Filipinos wiser in money decisions – survey

MANILA, Philippines – From a nation of spenders, the Philippines is becoming a nation of savers, according to the latest Citi Fin-Q survey by Citi Philippines.

Filipinos scored a record high of 53 out of 100 points in the survey, which measures consumers’ financial quotient.

“We are seeing how Filipinos are taking a more active role in managing their finances and planning their future,” City Country Officer Sanjiv Vohra said in a statement.

The survey found that 9 out of 10 Filipinos set budgets on a monthly basis, and 65% stick to their budgets.

Nearly 8 out of 10 said they own insurance products or enjoy income protection, while a total of 63% said they are on track with their retirement or have started to set aside some savings for it.

Building savings is also the top financial concern of Filipinos, according to the survey results. Six out of 10 said they “know a fair bit or know exactly their current net worth.”

The survey interviewed respondents who were over 18 years old and owned either a bank account or a major credit card. The responents were scored on 11 different questions related to financial decision-making and habits.

The results of the survey mirrored figures released by the Bangko Sentral ng Pilipinas that showed Filipino households were the primary savings driver in the 2012 economy.

According to BSP data, Filipino households’ savings increased by 6.3% to P909.8 billion in 2012. “This could be attributed to sustained inflows of overseas Filipino remittances and favorable domestic labor market conditions,” the BSP said. – with reports from Aya Lowe/Rappler.com