We asked over 1,000 Filipinos to understand what they felt, did and thought about their personal finances
The GoBear Financial Health Index
Conducted in June 2020, the first GoBear Financial Health Index (FHI) sought out to understand how well people in the Philippines are managing their finances as they cope with the impacts of COVID-19.
By gaining a better understanding of one's financial habits, we hope to guide them towards actions that can help them reach goals for every stage of their financial lives.
In the Philippines, we polled more than 1,000 mid-income participants across the ages of 18 to 65 with daily access to an Internet-enabled device in Metro Manila and Cebu.
How did Philippines fare?
- Majority of Filipinos lack financial knowledge and access to financial products. Most finance insitutions like banks often push banking products to mid and high-income individuals, which comprise only 10% of the country's population
- Many are dependent on digital wallets because they lack the requirements for opening a basic savings account.
- Filipinos are still greatly influenced by socio-cultural practices like Bahala Na system, which affects their spending and saving habits.
We believe that Financial Health is based on the following 3 main pillars:
-
SAVINGS
76%
Our study revealed that 3 out of 4 Filipinos are eager to set aside funds to be used in times of crisis.
-
RETIREMENT
49%
49% of Filipinos are preparing for retirement as one of their financial goals.
-
INVESTMENT
48%
Only 48% of Filipinos surveyed cited owning a property as a financial goal they were aiming for.
-
BUSINESS
48%
Despite businesses closing due to COVID-19, a lot of Filipinos still want to start their own enterprise.
Amid the crisis, 63% of Filipinos surveyed still retain a positive outlook for the next 12 months.
-
MEN
-
WOMEN
The onslaught of the COVID-19 pandemic inspired majority of Filipinos to invest in the following:
Saving account 61% - Health Insurance 46%
- Life Insurance 39%
- Stocks/equities/shares 29%
We have identified 5 different financial personas in the Philippines
22%
Disciplined Discerners
They are in control of their money and sure know their way around managing it! They want to be financially independent and be that dependable family-person, which explains their penchant for researching and disciplined saving habits.
12%
Easygoing Amateurs
They desire a certain lifestyle and wishes to maintain it. Unfortunately, they are probably spending too much to achieve it via as many shortcuts as possible. They are likely to resort to borrowing or postponing payments to satisfy their immediate needs without thinking about the future.
17%
Disciplined Silver Spooners
They run a tight ship over their finances, always ensuring that it's in order. However, they can fall back on their social network for support, thereby reducing any financial stress encountered. Being self-sufficient does not define financial success for them as they head towards financial independence.
25%
Aspiring Achievers
They keep their urges at bay and demonstrate amazing control, owing to good financial knowledge when it comes to spending. However, the lack of social support systems might affect. their confidence should they encounter.
24%
Oblivious Optimists
They thrive on living in the moment and tend to spend as they wish! They are also overly positive about their finances and even overestimate how much they think they know!
They are in control of their money and sure know their way around managing it! They want to be financially independent and be that dependable family-person, which explains their penchant for researching and disciplined saving habits.
They desire a certain lifestyle and wishes to maintain it. Unfortunately, they are probably spending too much to achieve it via as many shortcuts as possible. They are likely to resort to borrowing or postponing payments just to satisfy
They run a tight ship over their finances, always ensuring that it's in order. However, they can fall back on their social network for support, thereby reducing any financial stress encountered. Being self-sufficient does not define financial success for
They keep their urges at bay and demonstrate amazing control, owing to good financial knowledge when it comes to spending. However, the lack of social support systems might affect. their confidence should they encounter.
They thrive on living in the moment and tend to spend as they wish! They are also overly positive about their finances and even overestimate how much they think they know!
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