MAJORITY of the Filipinos are optimistic about their financial situation for the succeeding five years, according to a report released by an insurance company.
In the report “Solar FLARe,” insurance firm Sun Life Financial said that of the 1,100 respondents they have surveyed, 60 percent were “very positive” when it comes to their financial situation.
The report added that 27 percent responded that they are “quite positive,” while 12 percent are “not positive at all” on their financial situation.
However, it also revealed that in terms of financial worries, Filipinos were most concerned on their children’s education at 33 percent, food at 20 percent and family health at 17 percent.
The report also noted that Filipinos worry less on paying their utilities at 5 percent and saving money at 2 percent.
Meanwhile, food emerged as the top priority of Filipinos when it comes to budgeting.
In their monthly budget, Filipinos allocate majority of it to food at 37 percent, house at 13 percent, health at 9 percent, communication at 6 percent and children’s education at 11 percent.
The report also showed that bank accounts, transportation, clothes, life insurance and others are the least priority of the respondents in their monthly budget.
The report also disclosed that 80 percent of Filipino respondents are needed to be educated about their finances while only 20 percent claiming to be a financial expert.
It also showed that when asked how they are preparing for anticipated life events, 8 out of 10 would rely on bank savings, overlooking other option such as life insurance and investments. Launched in 2009, the Solar FLARe was the first multimedia financial literacy advocacy in the country.
The study was conducted during the first quarter of 2013 with 1,100 respondents with age ranging between 23 and 55 and coming from middle- to upper-income segments.