Fin'l Expertise of Filipinos Improving, Latest Survey of Citibank Reveals
Financial awareness as translated through savings, budgeting and retirement plans are more intrinsically woven into the daily lives of the average Filipino as finances and job security improves.
In its latest survey on the financial quotient or "Fin-Q" of local consumers, Citibank Philippines said that for the second year in a row, the tally of financially-driven and "money-wise" Filipinos remain on the high side and further noted record-high scores on budgeting, insurance and retirement plans.
Sustaining last year's high mark, Filipino consumers scored a high of 53 out of 100 in the survey.
"The improved score was driven by increased awareness among respondents of the importance of planning personal finances, ownership of several financial products such as investments and insurance, and a general optimism on their financial future," according to the American bank Citibank, considered the largest foreign bank in the Philippines. "More and more Filipinos now understand the value of budgeting and planning for their retirement, and claim building their savings has become a personal priority."
Based on the latest survey results, 9 out 10 Filipinos are budgeting, planning and working around getting retirement plans as part of their long-term financial future and security.
"They create a budget on a monthly basis, and 65 percent acknowledged the importance of sticking to their budget," said Citibank.
"In preparing for their future," the bank concluded, "Filipinos seem to be right on track as well. In fact, it was a record year in terms of their confidence in their insurance coverage, with nearly 8 out of 10 saying they own insurance products or enjoy income protection. …