CEBU, Philippines - How are Filipinos really prepared financially?
"Not that so," according to a recent survey that has said that only 32 percent of Filipinos essentially do practice saving habit although 39percent of them try to do it regularly.
The so-called Study of Lifestyles, Attitudes and Relationships has also showed that 10percent of them believe there is no need to save saying their income is even not enough to do so and 5percent would just opt to save for things they want to buy.
Insurance company Sun Life Financial and Social Weather Stations have compiled the SOLAR Financial Literacy Advocacy Report.
The survey, conducted from April 9 to 15 this year, has further said that people living in provincial areas, particularly in the Mindanao, are most likely the 'habitual savers'. Mindanao has 37percent of savers, 31percent in Visayas and slightly lower in the National Capital Region with 22percent.
Two out of 10 said their income were not enough for their expenses while 7 out of 10 claimed they would be more thrifty.
In terms of spending and saving habits, it also indicated that 64percent claimed they budget their money, 35percent said they don't and 13percent admitted of not tracking spending.
Managing finances
The study that asked 800 respondents who are family financial decision makers, has found out that one in every two Filipinos are willing to learn about managing personal finances.
And for Lawyer Augustine Rivera, Sun Life's unit manager, teaching the young people particularly the students on how they can save money is very important.
He said they have partnered with universities in Cebu to do seminars on financial literacy to college students, teaching them basics on how to handle finances.
"Alam ninyo maganda po yung response nila," Rivera said, "because they see it as a saving opportunity kung baga they consider it as something they can go into after graduation."
The financial advisor also shared that one teacher in a private university in Cebu has in fact decided to include the seminar in the curriculum for students, adding that they are still going to link with other schools.
Senator Sonny Angara has authored Senate Bill 201 or the Financial Literacy Act of 2013 that pushes to include entrepreneurial and financial literacy education as vital part of the secondary education.
"Sa public schools naman mga teachers pa lang yung naturuan namin like nung sa Bohol and I did a seminar in Cebu it was in Pardo National High School," he said.
Mylene Lopa, the company's chief marketing officer also said it's high time for people to change money habits and know about saving, investing and insuring themselves and their loved ones.
"You know money is enslaving Juan in a cycle of shortage, worry and financial dependency," she added.
People can actually save money for future use as soon as they start earning, Rivera advised, saying they can set aside about 10 percent of their income to get an insurance or spend it in other investment means.
He said "You have to start kasi if you don't,wala ring mangyayari." (FREEMAN)