Connect with us

Philippines

5 Reasons Filipinos Don’t Save Money

What keeps most Filipinos from saving? Just read the reason number one and you can skip the four other …

Published

on

PhilippinePeso

Did you know that the Philippines has one of the lowest savings rates in Southeast Asia? According to a Bangko Sentral ng Pilipinas survey in 2014, only 1 in 4 Filipino households has savings.

This is worrying, as it means that in the event of an emergency or sickness, majority of Filipinos have no means to fund their needs. This also implies that they could fall into debt or worse, not be able to cover their emergency needs.

What keeps most Filipinos from saving? Unfortunately there is no one answer. It’s been argued that the Filipinos’ fatalistic or easy-go-lucky attitude prevent many from getting into the savings habit.

There is also the lack of discipline and commitment to stay on the savings path. After all, building up savings starts with giving up a portion of your regular income and having the discipline to do this continuously, while resisting the urge to dip into these funds for whimsical reasons.

Let’s look at the 5 most common reasons cited by Filipinos for not saving, and, if it applies to you, we also share the steps you can take to address this.

Reason #1: Not having enough money left for savings

This is the most common reason cited by people for not saving. However, if you take this as an excuse, then you will never be able to save at all. The first commandment in personal finance is: Pay Yourself First. Make it a habit to save first before spending the rest of your income. You have to be disciplined and bite the bullet if need be, giving up some expenses in order to make way for savings.

Source: 5 Reasons Filipinos Don’t Save Money | ABS-CBN News

Click to comment

Leave a Reply

Asean

Asia’s consumer class is growing fast. This chart shows how

Between the years 2020 and 2030, almost 76 million Indonesians will join the so-called consumer class, a group of people who spend more than $11 (in 2011 PPP dollars) per day. This will cause the country to become the fourth biggest consumer market in the world behind the giants of the field – China, India and the United States.

Published

on

a chart showing consumer growth

Asian countries are expected to exhibit the biggest growth of the consumer class among the world’s 30 biggest consumer markets.

(more…)
Continue Reading

Asean

4 Reasons to explore the Consumer Market Opportunities in The Philippines

An archipelago state which is home to more than 100 million people, the Philippines is gradually transforming into a burgeoning modern consumer market

Published

on

manila

Amongst the world’s growth markets, the ASEAN trade bloc is a particularly notable success story. It significantly out-performs many developed territories as well as those which are still developing. (more…)

Continue Reading

Recent

Most Read

Join 14,216 other subscribers