Updated: July 19, 2012
I’ve been quite busy this week preparing for the upcoming Money Summit and Wealth Expo so allow me to just share with you today an infographic that the organizers of the event released weeks ago.
The infographic, as published below, shows some shocking facts about the financial state of Filipino households – and truly emphasizes the need for more wealth management and financial literacy education in the country.
While people in other countries are looking for the best refinance rates or comparing asset preservation and protection services, I can imagine most Filipinos doing neither – or at best, still on the early stages of learning about saving and investing.
In any case, I remain hopeful and optimistic for the future of our country – and I know that we will someday be able to move forward towards a more prosperous nation.
Note: The facts stated above are from the Consumer Finance Survey 2012 conducted by the Central Bank of the Philippines.
This is amazing! There should be more studies, books, articles, infographics and awareness seminars and then small/ accountability groups about finances. I’m gettting ahead of myself but this is amazing! Thank you Sir Fitz.
pinoys are used to hardships. whatever this blah-blah won’t put a dent on their bahala na attitude…
beer pa!
This is an interesting info though not surprising. Sa totoo lang, ang mga Pilipino madiskarte sa buhay. One way or another, we will find ways to survive and to earn. Unfortunately, we are not taught how to invest apart from the common knowledge of keeping savings account and time deposit.
Looking at the brighter side, I think many of us now are starting to learn and value the importance of saving and investing compared to the previous generations. So, let’s pass on and teach financial knowledge and literacy to our kids too..
Thanks again Fitz!
Cheers
if at least 6 out 10 filipinos consider and believe in your way of thinking about wealth management, i don’t think so poverty is soaring high. i think it must be included in the curriculum from prep to college. we are only taught how to make money but not how to manage it wisely. it’s a skill that must be mastered. well, it’s a sad fact that Filipinos (majority) are not financially literate. Very nice blog.
Pano naman kasi, yung tinuturo lang sa atin sa skul at sa bahay eh dapat trabaho ang hanapin at gawin pagka graduate ng college or ng high school. Kaya naman hindi nakapagtataka na ganito ang financial performance ng karamihan sa ating mga kakababayan.
Tingnan mo yung china, halos lahat sila puro negosyante kaya ang yaman2x nila ngayon. Sana ganun magisip mga tao dito sa bansa natin.
Para saan ang sipag at tiyaga natin kung ang lahat ng pagod na yon e para lang sa employer natin.
@Jade is right… iisa lang lagi kc ang sermon ng mga halos lahat ng magulang (na parang nakuha nila sa kastila at kano ang ganitong pag-iisip)… mag-aral ng mabuti para makakuha ng magandang trabaho…ngek! ayun suma tutal e nasyon tau ng mga alipin at taga pagsilbi… waalng naitatanim na entrepreneural spirit sa mga kabataan.. ung mga intsik iba: mag negosyo kau para di kayo maging empleyado bagkus kayo ang employer… even in many biznes colleges the entrepreneural spirit is never nurtured..
@bing: You know what, even in universities and colleges, teachers who teach business and marketing mostly never do have their own businesses. That’s why students don’t learn much about the trade.
Why don’t we hire businessmen to be our teachers in school? that way we could all learn from their success.
P.S. Most of the deans and chairpersons of the business colleges don’t have businesses themselves.