Lack Of Financial Literacy Makes 65% Of Filipinos Fall Short Of Money

Despite solid education and regular income, 65% of customers of online financing services in the Philippines still face acute personal budget gaps now and then. Moreover, for almost every fifth (21%), it is a constantly recurring issue. Remarkably, 87% feel that this is due to their insufficient financial literacy. 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 sustainable 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. Then, 78% have a regular job, and 10% run own business. Still, almost all respondents face an acute lack of money at least occasionally.

According to the company analysts, the level of overall 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 have either economic 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.

At the same time, these figures do not mean little enthusiasm for changing the situation among other Filipinos. Thus, one-third of the surveyed customers (31%) have an interest in finance. Then, to a different extent, 95% of the respondents are nonetheless willing to improve their knowledge when there is an opportunity. In return, it allows expecting a significant increase in the level of financial literacy in the near time.

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About:

Robocash Group is an international financial group operating in the segments of consumer alternative lending and marketplace funding in Europe and Asia. The company develops robotic financial services providing lending to customers in Russia, Kazakhstan, Spain, the Philippines, Indonesia, Vietnam and India and operates the own EU-based p2p investment platform. The group develops products completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.