Lack of Financial Literacy Makes 87% of Online Customers in the Philippines Face Urgent Shortages of Money

44% of customers of online financing services in the Philippines face a shortage of money occasionally. For the other 21%, it is a regularly recurring issue. Most importantly, 87% admit that their inaccuracy in personal budget planning because of insufficient financial literacy is the main reason for that. These are the findings of Robocash Group, based on its recent customer survey in the Philippines, Vietnam and India.

As the results of the survey show, neither a good education nor a sustainable source of income protects from possible gaps in a personal budget. In particular, the vast majority (74%) of the surveyed in the Philippines finished college or university. 78% have a regular job, and 10% are entrepreneurs. Still, almost all respondents mention facing an acute shortage of funds at least occasionally.

Every fifth (21%) of the surveyed in the Philippines deal with regular gaps in a personal budget. Vietnam and India have a higher share of such customers: 23% and 30%, respectively. At the same time, far more respondents mention facing a lack of funds occasionally. In the Philippines, it is 44%, while there are 64% in Vietnam and 48% in India.

Commenting on the findings, the analysts of Robocash Group have added that the level of financial literacy and readiness to improve it among customers significantly correlates with their involvement in finance. Particularly, one-fourth of the respondents in the Philippines and India are directly related to finance: they have either profile education or work in this field. Therefore, it is not surprising that 3 out of 10 customers in these two countries already study financial literacy regularly. In Vietnam, only 1 out of 10 customers does it.

However, it does not mean little enthusiasm for changing the situation. To a different extent, most respondents in the Philippines (95%) are nonetheless interested in improving it. In return, it allows expecting a significant increase in the level of financial literacy in the near time.