Money can’t buy happiness, as the old adage goes. But this is actually a misunderstood and incomplete phrase that gives a misleading idea that money is not important at all.
Instead, the phrase to keep in mind should be: “Being smart with your money can help you live a happier, better life.”
This means that happiness does not depend on how much money you make, but on how well you manage the money you have - so you can reach the goals that ultimately make you happy.
Unfortunately, money management is a skill that most Filipinos are still struggling to learn. In a World Bank study conducted in 2014, the average Filipino scored only 3.2 out of 7 correct answers in a test about basic calculus and financial concepts. This translates to an alarmingly low financial literacy of Filipinos at 25 percent, with the global average being 33 percent.
As such, it’s essential to educate people on how to make the most of their savings and grow their money over time – with the ultimate goal of building happier, better lives.