The digital path to financial wellness
Filipinos, it would seem, are bad savers. We spend conspicuously on everything—from dining out and watching movies to incessantly shopping online—yet many attest to family and friends that they actually live from paycheck to paycheck.
The numbers and data don’t lie either. The World Bank’s 2017 Global Findex Database affirmed that 66 percent of Filipinos do not have a savings account. Further studies even show that one in five Filipinos still think they do not need a savings account, and of those who do want to save with a bank, 18 percent said they did not have the necessary documents and 10 percent felt it was too expensive to open an account.