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Andrea Taguines

ABS-CBN News

MANILA — Hustle now, retire early.A new study released by Philippine healthcare provider PhilCare on Thursday 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.<div><a href="https://news.abs-cbn.com/life/10/11/22/millennials-coping-better-than-gen-zs-during-pandemic">READ: Millennials, Gen Xers coping better than Gen Zs during pandemic: survey</a></div>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. <a href="https://news.abs-cbn.com/video/business/07/14/23/how-much-do-gen-zs-know-about-personal-finance" id="isPasted">READ: How much do Gen Zs know about personal finance?</a>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. (The youngest siblings feel responsible for their parents because their older siblings have their nuclear family. Their priority is their own priority. If you feel the double burden, Gen Zs go for gigs, that&#x27;s their strategy.)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.<div><a href="https://news.abs-cbn.com/life/01/26/24/millennials-gen-zs-increasing-travel-budgets-for-2024">READ: Filipino millennials, Gen Zs are increasing their travel budgets for 2024: survey</a></div>“Alam naman natin ito na kasama sa mga bucket list ng mga kabataan ang travel talaga,” added Paragas.(We know that the youth&#x27;s bucket list involves travel)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.“Nakikita nila na kasinggaling naman sila nung sa ibang bansa, bakit hindi sila kapareho ng bayad? Kung ito yung kakayahan ko, at nakikita ko yung mga kasabayan ko ay pareho naman kaming nagawa, bakit ako mag-stay dito?” he said.(They see that they are as good as foreign workers, so why are they not paid the same? If this is my skillset and other people my age are doing the same thing, why will I stay here?)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.(Territoriality seems to be fading. We have many working students who are actually working abroad... The work culture has changed.)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. “It’s positive that they want more health insurance for the family. Conversely, you can look at it as perhaps we are not sufficiently insured kaya there is this clamor,” he said.PhilCare Wellness Index Chairman Dr. Enrique Ona hopes 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.“The government needs to create straightforward, effective programs that support an aging population, ensuring that they have safety nets and viable options to continue contributing to our economy if they so desire. Meanwhile, the private sector must stay attuned to the shifts in work culture, particularly the importance of work-life balance and personal time that are emphasized by the younger generations,” he said.<div> </div><div>RELATED VIDEO</div><div><iframe width="640" height="360" src="https://www.youtube.com/embed/Jn8dEdeqFGw?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>

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.

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.

Generation Hustle: Pinoy Gen-Z eye gigs to retire early, study finds

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Generation Hustle: Pinoy Gen-Z eye gigs to retire early, study finds

Andrea Taguines,

ABS-CBN News

Published April 04, 2024 05:33 PM PHT

Read More:

PhilCare Wellness Index

Gen Z

Millennials

Gen X

retirement

part-time work

gig economy

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