Financial Intelligence Survey of Filipino Consumers

There’s a survey conducted by a world’s leading financial services company to establish baseline data on the Financial Quotient or financial intelligence of Filipino consumers. The first 400 respondents were between 18 to 40 years old, and owned either a bank account or a credit card. The survey was administered online.

Here’s the result of the survey:

• Less than four out of 10 Filipinos have a monthly budget and stick to it. Around the same number set aside or save money every time they receive their salary or realize an income.

• Three out of 10 Filipinos have no insurance – life of other types – leaving them vulnerable to financial crises.

• Only one out of 10 Filipinos is consciously saving up for retirement. The rest have some savings but don’t know it will be enough; others have no idea at all on how much they need or have not started planning.

• About five out of 10 surveyed suggest that they will need assistance from their adult children when they reach retirement age.

• On average, Filipinos say their current savings would last nine weeks it they were to lose their job today, but still had to pay all of their regular day-to-day expenses.

The survey did not only show the urgent need for financial education in the country but also an important data to better understand the evolving financial needs and financial decisions.

Tags: financial education, financial health, financial intelligence, survey