This is a worrying problem as having little to no savings opens a lot of Filipinos to burdensome yet preventable risks. Often, people without savings are thrown into debt in the event of an emergency such as unanticipated household repairs, unforeseen car expenses, or worse, costly and unexpected medical bills.
Fortunately, despite it all, there still seems to be a silver lining. As stated in the same Bloomberg study, children in the country are beginning to learn the value of money and are starting to save big. However, this doesn’t guarantee anything—as parents, it is still crucial for you to instill the importance of saving in the family early on so that future generations can learn how to provide for themselves and live healthier, longer, and better lives.