Financial education, technology are crucial in the new normal—Home Credit and CIC
As a developing economy, it is no surprise that the Philippines still has a long way to go when it comes to financial literacy. Just before the government imposed the enhanced community quarantine (ECQ) amidst the COVID-19 pandemic, the Bangko Sentral ng Pilipinas (BSP) conducted its 2019 Financial Inclusion Survey (FIS), which revealed that Filipino adults could only answer 1 in 3 financial literacy questions correctly. Only a small number of respondents (8%) got all three questions correctly, while almost one-fourth (24%) obtained a zero score.
As many families struggle to cope with the economic effects of the pandemic, the need for financial education becomes more crucial than ever. And with this, is the increasing need for digital tools that would make accessing financial services faster, safer and more convenient.
