Filipinos’ financial literacy up in Citi survey

Published by rudy Date posted on August 28, 2012

THE FINANCIAL literacy of Filipinos has improved significantly, Citi said, with the country notching a record high in the bank’s Financial Quotient Survey last year.

The Philippines scored 52.6 points out of a possible 100 in the poll, conducted late 2011 and released yesterday. This is the country’s first time to breach the halfway mark since the survey was launched five years ago: it scored 48.9 points in 2010, 49 points in 2009, 46.6 points in 2008 and 47.8 points in 2007.

The region, meanwhile, recorded a slightly higher score of 54.5 points, up from 53.2 in the previous year.

Citi polled 4,000 people from eight countries: Australia, India, Indonesia, South Korea, the Philippines, Singapore, Taiwan and Thailand.

All respondents were over 18 years of age with either a bank account or a major credit card.

Filipinos, in particular, showed a better know-how of personal finance, especially in budgeting, saving and banking.

“The survey numbers in the Philippines are indeed very encouraging. The results show that Filipinos are becoming more determined to take charge of their finances and are responsible users of credit,” Citi Philippines Country Officer Sanjiv Vohra said in a statement.

Six out of 10 Filipinos feel they have a “good” or “very good” understanding of money management, Citi said.

A total of 94% have set up monthly budgets — the highest among all the countries in the poll — while 42% set aside money every payday. Filipinos also keep an average of 10.4 weeks worth of pay as savings.

Meanwhile, 60% of Filipinos pay their full outstanding credit card balance every month — a large leap from the 12% notched the previous year.

Retirement planning has likewise improved in the Philippines, with the average retirement savings of Filipinos at about P1.56 million, Citi said, an 11% increase from the year before.

“Filipinos are also looking at investments in the form of cash, real estate and insurance to ensure a comfortable retirement,” it added.

As a result, financial optimism was high in the country.

Six out of 10 Filipinos said they were “better off” last year compared to 2010 — the highest since 2007. Four out of five said they were “optimistic” or “very optimistic” about their financial future.

On a related note, Citi noted the Philippines’ technological savvy. Filipinos “embraced digital banking fully” with 70% of respondents using the Internet or mobile phones for banking transactions. Given a choice, about 52% of Filipinos prefer to bank online — the highest level across the countries surveyed.

Mr. Vohra lauded the survey results as he noted that one of Citi’s advocacies was that of financial education.

“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,” he said.

“Citi will continue to do its part in promoting financial literacy, working with the right partners around the country to engage more Filipinos from all walks of life.” –DIANE CLAIRE J. JIAO, Senior Reporter, Businessworld

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.