9 out of 10 Filipinos are Experiencing Financial Shortage – SWS

For the past 12 months, nine out of 10 Filipino adults suffered financial shortage disclosed by a survey conducted by the Social Weather Stations with Sun Life Canada (Philippines) Inc.

Seventy percent of the 1,200 respondents nationwide attributed financial shortage to the rising prices of daily basic needs as the main cause.

Chief marketing officer of SunLife Mylene Lopa discussed the figures came out from respondents experience financial shortage the most in household needs with 74% followed by school fees or school projects for their children with 41%, 25% from medical expenses and loan payments.

Lopa said the percentages of Luzon, Visayas and Mindanao are statistically the same and hardly vary by specific area.
Moreover, Lopa discussed the ways for the Filipinos to cope with their financial shortage, presenting seven out of ten Filipino adults opt to control their budget and cut their spending; four in ten said they will look for additional sources of income; while others choose to loan money from lenders, family, relatives and friends as answers to overcome financial problem.

Despite of the survey showed that Filipinos are experiencing financial shortage, 70 percent of the respondents are savers. However, only 32 percent of which have a saving habit while 39 percent of Filipinos are just trying to save money regularly.
Lopa said the SunLife remains optimistic because half of the respondents are willing to learn more about becoming financially independent, referring to the worrisome figures of the survey.

“We want Filipinos to understand that money is not the end but a means or an enabling tool that can give a brighter life. We are reaching out in every possible way we can help Filipinos be financially prepared for the future,” said Lopa.

Through this, the insurance company officially announced yesterday they are declaring June as Financial Independence Month.
The company said that Financial Independence Month, which is dubbed as FIT (Financially Independent Today) initiatives, aims to aggressively promoting its financial literacy campaign nationwide to help Filipinos become financially independent and free themselves from financial problems.

SunLife, an international life insurance and financial services company, has lined-up fun and educational activities under Brighter Life, its multimedia advertising and digital financial literacy campaign.

Filipinos are encouraged to get fit by taking the online Financial Intelligence Test, be fit by attending more comprehensive Financial Independence Training sessions, and stay fit by being connected to Brighter Life 24/7 via social media channels Facebook at PHbrighterlife and Instagram at brighterlifePH.

Photo above: SunLife Marketing Manager Mylene Lopa was presenting the survey result during the press briefing. (Photo by Mary Jane Catriz)