Filipino more money-wise than before - survey

MANILA, Philippines - More Filipinos are becoming wiser in their finances, according to a survey commissioned by Citibank Philippines.

Results of the annual Citi Fin-Q survey showed that among 500 Filipino respondents, nine out of 10 said they create a budget on a monthly basis, while 65 percent said it is important to stick to their budget.

Eight out of 10 also said they own insurance products or own insurance protection, while 63 percent said they are on track with their retirement savings or had already set aside some savings for it.

Citi added that among those surveyed, six out of 10 said they are aware of their net worth.

The survey said more Filipinos now understand the value of budgeting and planning their finances, as respondents passed the 50-point mark and scored 53 out of 100 in the survey.

Respondent in the survey were scored on 11 questions about financial well-being, with a maximum possible score of 100.

"The improved score was driven by increased awareness among respondents of the importance of planning personal finances, ownership of several financial products such as investments and insurance, and a general optimism on their financial future," Citi said.

Meanwhile, across Asia Pacific, the survey noted that the score was above the 50-point mark at 53.2 points. Sixty-seven percent added that they are optimistic about their financial futures.

In terms of savings, 44 percent said they set aside or save money every time they receive their salary while 63 percent said they know how much they will need by the time they retire. Fifty-seven percent said they believe they have enough insurance for themselves and their families.

"“Apart from the encouraging results of this latest survey, we are also seeing how Filipinos are taking a more active role in managing their finances and planning their future. Citi is proud to take part in this initiative and we hope to continue the conversation with consumers through more financial literacy programs this year,” Citi Country Officer Sanjiv Vohra said.

The survey, conducted by research firm Bug Picture Qual and Quant Research in late 2012, covered 3,500 online respondents from countries that include the Philippines, Australia, India, Indonesia, Korea, Singapore and Taiwan.