Unraveling the Retirement Spending Habits in Siquijor, Philippines: Promoting Support Policies for Retirees

Abstract

Retirement planning remains a significant challenge, with financial literacy gaps influencing retirees' economic security. This study examines the financial resource allocation of retirees in Siquijor, Philippines, shedding light on key spending patterns. Essential living expenses, such as utilities (3.94) and groceries (3.80), take priority, while housing costs remain relatively low (3.02), reflecting the prevalence of extended family living arrangements. Healthcare expenditures are primarily allocated to prescription medications (3.60), while spending on preventive care (3.36) remains limited due to financial constraints. Transportation costs are minimal, as retirees increasingly rely on public transit. Discretionary spending is constrained, with hobbies (2.62) ranking slightly higher than travel (2.60). Charitable giving (2.54) is primarily directed toward local community support rather than institutional donations. Financial assistance to family members (3.46) remains common, reinforcing cultural expectations of intergenerational support. However, retirees allocate limited funds to emergency savings (3.25) and insurance premiums (2.70), increasing their financial vulnerability.These findings highlight retirees' financial pressures, emphasizing the need for targeted policy interventions. Initiatives such as financial literacy programs, healthcare subsidies, senior-friendly transportation options, and enhanced social support systems could improve retirees' financial stability and overall well-being. Furthermore, promoting access to affordable housing, emergency savings mechanisms, and sustainable retirement planning strategies will be crucial in addressing financial insecurity among retirees. This study underscores the importance of a multi-faceted approach in crafting policies that cater to the financial realities of retirees, ensuring a more secure and dignified post-employment life.