Money problems bar millennials from life purpose: study


Posted at Feb 28 2023 05:44 PM

Pedestrians walk at a crossing in Makati City on July 12, 2022. Mark Demayo, ABS-CBN News/FILE
Pedestrians walk at a crossing in Makati City on July 12, 2022. Mark Demayo, ABS-CBN News/FILE

MANILA - Financial limitations bar 1 in 2 millennial Filipinos from pursuing their "life purpose," according to a study by CIMB Bank Philippines released on Tuesday.

About half or 49.5 percent are not actively pursuing their life purpose while over half or 52.6 percent think they have not made progress in pursuing their life purpose, CIMB said.

The bank said this was based on the study it conducted with Southeast Asia consumer research agency Milieu Insight and the Ateneo Business Resource Center of the Ateneo de Manila University John Gokongwei School of Management.

The study found that financial limitations were the biggest barrier for the respondents (65 percent) in pursuing their life's purpose. 

More than half, or 51.9 percent, are discouraged to continue their current careers given its inability to sufficiently provide for their financial needs, data showed.

The study showed that 88 percent of respondents think their finances are necessary to pursue one's passion, and 79 percent said finance is a necessity in pursuing life's purpose. 

"This study highlighted that financial limitations are unfortunately a huge roadblock for millennials to pursue their passion and purpose in life, and we hope that the results of this study help to bring more awareness, as well as to drive efforts to equip them with the right resources to navigate their careers, especially during this time of an unstable job market," said Juda Kanaprach, Co-Founder and Chief Commercial Officer of Milieu Insight.

Only 33 percent of the respondents find their career "fulfilling, to very fulfilling," while almost half, or 47.2 percent also only consider their career as "something fulfilling," data showed.

Meanwhile, only 32.1 percent of respondents said their career is completely aligned with what they initially wanted to pursue. Some 63.5 percent of those who took a different career path cited financial reasons why they made the shift.

CIMB said the study strengthened the drive to provide accessible digital financial solutions to Filipinos.


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