Updated: September 21, 2013
When I graduated from college and got my first job, I officially became financially independent.
For almost ten years since that time, all my income was mine alone to spend on whatever I need and want.
But then, I slowly realized that my parents have not fully prepared for their retirement, and time would soon come that I would have to support them.
From that moment on, my spending priorities and aspirations changed. It shifted from just taking care of myself and pursuing my dreams, towards including my parents’ future needs.
It was the same for most of my friends too, whose financial responsibilities also included providing for their own children.
Below is a simple look at how people with and without financial dependents differ in the way they spend, the things they worry about, their short-term priorities and medium-term aspirations.
See if you can relate to these findings as first reported in the 2013 SOLAR FLARe by Sun Life Philippines.
What can you say about the data above?
For me, the most interesting information there is that having a business emerged as the top aspiration for both groups.
Is being an entrepreneur your top aspiration? Share your thoughts below in the comments section.
Nice article sir! I already have plans of starting a business Im slowly building my capital. I hope my plans materialize in the next 2-3 years. Keep the articles coming and more power to you Sir Fitz!
I would contend that its not only in Philippines that you are dealing with this phenomenon. Already in the US there is talk of the sandwich generation – people who not only have to take care of their aging parents but also their own children not to mention live their own lives.
Entrepreneurship is definitely on the minds of many as they try to make all the ends meet.
I do not think the writer really knows the reality of who actually support the old parents [more]. It is usually the singles because the married children already have their own family to support (as if their parents are no longer their family). They way the author reflects the singles here is very selfish and irresponsible that they mind their own self and own kapritso ONLY and left the needs of their old parents to their married sibling, that is very unfair.
All the data above is a result from a research study done by Sun Life Financial as stated in the footer. It is not an opinion of any writer.
The data reflects how financial priorities change when an individual with no dependents turns into someone with dependents, either by marriage or upon realizing that they will be supporting their parents upon their retirement.
[…] recent survey shows that one of the top aspirations of Filipinos is to own a […]
I’m single but I am being convicted by my immediate family for no longer giving money to them. Since I started working, I supported my brother’s college education. More like, put all the financial burden of his education on myself since my mom abandoned her responsibilities as a parent. Plus, she demands that whatever is left be given to her. When I don’t do so, I get verbally harassed and all that. Society even condemns me for not doing what I was being told. What they do not understand is that I don’t live with my family and I’m also in need to share in the household expenses of my guardian. The person who almost single handedly took me under her wing and support 70-80% of my education and all.
When do we stop and put the limits to instances like this?