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How millennials’ financial attitudes, habits differ by gender

Compared to their male counterparts, female millennials generally report being much more risk-averse, skeptical of alternative investments – including cryptocurrencies and peer-to-peer lending – and have, on average, only saved about two-thirds as much money for retirement as their male peers.

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As the saying goes, “men are from Mars, women are from Venus.” But when it comes to how each sex approaches their finances, the two groups might as well be from different universes, according to findings from the PNC Investments Millennials & Investing Survey.

Compared to their male counterparts, female millennials generally report being much more risk-averse, skeptical of alternative investments – including cryptocurrencies and peer-to-peer lending – and have, on average, only saved about two-thirds as much money for retirement as their male peers.

When comparing how millennials invest, the study finds men have greater appetites for higher-risk investing avenues. Fourteen percent of millennial men report that they “embrace” risk – double the number of female millennials reporting similar sentiment.

“One of the foundational aspects of any financial plan is to determine your overall risk tolerance, and for members of the younger generation, risk can be healthy,” said Rich Ramassini, CFP, senior vice president and director of strategy and sales performance for PNC Investments. “People’s appetite for risk is often not on par with how much risk they can actually handle. Increasing your financial knowledge can help you determine whether you are taking on the right amount of risk.”

Though parents of female millennials started educating their daughters about saving earlier than parents of male millennials (age 11.6 for females vs. 12.7 for males), more female millennials than male millennials admit they are not as confident in their financial management skills.

According to PNC’s study, male millennials are more likely to rely on themselves and knowledge they attain through media and internet sources. In fact, male millennials are twice as likely as their female cohorts to consume content from recognized national media outlets.

Millennials’ retirement savings habits

Forty-six percent of female millennials contribute 6 or more percent of their income toward retirement, compared to 57% of male millennials, the survey found.

“Millennials now represent the largest portion of the workforce in the country, and most members of the generation have decades to go before they retire. Because millennials have time on their side, they should make investing for retirement a priority early on in their career,” Ramassini said. “One of the best ways to stay ahead of inflation and help set yourself up for a successful retirement is to invest your money in a diversified portfolio designed to achieve long-term goals.”

To that point, the survey also explores the amount each group has in investable assets. Among respondents, 29% of female millennials report having between $1,000 – $9,999 in investable assets, compared to 17% of men. At the same time, 46% of male millennials report having $50,000 or more in investable assets, whereas only 32% of female millennials report the same.

However, only 28% of millennials report having a solid understanding of how to successfully invest their money.

Millennials’ employment rates and confidence levels

Approximately eight out of 10 millennials say they have full-time jobs (83% of men and 78% of women). Though the demographic has a high rate of employment, a relatively small percentage of respondents from both sexes agree they feel in control of their financial well-being (32% of women compared with 43% of men), and even fewer are confident they’re saving enough for the future (26% of women compared with 40% of men).

“It’s critical that both female and male millennials take actionable steps – including making concerted efforts to save for retirement, participating in the markets and building a solid emergency fund – to ensure their future is not in jeopardy,” Ramassini said. “Given the findings of this survey, we encourage millennials to seek assistance from qualified financial advisors who can help make sure they are on the path to securing a strong financial future.”

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Pru Life UK named International Life Insurer of the Year

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Insurance Asia Awards, one of the prestigious recognition programs honoring the most outstanding insurance companies in Asia Pacific, cited Pru Life UK as the International Life Insurer of the Year – Philippines for the third year. The award-giving body recognized Pru Life UK’s innovations, new products, strategic partnerships, and community investment initiatives related to youth financial literacy, climate health risk management, and OFW protection.

“We are deeply honored to receive this coveted award for the third time in a row. Our heartfelt thanks to our employees, agency force, distribution partners, and more especially, our loyal customers for this remarkable feat,” said Allan Tumbaga, Pru Life UK Executive Vice President and Chief Customer & Marketing Officer.

Adding to its growing list of accolades, Pru Life UK was also conferred with a Bronze Stevie at the recent Asia-Pacific Stevie Awards for the Innovation in Internal Corporate Events category. The Byaheng PRU Engagement Program, a project of its Employee Welfare Committee, has been instrumental in fostering collaboration among employees from various divisions and empowering over 900 full-time employees to lead their own company-wide initiatives for growth and success.

Empowering Filipinos through financial inclusion and affordable protection

Over the past years, Pru Life UK has championed financial awareness, literacy, and inclusion among Filipinos through innovative insurance products.

One such product, PRUHealth FamLove, is a pioneering critical illness protection plan that covers up to 4 family members in a single policy, including adopted families, cohabiting couples, and same-sex partners.

Furthermore, through strategic partnerships with popular e-commerce platforms GCash and Shopee, Pru Life UK has made bite-sized insurance products even more accessible to its customers.

“These recognitions inspire us to continue fulfilling our commitment to helping more Filipino families live healthier and wealthier. With our over 40,000 digitally empowered agency force, we remain dedicated to putting our customers at the heart of everything we do by providing inclusive and affordable products addressing their diverse needs,” said Tumbaga.

These awards mark another milestone for Pru Life UK as Prudential plc, its parent company, celebrates its 175th anniversary, including 100 years in Asia.

