6 Things Millennials Should Spend Their Money On

6 Things Millennials Should Spend Their Money On

Millennials already make up more than half of the workforce, which means that their purchasing power is rapidly increasing. Local studies show that millennials buy more personal care products and mobile phones and laptops, while other studies suggest that they spend more on coffee, organic food, gym memberships, craft beer, and Uber rides.

But don’t think that millennials are a spend-all generation. With millennials entering the workforce (or are unable to enter it) in the heels of the global financial crisis in 2008, this generation learned to be frugal – and whatever money they do spend, they make sure it’s money well spent.

So, what should millennials be spending their money on?

1.  Smartphone -- Most articles that tell millennials what not to buy often has this at the top of the list. But there’s more good reasons to get a quality smartphone (or a tablet) aside from being trendy. In our fast and connected world, millennials are always on the go. Having a device that lets them access the Internet and work on projects even in transit is absolutely necessary.

2. Starting a business -- Millennials must learn to harness their own generation’s purchasing power. More people who are able and willing to buy artisanal food and beverages means that restaurants and food stalls have booming businesses. It’s no wonder that most restaurants on Maginhawa Street in Quezon City are millennial-owned and are flocked by millennial patrons. If you’re going to start a business, just make sure you don’t forget to protect it through insurance!

3. Stocks -- Millennials shouldn’t just hide their money in the bank. Investing in the stockmarket is a great way for millennials to become financially secure in the long run. Stocks may be daunting at first, but a little research and a consultation with a stock broker would definitely help ease your fears.

4.  A house -- If you can afford it, buy it! While it is uncommon for young adult Filipinos to move out of their parents’ homes, more and more young professionals are trying to be more independent by owning or, at the very least, renting their own dwellings, be it a house, an apartment, or a condominium.

5. Experiences -- Research revealed that millennials are more inclined to spend on experiences rather than material things, which explains their love of coffee shops, Instagrammable food spots and travelling. Enjoying the best things in life is priceless, and getting to experience all that the world can offer is amazing. If you have enough disposable income and you really want to go the that dream vacation of yours – go for it! Pack your bags and leave your worries behind you.

6. Insurance -- Living life to the fullest is the millennial way of life. Planning your future and ensuring that everything goes smoothly even if mishaps occur makes you able to enjoy moments as they happen. Getting insurance coverage for you and your family is the best way to live life worry free.

Fortune General offers an individual and family personal account which covers policyholders and can be extended to include their spouses and children. The insurance coverage can also be extended to parents and siblings, in case the policyholder is single.

FGen’s individual and family personal account will insure people for accidental death and disablement, and unprovoked murder and assault, and also grant policyholders medical expense benefit, burial benefit, and hospitalization cash. Fear should never hold you back from achieving your goals and enjoying life.

Insuring yourself with FGen would make you live life worry free!

Keeping Kids Safe at School

Keeping Kids Safe at School

School accidents are on the rise, with a study, reported by the Philippine College of Physicians, revealing that at least 20% of injuries sustained by children happen in school.

Boys aged 13-17 are the most susceptible to school accidents, the majority of which are falling and road accidents.

But children are not the only ones who are vulnerable to school accidents, which can sometimes be deadly.

In February, a bus transporting around 50 students to a camping trip crashed in Tanay, Rizal, and left 14 college students dead and 40 others injured.

Despite exercising necessary precautions and constant reminders from government authorities, school administrators and parents, incidents like these seem to simply happen – and it can happen to anyone and at any time.

But you cannot possibly always be keeping an eye on your children in school, most especially if you’re a working parent. Besides, not letting your kids on their own would hinder the development of their independence.

So, what should you do? Here are some suggestions:

1. At the very least, you should tell your kids to refrain from horseplaying, especially near ledges and staircases.

2. It’s also great to remind them to look both ways when crossing streets.

3. If your children’s school allows them to carry phones, have your number, and police and emergency numbers on their phones on speedial.

4. The best way to be able to send your kids to school worry free is to get them insured. Fortune General has a group student personal account that protects them from accidental death and disablement, and unprovoked murder and assault.

FGen’s group student personal account also provides medical reimbursement, daily hospital income confinement benefit, and burial assistance benefit. This insurance policy gives protection to students 24/7, inside or outside campus.

Don’t let your worries hinder your children from experiencing playing with other kids and going on field trips. Just make sure that they are insured.

Busting myths about women drivers

Busting myths about women drivers

Women are gradually dominating the roads, with the number of new female car owners rising to 45% in 2016 from 31% in 2013, according to the 2016 Philippines Sales Satisfaction Index.

Records from the Land Transportation Office also show that over a million Filipino women registered for student permits and driver’s licenses last year.

But women drivers and car owners are still largely looked down upon. A survey showed that only 13% of men think that women are better drivers, and only 28% of women think they are better drivers than men.

Furthermore, the 2015 Jabian Automotive Industry Survey showed that 26% of women feel that they are not treated as equals to men in car repair shops, and 45% of them feel their knowledge about their car is underestimated by mechanics.

Women are given less credit for what they can actually do behind the wheel. A 2015 study revealed that women drive safer than men, with women scoring 23.6 points, while men only scored 19.8 points. The study showed that men were more likely than women to speed, drive past a yellow light, tailgate, cut corners, cut in traffic, use phones, and have a negative impact on other drivers.

The results of this study was confirmed in a 2016 survey. Only 15% of women say that they would be distracted while driving, compared to the 51% of men who admitted that they will be distracted by an attractive woman on the street. Men can be more aggressive and far too confident (84% of men believe they drive within the speed limit, when only 64% of them actually do), which can result in them engaging in risky behavior, including driving without a seatbelt, driving under the influence, and speeding.

The number of male deaths in traffic accidents in the US is more than twice the number of female deaths. While, in the Philippines, a whopping 80.25% of fatalities in traffic accidents are men, while only 19.75% are female. Despite women being generally safer drivers, more women still fail driving tests compared to men.

While men may be far more prone to accidents, this does not mean that women are completely safe. With more women on the road, there are more chances for them to be involved in car accidents.

Regardless of gender, it is best to be protected that any mishap that may happen. Fortune General offers comprehensive coverage for damage and theft, and also offers a third party liability insurance.

Don’t start a business without this!

Don’t start a business without this!

If you’re thinking of starting a business, the first things that would probably come to your mind are capital, location, number of staff (if any), business registration, licenses and permits.

If you’ve got those ready, you are all set to start operating your business! Except, you might be missing a crucial detail in your business plan.

You might—and probably would—encounter bumps in the road along the way. Some bumps are small, some are huge obstacles, while others are total roadblocks. These can come in the form of minor equipment damage or theft; but these bumps can also come in the form of typhoons, earthquakes and other calamities which can cause the disruption of your business.

In case you haven’t figured it out yet: You will lose a lot of money. Just one day of suspended operations can spell thousands of pesos of lost income.

But fear not. There is a way to save you from all those possible stresses and financial losses.

If you’re starting a business, you should definitely get a business continuity insurance.

A business continuity insurance is similar to a property insurance, in such a way that it covers for damage done to your property or business. But property insurance provides protection only for the damage itself; it does not cover for operational losses you incur because of your damaged property.

For example, if you own a bakery and you have a property insurance plan for your oven, and your oven breaks down, you will be entitled to claim for damages. But your oven is still busted, and you are still losing money every day that you do not operate.

Business continuity insurance protects you exactly from that. You would be guaranteed that you would be in the same financial position whether or not a loss would occur.

Fortune General offers insurance coverage for your business. Talk to us if you think you need it.