Citi survey shows more Filipinos are money-smart

MANILA – More Filipinos feel they are money-smart, said multinational bank Citi on Tuesday.

Citing its latest Financial Quotient Survey, Citi said Filipino respondents garnered a score of 52.6 out of 100 points, the first time they scored past the 50-point mark since the survey was launched in 2007.

The Citi Fin-Q Survey is an annual survey meant to measure the financial quotient or well-being of consumers. It polls people 18 years and above who have a bank account or a major credit card.

According to Citi, 6 out of 10 Filipino respondents felt they had a “good” or “very good” understanding about money management and personal finances.

Four out of 5 said they were optimistic about their financial future, while more than 60 percent claimed they were “better off” last year than they were in 2010, the highest reported level since 2007.

Ninety-four percent reported attempting a monthly budget – the highest across all countries participating in the survey – while 42 percent reported saving money every payday.

Citi said Filipino respondents’ higher score can be ascribed to a better understanding of money management.

The survey also showed that 60 percent of respondents paid off their outstanding credit card balance every month, up 12 percent from the 2010 results.

The respondents also claimed setting aside an average P1.56 million for retirement, an 11 percent increase year-on-year. The average savings would last 10.4 weeks.

Seventy percent of respondents claimed resorting to Internet or mobile phone banking transactions, with 52 percent preferring online banking from their homes or office computers – the highest number among participating countries.

“What the numbers tell us is that Filipinos are taking a more active role in planning their finances and choosing the financial products and services according to their needs,” said Sanjiv Vohra, Citi country manager.

The banking giant tapped Big Picture Qual and Quant Research in late 2011 to undertake the survey, in which respondents were scored on 11 different questions closely related to financial well-being for a maximum possible score of 100. The questionnaire consisted of over 50 questions and covered a range of topics closely related to financial decision-making and smart financial habits.

The survey covered 4,000 people across 8 countries including the Philippines. Five hundred interviews were held in each of the participating countries that include Australia, India, Indonesia, Korea, Singapore, Taiwan, and Thailand. –Joseph Villanueva, InterAksyon.com