If Plan A fails, what’s your Plan B?

Young Filipino millennials and GenZs have mastered the art of “save and splurge”. Balancing being adventurous on one end – doing side quests with friends and even planning DIY trips with family members, but wise enough on the other end to stick to a budget and keep things economical and practical.

According to a 2024 study by the Bangko Sentral ng Pilipinas, young adults aged 18 to 39 displayed higher financial literacy than middle-aged and senior groups.

But even with growing financial awareness among young adults, their priorities still center on the present – spending, budgeting, and saving for immediate needs and goals. Monthly income goes toward rent, bills, and little luxuries such as upgrading a gadget or taking that much awaited trip.

Rising living costs and a growing list of expenses tend to push long-term financial planning and insurance down the priority list. Some may have built up savings to handle immediate financial setbacks, giving them a sense of security. Life insurance, however, involves a longer-term commitment which may feel like a big step they are not quite ready to make at this point. 

Life, however, rarely follows our timeline. A sudden accident, serious illness, or unexpected loss can instantly wipe out those savings you have worked hard to build, leaving you and your loved ones financially vulnerable. 

A Plan B in the form of life insurance can provide a financial safety net for you and your family, helping ensure that unexpected setbacks do not derail the plans and dreams you have worked so hard for.

Saving is an important part of financial preparation, but that is only one piece of the big picture. As a young adult managing your own finances and navigating responsibilities, setting aside a small portion of your budget now for life insurance takes you one step closer to ensuring a more secure future, no matter what comes your way. 

The sooner you start, the better. A good life insurance plan can actually be as low as your daily coffee, and having a knowledgeable financial advisor is key to helping you understand what you need at this stage in your life while staying within your budget. 

Finding the right insurance plan is easy these days, too. Life insurance companies such as BDO Life is easily accessible because they have financial advisors present in every BDO branch. If you want to explore on your own first, you can also visit their website where you can get a free quote on your preferred plan. When you are ready, just drop by the nearest BDO branch and look for the BDO Life Financial Advisor who will gladly assist you. 

Life may take unexpected turns, but being prepared can give you the freedom to enjoy the present while working toward the future you envision for yourself and your loved ones.