Filipino netizens becoming ‘diligent’ in managing finances

MANILA, Philippines – Filipino consumers surveyed online by Nielsen Global registered high consumer confidence, placing second among countries in Southeast Asia and third globally.

According to results of the survey released on Monday, May 5, the Philippines registered 116 points in consumer confidence or a 2-point increase from the last survey conducted in the aftermath of Typhoon Yolanda (Haiyan). 

Indonesia posted the highest consumer confidence with 124 points. Thailand was third at 108 points. 

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Savings and personal finance remained among the top priorities of those surveyed. More than one-fourth or 26% also claimed they were investing their spare cash in shares of stock or mutual fund, and 11% said they were allocating spare cash to their retirement fund. 

“Filipino consumers are becoming diligent in managing their finances and are conscientious savers,” Stuart Jamieson, managing director of Nielsen Philippines, said in a media release.

It is a perception survey conducted among 30,000 respondents in 60 countries meant to measure consumer confidence, major concerns, and spending intentions.

The sample was limited to respondents with Internet access, however. The Philippine lags in terms of Internet penetration.

“As consumers become more aware of the importance of preparing for the future and the availability of savings and investment vehicles, they are looking to tap into these vehicles as a means of maximizing their future financial outlook and planning for their golden years,” Jamieson added.

Post-Yolanda 

Nielsen noted the rebound in consumer confidence among the respondents in the Philippines 3 months after Typhoon Yolanda.

“Encouragingly, consumers continue to feel confident and optimistic despite some uncertainty due to the effects of the super typhoon. This has resulted in a stronger index score,” said Jamieson.

Personal finances remained the top priority among the Filipino consumers surveyed. Their confidence in their personal finances for the year ahead increased, making the Philippines rank second globally, with 79% saying it is good or excellent. It is up 3 points from the previous survey. 

Indonesians were also the most positive about their financial status, with 83% of consumers saying it was excellent or good.

Savings was also high among the priorities of Filipino consumers, with 69% saying they were “channeling their spare cash into savings” during the first quarter of 2014.

Nielsen said Vietnamese consumers were most prolific in saving, with 77% putting their spare cash into savings. The global average was 47%.

The Filipino respondents were also supposedly ready to change spending habits to save on household expenses.

“Filipino consumers are also among Southeast Asian consumers who say they have changed their spending habits over the past 12 months to save on household expenses. Consumers in Thailand and Vietnam are most inclined to limit their household expenses (87%), followed by consumers in Malaysia (83%), Indonesia (82%) and Philippines,” said the Nielsen statement. – Rappler.com