Propagating a culture of financial responsibility

MANILA, Philippines - Money remains a sensitive topic for Filipinos. Considering the important role it plays in everyday life, ample discussions about its proper use and conservation remain scant. Such uncomfortable silence leads to misconceptions and costly mistakes, often to the detriment of families and individuals.

“It’s time that we talk about our finances and the proper way to plan our future,” declares financial advocate Bam Aquino. Bam is one of the advocates of It’s Time!, an advocacy led by Sun Life Financial Philippines to promote financial responsibility and proper financial planning among Filipinos. Through the advocacy the amiable, bespectacled youth leader and social entrepreneur shares his thoughts on saving, investing, and living within one’s means.

Similar experience

‘It’s Time!’ wants to provide information and encourage a lively exchange of ideas and strategies on how best to grow one’s hard-earned money. Aquino pointed out that his exposure to the local rural lifestyle, through his social enterprise called Hapinoy, revealed that Filipinos don’t really plan their finances.

However, what convinced him to join Sun Life’s financial education campaign was the fact that he could easily relate to young professionals struggling to find a way to manage their money.

“You have your expenses, a certain lifestyle, and at the same time you sort of think ganito na lang ba ‘to? Is there a way for my money to actually grow? Is there a way for me to actually handle my finances wiser? I feel that I’m in a similar situation with a lot of people that the campaign is targeting. Hindi kami nagkakalayo. In that sense, I’m a fit for the campaign,” explained Aquino. He then talked about his journey to financial well-being, which surprisingly started during his childhood.

Modest upbringing

Though coming from a prolific family, Aquino’s parents taught him to be sensible and prudent about his money. Remembering the discipline instilled in him, he fondly reminisced how he learned to save at an early age in order to get a certain luho like a new toy.

“Things were always very simple. We never got anything for free. We have to save up for it. That’s the way we were brought up, so kahit papaano sanay ako mag-save to get something you want,” said Aquino.

Soon, saving became a habit, even when he was already working. He makes sure that he sets aside a certain amount of his earnings every month. This is one of the lessons that the It’s Time! advocacy espouses – that is, to save and invest first before spending on unnecessary items. Candidly, he admits that there is no mathematical formula behind his savings, just a conscious effort to lead a simple life. Such a mindset was further encouraged by his venture to social entrepreneurship, where his Hapinoy initiative helped women in the countryside who run their own businesses. He feels that living lavishly while working with the underprivileged just “doesn’t jive.”

Within one’s means

Even with his role as a financial advocate, Aquino is quick to admit that he is no expert in investment or finances. It’s Time! advocacy makes it clear though that one does not need to be an expert to start the habit of saving and investing. All it takes is a decision and a commitment to start, plus the right information to guide you. “My Sun Life advisor was advising me of options where to put my money. But to be honest I have to read up on it too, look at the Internet to learn more,” he revealed. With the guidance of his Sun Life advisor and his interest in making his money work for him, Aquino is enjoying the fruits of his investments. He now plans to diversify his portfolio.

Still, the potent secret behind Aquino’s sound financial management is plain and surprisingly down-to-earth: live within one’s means. He lamented that Filipinos cannot control their purchases, spending money as soon as they receive their paychecks. He even observed that some are even ashamed of being frugal and spendthrift, less they become subject of teasing and ridicule.

Aquino counts on the ‘It’s Time!’ campaign as the much needed catalyst to change the present mindset about money. He knows that Filipinos are worried about their finances, but are unwilling to do anything. Someone has to start the discussion, and he is determined and honored to be one of the first to speak up.

“The more empowered route is not to stop with worrying but to actually do something about it, then back up that action with discipline and commitment. Hopefully the campaign will start that. I hope it will start people to get thinking,” aspired Aquino.

All it takes is a little at a time, every time.