According to the 2017 The Global Findex
Database of the World Bank, a staggering 66 percent of Filipinos do not have a
formal savings account. Leading mobile wallet GCash recently sparked an online
discussion on this important issue, led by key influencers and brand
ambassadors such as television host Robi Domingo admitting to their own stories
of financial mistakes and not being able to save.
As a result, social media was abuzz in recent
weeks with posts from netizens sharing their own financial woes with the
#PlsSaveMe hashtag, illustrating how this reality hits close to home for
Filipinos from various walks of life. The dialogue spanned the entire nation,
with conversations and revelations in local dialects covering the different
regions and provinces of the country.
“The campaign aims to help people come out in
the open and be honest about their shortcomings with regard to handling
finances well. Just as with any other problems in life, admitting that you need
help is the first step to improvement,” said GCash assistant vice president for
financial services Kim Seng.
The good news is that it’s never too late to
get on the habit of saving, according to Seng. GCash is now encouraging
Filipinos to start on the path of financial wellness with the #LetsSaveTogether
movement. “We hope to be able to show Filipinos that it’s not too late to start
on a journey to financial wellness, and that there are modern, digital innovations
that will enable them to achieve their financial goals,” added Seng.
One such innovation is opening a digital
savings account on the GCash platform. In partnership with digital-first
Malaysian bank CIMB, the in-app digital savings account seeks to enhance
financial inclusion and financial literacy for more Filipinos.
Gcash allows users to set aside money and earn
up to 12 times higher than industry-prevailing interest rates, with no minimum
deposit or maintaining balance required. In order to open a savings account,
only one valid identification card is required to get fully verified on the
GCash app.
“Our country is known as the top mobile and
Internet users in the whole world. With this latest feature, we are taking
advantage of this situation by bringing basic financial concepts such as saving
on a digital platform in order to empower more Filipinos,” said GCash president
and chief executive officer Anthony Thomas.
Just in time for the landmark World Savings Day
on October 31, #LetsSaveTogether is GCash’s call to encourage Filipinos to
achieve financial wellness through the basic financial concept of saving. “We
encourage Filipinos to celebrate this worldwide event in their own way, by
starting their savings journey on GCash toward becoming a nation of financially
empowered digital citizens,” concluded Seng.
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