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Financial planning is a topic most millennials rarely consider. This is often seen in behaviors of impulse purchases—using their hard-earned money in things that are temporarily meaningful, that at times lead to a feeling of regret, or what is simply called a grudge purchase.
A
Goldman Sachs study revealed that generation "ME ME ME"
would rather save up for vacations and leisure activities to enjoy
their life now than invest in their future--marriage, a home, their
own business, retirement plans. This despite financial institutions
constantly encouraging them to favor savings and investments.
For
Surendra Menon, CEO of BPI-Philam, millennials
can choose to have the best of both worlds.
“They
can live their present life to the fullest and have a secured future
at the same time,” said Menon. "It's a misunderstanding that
has to be clarified—protecting your future is simply making sure
you can enjoy the lifestyle you have now and for the years to come."
Hierarchy
of needs
For
Menon, gone are the days when insurance is seen as a contingency plan
for sickness and death.
BPI-Philam
now offers themselves as a partner for total wellness – securing
both physical and financial health, providing better value for money.
He
mentions BPI-Philam’s comprehensive health products that lend a
hand in living a better life all throughout, and not just when
illness strikes.
"Millennials
have been hailed as the most health-conscious generation," Menon
attests.
"For
them, wellness is a priority. They are willing to spend money to
exercise regularly and eat healthy. Our priority is the same, that's
why we've integrated ways for them to maintain that lifestyle with
our products."
One
of the ways BPI-Philam does this is by providing Philam Vitality with
their policies—a wellness program designed to reward the policy
owner for being and staying active.
“Through
Philam Vitality, we’re encouraging them to take that first step to
wellness and keep at it by giving them unparalleled rewards and
exclusive access to partners like gyms and medical facilities,”
said Menon.
The
Adultier Adult
He
understands that taking the first step to financial planning through
insurance might be a big leap from what millennials are used to.
Menon assures them that they are on the right track of independence,
or simply put, getting better at adulting.
"This
new generation of consumers is just wary of where they put their
money. They aren't ignorant of insurance," he said. "They
just want to be assured that they are getting the value in return of
what they pay for. Convenience and customizability are also a factor.
We have all of those, but what we truly offer is peace of mind and a
way to the wellness of the body.”
To
make it simpler for millennials to step out, BPI-Philam eases them
into planning forward through platforms that will keep up with their
mobile lifestyle.
"These
products are available and offered in all BPI branches across the
country," Menon enthused. "Whether offline or online, we
are prepared to serve.”
Aside
from a bancassurance team ready to assist them anywhere in the
Philippines, getting a hold of the most fitting policies have been
made easier online through their website as well.
Menon
also urges them not to look at these plans with the future as an
ultimatum to get adulting done but to look forward to an assured
future and live a life of total wellness.
"These
plans aren't short nor long-term," he adds. "one should
always look at what’s an appropriate term for yourself to ensure
you get the best value for your money. Our products are based on the
appropriate term for your needs.”
Menon
hopes informing this generation better of what financial wellness
plans are available would align them to the direction they dream
their lives would go.
He
believes that with the right financial mentor encouraging them, they
will surely gain and win in each key moment in their lives.
"I
think they are done hearing what they could do," he said. "It's
time we show them that we believe what they can do."
To
take the first step in living life to its fullest, visit:
https://www.bpi-philam.com/en/our-products.html
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