According to the results of the Citi Fin-Q’s annual survey, Filipinos have become increasingly more proactive with budgeting and financial planning. Every year since 2007, the Philippine’s largest foreign bank has conducted an online poll to measure the Financial Quotient (Fin-Q) of Filipino consumers. The participants included 3,500 online respondents across seven countries in the Asia Pacific. All who completed the survey were 18 years or older and owned a banking account or a credit card.
In the last two years, the Philippines have exceeded the 50-point mark, scoring 53 out of 100. The increased results signify that Filipinos are growing more aware of the significance of personal financing and committing to products such as investments and insurance.
Saving For The Future
Filipinos are making positive changes in their financial budgeting and becoming more conscious about planning how they spend and save their money each month. The Citi survey reported that nine out of 10 Filipinos create a monthly budget, and 65 percent of the respondents reported to understanding how important it is to make a budget and stick to it. They are making it a personal priority to plan ahead, with eight out of 10 confirming they own insurance products or income protection. Part of planning for the future entails retirement preparation, and 63 percent reported they have already started putting money into savings or have premeditated retirement plans. Forty-four percent of Filipinos said that they save money with each paycheck or income.
Online Banking Rises
Another positive increase that the Citi Survey revealed, more and more Filipinos are using online banking services. The survey reported that 75 percent of the respondents complete all of their banking transactions on a computer, tablet or phone. Only a small nine percent of Filipinos reported to never using online banking.
A consumer Business Manager for Citi Phillipines, Bea Tan, told 4-Traders, “We are seeing a marked shift to online and mobile banking, and in Asia, we already see 98 percent of all transactions taking place outside a branch.”
The survey reported that the majority uses online banking for common services such as paying bills online, making transfers and account questions. However, 92 percent of users are interested in utilizing online banking for other purposes beyond basic use. They would like to access and conduct transactions while traveling, on-the-go banking.
The overall results of this Citi survey continue to increase and show positive growth and optimism in the Asia Pacific. With steady growth in the last two years, it seems the people of the Philippines will continue to remain conscious of personal budgeting and saving for the future.