HUSTLE now, retire early.
A new study released by Philippine healthcare provider PhilCare on Thursday, April 4, showed that the Filipino Gen Z, or those born between 1997 and 2015, prefer getting as many gigs or sidelines as they can early on so they could retire young.
That is in contrast to how Generations X and Y prepare for retirement by working in a traditional office setting while keeping their eyes peeled for potential business ventures as they grow older.
Generation X are those born between 1965 and 1981, while Generation Y, or Millennials, are those born between 1981 and 1995.
Out of the 800 respondents, 53 percent of Gen Z said they preferred multiple part-time jobs over just one full-time work, compared to just 48 percent of Generations X and Y.
According to Dr. Fernando Paragas, the lead researcher of the latest PhilCare Wellness Index, this can be attributed to several factors.
First, 58.1 percent or more Gen Z respondents said they felt the double burden of supporting themselves and their parents compared to 56.3 percent of the non-Gen Z so they look for more jobs to earn more.
“Kung sino ang single o pinakanakababata, siya ang may responsibility sa magulang. Kasi nga, may nuclear family na ‘yung older. Ang priority nila, ‘yung sarili nilang pamilya… If you feel the double burden, ang ginagawa nga ng mga Gen Z ngayon ay rumaket, ganyan ‘yung strategy,” said Paragas.
More Gen Z also wanted to set aside additional funds for leisure and actually make time for such recreational activities like travelling by going for jobs that have flexible work hours.
Another distinction that the study discovered is that more Gen Z wanted to work abroad while the mindset of older generations is to stay in the Philippines or return home if they have been working overseas.
Paragas believes this is because of the lower domestic salary and the confidence that the younger generation of Filipinos can compete abroad.
But does that automatically translate to migration? Not quite, said Paragas, since technology nowadays allow Filipinos to work for foreign companies while staying in the country, like what many virtual assistants do.
“Nawawala na rin ‘yung parang territoriality… Ang daming mga working students namin who are actually working abroad, in a sense, that they maintain social media accounts of restaurants in the US. Iba na kasi ‘yung work culture talaga,” he said.
Meanwhile, one similarity that the study found among Gen X, Gen Y and Gen Z is that they now put a higher premium on health benefits.
According to Paragas, this is likely a lesson learned from the COVID-19 pandemic.
Paragas said they hope the government and the private sector could make use of the insights from the study to craft better policies and workplace arrangements for Filipinos, no matter what generation they belong to. (ABS-CBN News)
