INFOGRAPHIC: The road to living life to the fullest
MANILA, Philippines – Living life to the fullest isn’t solely confined to ticking off items on your bucket list or climbing the corporate ladder and earning more as you progress in life.
Step back a little. Before you even embark on your long-awaited backpacking journey across Europe or be able to lounge in a house that’s all your own, you’d need certain enablers as you go along to help you reach your goals – like savings and loans.
According to the results of the Bangko Sentral ng Pilipinas’ 2017 Financial Inclusion Survey, only one-fourth of adult Filipinos – that’s 15.8 million people aged 15 and above – own a bank account.
Asked why, those who don’t own an account mainly said it’s because they don’t have enough money (60%), they don’t see the need for it (21%), and they don’t have the documents required to open one (18%). They also find the costs high, are unaware of the process of opening an account, are unemployed, or are simply unaware of the matter overall.
Loans, on the other hand, have a bad rep among some Pinoys because, well, it’s utang. And here, utang has a negative connotation. We even have the term baon sa utang.
But contrary to popular belief, savings and loans aren’t chores that drag you down. Used wisely, they enable you to live your life the way you want to.
Having a savings account not only acts as a safety net for emergency situations, but it's also good to have when you’re simply saving up for something you’ve always wanted, like an out of the country trip, the education of your children, or your well-deserved retirement.
Loans help you augment what money you already have to get what you need such as a car or a home that you can call your own. If you're a business owner, getting a loan allows you to expand your business and take advantage of opportunities. It's just a matter of being on top of your spendings.
But as that hit pop tune goes, “it’s not about the money”. Or at least, not all about it. You need to make sure that all aspects of your life are covered so that you can truly say that you are living life to the fullest.
Check out our infographic for some tips on how you can do this.
Copy by Jules Matabuena
Graphics by Ernest Fiestan
Financial institutions such as BDO can help you achieve your goals through savings and access to loans. With BDO, you can conveniently open a savings account or apply for a BDO Auto and Home Loan even on weekends at any of their branches nationwide. Click here to find out where to apply for a BDO savings account, and here to know more about loan application.
What’s more, BDO also offers a wide array of credit cards that suit your every need. To find the right card for you, click here.