Most Filipinos harbor positive sentiments about the quality of their lives, their financial future and retirement savings, a survey by Citibank showed. Results of the latest Citi Financial Quotient (Fin-Q) Survey showed that 65 percent believe they are better off today than their parents were, while 62 percent said they had secure jobs.
More than 71 percent said they were “very satisfied” and satisfied” about their overall quality of life, a double-digit increase from the previous year. Optimism on one’s financial future
also went up to 82 percent from a year ago.
On their retirement savings, 56 percent said they know how much they would need and have some savings set aside.
Sanjiv Vohra, Citi country officer, said the annual Fin-Q survey is designed to measure the financial quotient or well-being of consumers.
In the recent survey round, Filipinos scored 48.9 percent, a slight dip from 49 percent in 2009, but much better than the 46.6 in 2008. Respondents were scored on 11 different questions closely related to financial well-being for a maximum possible score of 100. The questionnaire consisted of more than 40 questions and covered a range of topics closely related to financial decision-making and smart financial habits.
“The earlier consumers understand the importance of planning their financial future, the closer they can get to reaching their financial goals. At Citi, we have been reaching out to a wide variety of audiences, not just to our clients, to promote financial literacy. We engage them in an array of discussions from making a budget and sticking to it, to understanding the many investment options available to setting up retirement funds now and not later,” Vohra said.
Fifty-seven percent of respondents said they have a “good” or “very good” understanding of money management and personal finances, which reflected Filipinos’ better understanding of budgeting.
“With better access to financial education, Filipinos are able to manage their current finances, and have become even more conscious about saving for the future. This is evident even in light of the Filipinos’ top three financial concerns: building savings back up post the global financial crisis, meeting monthly expenses, and doing a better job of saving for retirement,” Citi said.
The latest leg surveyed 5,500 people across 11 countries including the Philippines. Five hundred interviews were held in each of the participating countries, namely Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, Singapore, Taiwan, and Thailand. All respondents were over 18 years of age with either a bank account or a major credit card.
As with the Philippines, 75 percent of respondents in the Asia Pacific region showed increased satisfaction in their current quality of life. An equal number, 75 percent were “very optimistic” or “optimistic” about their financial future.
The survey also marked an increase in the perception of the respondents’ personal financial situation, as half of them said they were “much better off” or “somewhat better off” from a year ago.
“Across all metrics, we saw an improvement in behavior and attitude towards financial planning, products and services. We will continue to do our part in promoting financial literacy, working with the right partners around the country to engage more Filipinos across all walks of life,” Vohra said.
By Lailany P. Gomez
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