Pinoy Financial Managment

I’ve been wondering why a lot of Filipino straggling financially. Maybe this is just a pinoy approach in managing financial. One of my common observations is that financial literacy is not very high in our beloved nation, which makes it very difficult to do financial planning. One of the article I read says that our country has very low saving rates. Bangko Sentral ng Pilipinas say that of about 36 million out of 98 million Filipino population with bank accounts (with a total of over 5trillion pesos), 23 million of us have balances below PHP 5,000.

Filipinos also are not much of an investor. According to PSE statistic only 0.5% of Pinoy invest in stock market (that’s about 0.5 Million of Pinoys only). Unlike to other growing country, 25% of its population investing in there stock market.

Filipino has a culture of one day millioner. Pinoy have a trend to spent all of her/his paycheck and before reaching the next pay day, running out of money is an anxiety .But its ok, next paycheck is just few days away. This is usually common to Filipinos. If we going to analyst the aspect of this issue, we will say that it is not only an aspect of financial planning skills but a phase of financial Filipino behavior. It is a culture of manners that seems to be common to us in nature. A big issue here is we spent to much more than we should and we save far less that we suppose to be.

Have you ever wondering why our country now has a record of numbers of malls and it seems that we are building more shopping malls every months, or even weeks. 4 out of 20 largest shopping mall in the world is found in the Philippines. That’s very interesting. The increasing number of shopping malls builds show that Filipinos are earning enough or even much high, and yet saving and investing is disproportional.

Here is another very disturbing statistic, records show that only 10% of Filipino prepared for there retirement. Why… Because all of this is a big majority to us ends up financially dependent on their children during their old age. SSS study that 70% of Filipinos during retirement are living with and are being supported by their children.

We can’t argue the fact that income opportunities in this nation are really a big problem that’s why we have a lot of OFW, but I believe that our financial woes go beyond just income. I’ve seen a lot of people who are already earn a fortune but end up to impoverishment after the time. For instance the increase of work income is not a guaranty to have financial secure future. Fortune is not about what you earn, it’s all about what you do to what you earn. This is one of the gaffes of Filipino financial core value. We lean to spend in buying many liabilities, things that we don’t need anymore.

Hope that this short article may open your mind and wake you up in the reality that we need to do something about with this issue. As a Filipino, we must learn to manage financial. In this way we can help not only our selves but also we can teach our children how they were able to manage there financial in future. This way we can build our nation stronger especially when it came to financial management.

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