MANILA, Philippines – Most Filipinos believe that they will achieve all their financial goals for the future, according to the Nielsen Global Survey of Saving and Investment Strategies.
Nielsen noted, however, that of the 83 percent of Filipino respondents who believes that their their financial goals are attainable, only 30 percent are confident that their current planning will be enough.
The survey also showed that 53 percent say they will need to closely monitor and continuously adjust investments to meet their financial expectations.
“Consumer sentiment on saving strategies being used to fund financial goals provides insights into how consumers are responding to the challenge of ensuring financial security,” said Stuart Jamieson, managing director of Nielsen Philippines.
More than 30,000 respondents in 60 countries were asked to evaluate how consumers around the world are preparing for current and future financial expenses.
Nielsen evaluated 16 different saving and investment strategies used to fund a range of 14 long- and short-term financial goals.
Nielsen said across all 14 goals reviewed, Filipino respondents’ showed stronger intention of actively saving or investing now than in the future for health issues and unexpected household emergencies.
Fifty-four percent of Filipino active savers are saving for health-related issues by using local bank accounts, life insurance, government-initiated retirement schemes, provident fund and saving schemes, and investment-linked insurance policy.
Filipino respondents are also focused on saving for unexpected household emergencies by using saving plans, whole life insurance, company pension and government-initiated scheme, provident fund, savings or investment.
The survey also revealed that Filipino respondents would rather save in the future for other financial goals such as upgraded property purchase, first- and second-time property purchases, personal luxury, financial legacy, new businesses, their children’s futures, loss of job or income, higher education, and important milestones such as marriage, birth of a baby and retirement.
“There is a gap between respondents planning to save in the future versus active saving, suggesting an opportunity to better educate consumers on the saving and investment strategies that will help them achieve a more secure financial future,” said Jamieson.
“Saving priorities especially for the acquisition or upgrading of properties, also provide a picture of the aspirations for upward mobility of consumers.”