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Pru Life UK, Prudence Foundation partner with ASSIST for Project Padayon

The project which is funded by Prudence Foundation’s COVID-19 Recovery Grant aims to help uplift the lives of residents of Bantayan Island, Cebu through a series of community-based training and development programs.

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Pru Life UK and Prudence Foundation, the community investment arm of Prudential plc in Asia and Africa, have joined hands with the Asia Society for Social Improvement and Sustainable Transformation (ASSIST) for Project Padayon Bantayan Island.

The project which is funded by Prudence Foundation’s COVID-19 Recovery Grant aims to help uplift the lives of residents of Bantayan Island, Cebu through a series of community-based training and development programs.

“We’ve been supporting the Bantayan Island community for almost a decade now and we are happy to see how it has grown. With Project Padayon, we are positive that it will bring transformative improvements, enabling the residents to thrive in multiple aspects of their lives,’’ says Marc Fancy, Executive Director, Prudence Foundation.

Project Padayon will run from 11 July to 1 December 2023 and include workshops focused on micro, small, and medium enterprises (MSMEs) empowerment, family health and nutrition, jobs and careers, disaster risk preparedness, and climate change resilience. Participants will receive modules that will be cascaded to up to 2,000 students and community members.

“We are grateful for the opportunity to partner once more with Pru Life UK and Prudence Foundation. This partnership aims to empower the residents of Bantayan Island through a comprehensive learning program that will touch on different topics like financial well-being, health, and disaster resilience to help them prepare for the future,’’ says Francis Macatulad, Executive Director, ASSIST.

The project will culminate with an appreciation and recognition program in December, followed by a Pamaskong Handog with Habitat for Humanity communities that Pru Life UK and Prudence Foundation helped build after typhoon Yolanda

Transforming lives in Bantayan Island

The project was launched at Beach Placid Resort in Santa Fe, Cebu and was attended by local government unit representatives and community leaders of Bantayan Island.

“We are happy to be back in Bantayan Island and see familiar faces. At Pru Life UK, it is our mission to help Filipinos get the most out of life. This project is a big opportunity for us to fulfill our commitment to help Filipinos lead healthier and wealthier lives,’’ says Gizelle Camua, Vice President for Community Investment and Advocacy, Pru Life UK.

Close to 100 micro-entrepreneurs joined a workshop with the theme “MSME Empowerment.” Attendees received modules on business management, finance, and digital marketing materials, which will also be cascaded to 1,000 other micro-entrepreneurs. They also learned best practices from young local entrepreneurs that shared their real-life experiences.

In addition, over 80 mothers with their newborns were given free PRUMedCare Select Infectious Disease coverage plan as part of the PRUBabies campaign. The coverage offers cash assistance for diagnosis and death due to any of the four common types of infectious diseases: dengue, typhoid, measles, and malaria.

Propelling impactful conversations

Project Padayon is a continuing initiative rooted in Pru Life UK and Prudence Foundation’s commitment to developing Filipino lives through impactful conversations on the importance of financial literacy and health awareness.

Pru Life UK has been actively involved in aiding Bantayan Island since 2013 by means of humanitarian initiatives, including gift-giving programs, the provision of essential food packages, and the establishment of water supply networks alongside the deployment of portable ultrasound machines.

The same year, Pru Life UK and Prudence Foundation launched Build Better Now. The project brought PRUVolunteers all over Asia and the United Kingdom to build 126 disaster-resilient homes and disseminate 183 motorized boats with fishing nets and 140 cycle pedicabs to Yolanda survivors on the island. Build Better Now ran until 2017 and earned the Award of Merit under the Communications Management – Corporate Social Responsibility category.

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RLC Residences gets global recognitions in Dubai

The awards also came in time for the brand’s efforts to expand its network in Dubai, as RLC Residences prepares to open its new office in the city. This strategic move aims to provide delightful customer service to investors and homebuyers in the Middle East region who have long supported the brand and its projects.

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In a promising kickoff to the month, the residential division of Robinsons Land Corporation, RLC Residences, has clinched two prestigious awards for its dedication to constructing beautiful, well-designed condominiums in the Philippines.

Dubai-based International Business Magazine Awards hailed RLC Residences as the recipient of Real Estate Developer of the Year Philippines and Best Property Development Company in the Philippines 2023 during its recent awarding ceremony at Atlantis The Palm, Dubai. The annual awarding ceremony honors the extraordinary accomplishments of companies from various sectors such as real estate in the Middle East, Europe, Asia, Africa, and America.

“It is an honor to receive international recognitions like these for RLC Residences. We are proud of the work that we do and of our commitment to building nurturing condo spaces so our homeowners can design and live their best lives. Thank you so much, International Business Magazine Awards, for recognizing our efforts to Raise, Live, and Connect not just here in the Philippines but also in other parts of the world,” says Karen Cesario, RLC Residences Senior Director, Marketing Head and Chief Integration Officer.

The awards also came in time for the brand’s efforts to expand its network in Dubai, as RLC Residences prepares to open its new office in the city. This strategic move aims to provide delightful customer service to investors and homebuyers in the Middle East region who have long supported the brand and its projects.

Now in its 6th year, the International Business Magazine Awards annually highlights the exemplary endeavors of corporations that consistently demonstrate exceptional leadership abilities. This UAE-based online publishing company continuously strives to acknowledge and appreciate the hard work and dedication to achieving success in the competitive world of international business.

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