OFW Family: The Driving Force Behind the Family Hero

In this day and age, almost every Filipino household has relatives working oversea. In fact, according to the Philippine Statistics Office, as of September 2022, there are about 1.96M Overseas Filipino Workers (OFW) whose remittances are helping to prop up the Philippine economy. It’s no wonder they’ve earned the title Bagong Bayani or Modern-Day Heroes.

Maybe it’s a spouse working as an engineer in Dubai. Perhaps they have a daughter working as a nurse in the UK. And who can forget the efficient seafarers onboard, set to travel to different parts of the world?

These are just a few examples of the jobs that millions of OFWs do. They go the extra mile to provide for their loved ones in the Philippines. And of course, every hero deserves to have someone who helps them on the side. Beyond inspiration, these people have to be the sidekicks that the OFW needs.

This is where the family comes in.

The OFW family’s role in dealing with finances

Not only is an OFW’s family their source of inspiration and strength, but they are also an extension of what the OFW can do. For every hero, there’s a sidekick, and for the OFW, it’s their family. When they join forces as a team, there’s nothing they can’t face together.

As your OFW’s sidekick, you have the power to lighten the load of your hero. Even when they’re thousands of miles away, they can rely on you to keep the family safe and secure. This also rings true when it comes to how finances are managed at home.

If you’re not sure how you can be the sidekick your OFW needs when it comes to handling finances, then you can start with the following:

Sit down and chat about finances

Frequent video calls are already part of your routine to stay updated about each other’s lives. As fun as it is to get the latest scoop about their co-worker's or your family’s antics, it’s also essential to start a conversation about financial planning.

So, how can you easily discuss your family’s finances? You might consider doing it when the topic of money gets raised. For example, maybe they will mention when they’re going to wire money to you. Proceed to talk about how you’ve tracked your expenses at home and suggest how you can allocate the funds that you receive.

As Filipinos, we tend to beat around the bush when it comes to certain things. Talking about money is one of them. But you don’t have to be afraid. Knowing that someone else is also thinking of the family’s finances can ease your OFW’s burden. 

Plan on how to make your money grow

When the family receives funds from abroad, they already have things to use the money for. After that, the remaining money is added to their savings. Although this is a good way to accumulate funds for the future, it doesn’t really maximize the potential of every cent your OFW hero earns.

As the saying goes, “Make your money work for you.” And how do you do that? Simple. Through investments. By investing their money, you can make it grow significantly by the time they come home.

There are many ways to invest the money your hero wires to the family. Maybe you can start a small business or side hustle to augment the family income. You can invest in mutual funds, stocks and bonds. Perhaps you can go for insurance that also offers an investment component. Doing so will allow you to better prepare for the future.

Search for health insurance with coverage

This is not talked about enough but here’s a dose of reality. What is one of the primary expenses of the family? Medical bills. Illness in the family can rapidly decrease the family’s savings. It’s a situation that can take time to recover from. 

On top of that, if an accident happens, that’s another unexpected event that could break the bank. Since the main breadwinner of the family is the OFW, they always think about these things. But as their sidekick, you can make things better and easier for them. 

There are insurance plans that offer coverage for medical concerns and accidents. On top of that, some plans may have investment components too. You can practically hit two birds with one stone. If the family is insured, then the OFW can rest assured that the fruits of their hard work will be spent on providing a better life for the family.

Make FWD your family’s ally

If every hero needs a sidekick, then every duo needs an ally. For you, that’s FWD. We celebrate heroes and their families alike with insurance plans that helps you financially during the tough times. Because we believe that your family deserve to live a life with less worries.

Family Hero is our investment-linked life insurance plan with critical illness protection designed specifically for OFW families that could help you in supporting your OFW’s aspirations and needs. 

Find out more.