The recently released Manulife Asia Care Survey 2023 found that more than half of Vietnamese respondents expect their personal income to improve this year, with an average increase of 17%. This will help them achieve their financial goals, the main of which are retirement savings (40%) and savings for medical and healthcare expenses (37%). Other priorities for Vietnamese are children's education (32%) and saving for a new home (30%).
The main tools for achieving personal financial goals and saving for retirement are cash (80%), inheritances and family support (42%), and private health insurance and critical illness insurance (37%) – similar to the regional average.
At the same time, Vietnamese also consider the main barriers to achieving their goals to be the economic recession (62%), inflation (60%) and declining health (51%). In addition, loss of income (48%) and high medical costs (38%) are also significant concerns.
The survey also explored other barriers, including access to health care and medical support. Nearly all respondents shared concerns about their ability to manage their health (98%), with the highest concern being the high cost of medical treatment (43%). Other concerns included the cost of medical consultations being out of reach (31%), or the risk of losing income or employment due to illness (31%).
Nearly two-thirds said they expected to reach their retirement savings goal in the next 10 years. However, this was a somewhat optimistic assessment, with only 12% of those surveyed saying they had a retirement plan in place, compared to the regional average of 32%.
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