Did you know that the Philippines has one of the lowest savings rate among Southeast Asian countries, both in the macroeconomic and microeconomic levels?
This has prompted many economists to try to analyze why the country couldn’t keep up with its counterparts, inevitably touching on the savings plan and fiscal habits of Filipinos. Here are some findings:
Based on these facts and figures, it appears that Filipinos are not very good at saving, with a variety of reasons affecting this trend. There are those who are unable to save because they have a low income, while others are forced to focus on paying off debts. Others simply don’t know how to save.
For some reason, Filipinos tend to think that it’s quite impossible to save for the future while still being able to enjoy their life. It’s either you choose to save or have fun with friends, but not both.
We’re here to dispel this belief as we share our tips on how you can have the best of both worlds—that is, saving for the future and enjoying the present.