Finding it hard to save despite a regular source of income? You’re not alone

MANILA, Philippines – “I don’t have any savings” – it’s one of those things that you just can’t admit. It’s much harder if you’re someone with a stable job, earning a regular salary every month. For some, it’s something that’s too embarrassing or a sign of immaturity even. 

But over the past few days, Filipinos were all over social media to share their own financial struggles in response to GCash’s #PlsSaveMe movement. It was one of the top trending topics in the Philippines over the weekend and even made it to the no. 1 spot. And based on the live count of PlsSaveMe.com, the movement has reached over 14 million people.

Suko na ako sa gastos pero mas suko na ako sa promise ko every year na mag-ipon, oh my gosh. #PlsSaveMe,” said Twitter user @hoybiya.

Some also shared the reasons – spending on travels and favorite Korean superstars – why it’s hard for them to save. And these are things that most of us can relate to.

Wala akong savings for the past 5 years na nagwwork ako dahil all-out ako kapag nagttravel. As in yolo x1000 #PlsSaveMe https://t.co/pgFe4R1TOI — jovie reyes (@joviemarr) October 5, 2019

I don’t spend much for myself. I’m one of the most thrifty persons I know but when my favorite Korean artists come to town. I spend too much!!! #PlsSaveMe https://t.co/EDqDp6Cjm3 — Aly Bosch (@AlyJunieBosch) October 5, 2019

Even celebrities whom we would think have huge savings in the bank revealed that they, too, are struggling financially.

Everyone knows I won Php 500,000.00 from a reality show back then. But not everyone knows I spent it all of that... in just one week. #PlsSaveMe — Robi Domingo (@robertmarion) October 4, 2019 Sana yung savings ko sa bangko maging kasinglaki bigla ng tiyan ko..... href="https://twitter.com/hashtag/PlsSaveMe?src=hash&ref_src=twsrc%5Etfw">#PlsSaveMe hirap mag-ipon Lord pic.twitter.com/u4kLXsvhlE — DJ Chacha (@mor1019chacha) October 4, 2019 Fighting Maroon ako pero yung savings ko suko sa pang gastos ko #PlsSaveMe — Ricci Rivero (@_ricciiirivero) October 4, 2019

They’re just some of the 66% of Filipinos who do not have savings according to The Global Findex Database, World Bank Group 2017. 

 

GCash’s #PlsSaveMe movement aims to help these Filipinos by first urging them to acknowledge that they have some bad spending habits they need to work on. GCash also encourages everyone to help find solutions to this pressing problem together by joining the movement. 

And the movement is not just online, it’s also on major LED billboards all over the Philippines. 

Are you finding it challenging to save, too? Share your story on Facebook, Twitter, and Instagram using the hashtag #PlsSaveMe. – Rappler.com

 

 

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GCash

GCash is a mobile wallet application that has 20 million users and over 70,000 partner merchants. It is owned by Mynt, the fintech arm of Globe Telecom, Ayala Corp., and Ant Financial, an affiliate of Jack Ma’s Alibaba Group. GCash Save is a PDIC-insured savings account within the GCash application and is powered by CIMB Bank Philippines, one of the largest banks in the ASEAN region. Through this partnership, GCash and CIMB Bank Philippines are able to offer the highest interest rates in savings in the country, all within an all-digital experience. GCash Save was made available to the public last April 2019 and was able to open 500,000 accounts by August 2019, less than half a year later. Both GCash and CIMB Bank Philippines are regulated by the Bangko Sentral ng Pilipinas.

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