MANILA, Philippines ? Nine out of 10 Filipinos have nothing to bequeath to their loved ones when they pass away, thus leaving many young dependents with an uncertain future, research done by the financial giant Sun Life of Canada shows.

Sun Life's latest study on lifestyle, attitudes and relationships (SOLAR) also showed that 45 percent of senior Filipino citizens?those aged 65 and above?become a burden to relatives after retirement while 30 percent are dependent on charity and 22 percent continue to work instead of enjoying retirement.

Only 2 percent of retired Filipinos could be considered financially dependent, Sun Life of Canada (Philippines Inc.) president Riza Mantaring said in a press briefing on Friday.

"The statistics aren't very good," Mantaring said. "Filipinos don't understand as well as they should the importance of preparing for their future."

The urgency of boosting Filipinos' financial literacy, Mantaring said, was the reason why Sun Life started seven months ago the "It's Time!" campaign, seeking to bring to a broader market base the importance of preparing for the future.

The latest SOLAR study, which was based on a survey of 1,200 respondents from various income segments last year, showed that health ranks among the top concerns for Filipinos. But while 76 percent of Filipinos are concerned about paying for health treatment, an overwhelming 85 percent have to dip into their savings when they get sick instead of depending on health insurance.

Insurance penetration also remains low in the country even in the presumably financially savvy "AB" income segment (45 percent).

The penetration rate is much lower for the "C" market: 30 percent for the C1 segment (defined by Sun Life as a household with a combined monthly income of between P50,000 and P100,000) and 17 percent for C2 segment (defined as having a combined household income of between P25,000 but less than P50,000 per month).

"There is this great disparity between the perception of Filipinos and what they actually want to happen. We want them to be pro-active, instead of passive, Fortunately, Sun Life has the answer for them," said Greg Martin, Sun Life Philippines' chief marketing officer.

Sun Life, which pioneered life insurance in the Philippines in 1895, has a core market strength in the "AB" segment?households having a combined monthly income of over P100,000 a month?but is now striving to make inroads into the "C" market.

Based on the study, the average Filipino earning between P30,000 and P50,000 each month can afford to spare between P300 and P500 each month.

"What's great about 'It's time' is that we do not want to overwhelm our clients. Financial planning is both a process as well as a lifestyle change. It can't happen overnight, but Sun Life can make it easy for them," Martin said.

The "It's Time!" advocacy, which has been rolled out with a tri-media campaign, features insights and lessons from celebrities Pia Magalona, entrepreneur and TV personality Paolo Benigno "Bam" Aquino as well as professional basketball player James and his son with wife Kris Aquino "Baby James" Yap.