Curbing the culture of financial ignorance and disregard
Filipino economist, Ateneo de Manila University (ADMU) economics professor, and Inquirer columnist Cieleto Flores Habito, explored in one of his articles the money-saving habits of Filipinos and how it fares with its Southeast Asian neighbors:
“Filipinos, it would seem, are the worst savers in Southeast Asia.”
“…our saving rate is quite strikingly the lowest among our Asean neighbors. Based on data from the Asian Development Bank, our 15.2-percent domestic saving ratio in 2015 was far lower than Singapore’s 53.2, Thailand’s 35.4, Indonesia’s 33.2, Malaysia’s 32.7, Myanmar’s 31.8, Vietnam’s 25.7, Brunei’s 19.9, and even Cambodia’s 17.3 percent (no data were given for Laos).”, Habito adds.
While the figures are disheartening, it is important to note that in the same article, Habito included how Filipinos, especially those in rural areas do try to save up by stocking up on certain commodities. While such forms rarely or never get accounted for in the economic statistics – they are considered as saving.
Determined to make a difference, starting with the FFLA coaches and community leaders, FundLife International, through the FundLife Savers Club, will invest in education and financial literacy training in the hopes that it leads to widespread awareness in the need for long-term planning and goal setting.
Moreover, the FundLife Savers Club seeks to inspire young leaders to start and maintain a savings account so they are financially equipped in times of emergencies and eventually instill the habit of saving to better their future.
FundLife is excited to see how the Savers Club will develop in the months to come.