Filipinos Relying on Mobile Apps to Manage Health and Finances, Study Finds
A recent study commissioned by life insurer Pru Life UK has found that Filipinos are increasingly turning to mobile apps to manage their health and financial issues. The study, titled “Fulfilling Futures: Living better with mobile technology in the Philippines,” revealed that the country ranks second in Asia for using mobile devices for comprehensive personal financial management and fourth in terms of mobile app usage for maintaining a healthier lifestyle.
The study, conducted by Economist Impact, surveyed 13 Asian countries and found that 79% of Filipino participants utilize mobile apps to keep track of their finances. This makes the Philippines the second-highest user of finance apps in Asia, with India taking the top spot at 80%. Other countries in the top five include Thailand (79%), Vietnam (77%), and Singapore (73%).
The study also discovered that Filipinos aged 45-55 are the most active users of finance apps, with 68% of respondents falling into this age group. Popular finance apps used by Filipinos include e-wallets, household expense and budget managers, banking apps, and consumer credit services.
Interestingly, the study found that income status does not significantly influence the use of finance apps, as respondents with above-median incomes (80%) are only slightly more likely to use these apps compared to those with below-median incomes (78%).
The study also highlighted the importance of mobile apps in improving financial inclusion in the Philippines. According to Bangko Sentral ng Pilipinas (BSP) Director of the Financial Inclusion Office, Ellen Joyce Suficiencia, lower-income individuals heavily rely on mobile apps for their financial transactions. She noted that e-wallets, in particular, have played a significant role in financial inclusion as there are no fees or deposits required to open an account with non-bank providers or e-money issuers.
In addition to managing finances, the study found that 75% of surveyed Filipinos use mobile apps to monitor their physical well-being and fitness. The most popular types of free health and fitness apps used in the Philippines include step trackers, women’s health apps, calorie counters, pulse and heart-rate monitors, doctor consultation services, and blood pressure monitors.
While younger Filipinos aged 25-34 and 35-44 are more likely to be mobile health users, the study revealed that 58% of surveyed Filipinos using health apps belong to the older age group (45-55). In Asia, India ranked highest in terms of using mobile devices to monitor health, with 81% of respondents relying on mobile technology. Vietnam (78%), Singapore (76%), the Philippines (75%), and Hong Kong (75%) followed closely behind.
Pru Life UK President and CEO Eng Teng Wong emphasized the increasing utilization of mobile technology among Filipinos for achieving a healthier life and taking control of their finances. He believes that this study will contribute to the country’s financial inclusion efforts and help assess the advantages and disadvantages of Filipinos’ growing reliance on mobile technology.
The study also highlighted some concerns, including the potential for increased misinformation and fraud in mobile finance. The study recommended improvement in digital financial literacy and the joint efforts of service providers and public authorities to enhance the utility of mobile technology in improving people’s lives.
The study was part of the larger “Fulfilling Futures” umbrella research initiated by Prudential plc, the parent company of Pru Life UK. Pru Life UK aims to use the insights from this study to develop better solutions for Filipinos and their families regarding insurance needs and to be the most trusted partner and protector in the digital age.
