PH lags behind Asian neighbors in financial literacy: analyst

ABS-CBN News

Posted at Oct 18 2017 04:17 PM

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MANILA - The Philippines has a lot of catching up to do with its Asian neighbors in terms of financial literacy, an analyst said Wednesday. 

Only 29 percent of people who are of retirement age have a pension while 9 out of 10 Filipinos are worried over their long term financial future, said Nick Pollard, CFA Institute managing director for Asia Pacific.

"In the Philippines there's a lot of work to do, in that context it is less advanced than other countries in the region," Pollard told ANC's Market Edge. 

The CFA Institute is working to increase people's interest in financial markets, especially with the local stock market's recent record run.

The Philippine Stock Exchange Index closed 0.78 percent lower at 8,431 on Wednesday after closing at a record high of 8,497 on Tuesday.