgets to make small but consistent contributions that compound into meaningful retirement funds.

Regular contributions and clear planning can compensate for past shortfalls and safeguard financial independence.

Financial coach Chinkee Tan notes: “Clarity and consistent savings build confidence.”

Reduce Financial Strain from Credit and Loans

The Challenge

Many older Filipinos increasingly rely on personal loans or credit to sustain their finances, which likely heightens financial fragility during retirement.

Smart Solutions

1. 1. Consolidate existing debt into lower-interest options (e.g., Pag-IBIG multipurpose loans or balance transfers).

1. 1. Use strategic repayment methods like the avalanche method to prioritize high-interest debts.

1. 1. Engage financial advisors to create tailored repayment plans that protect retirement funds.

Effective debt management frees up resources and preserves long-term stability.

Summary Table – Concerns and Strategic Solutions

Filipino Baby Boomers face real and complex financial challenges—but none are insurmountable. With informed planning, proactive steps, and continued learning, Boomers can:

• • Shield themselves from rising healthcare and cost-of-living pressures

• • Expand access to digital tools that simplify finances

• • Grow their retirement nest egg purposefully

• • Eliminate high-cost debt for greater financial freedom

Start small, plan smart, and move forward with confidence—because the path to financial wellness is always worth taking.

As Chinkee Tan wisely states: “You don’t gain financial confidence through guesswork. You gain it with clarity and consistent savings.”