This data is not shocking at all. Perhaps it’s even lower on the outskirts part of the country, where financial literacy is really non existing. There is a huge part of our population that do not have investments or access to any financial products. Most likely they do not have money to save/invest or they do not know anything about such products.
This figure was disclosed by BSP Governor Benjamin Diokno, citing a report of the 2019 Financial Inclusion Survey, whereas 75% or 54 million of Filipinos do not have investments.
This is a call for more financial literacy advocates to reach more Filipinos and teach how how to better manage their finances. While it’s an uphill battle, slowly they will be educated. It’s best to start this while they are still in school.
A financial literacy separate subject is a good start. Here they can teach about banking, finances, savings, investment, insurance, business, stocks, funds and other related topics. This is a must have subject that can impact the lives of each student in the real world in the coming years.
Aside from schools, educating OFW’s financially is also a good start considering that there are around 10M of them worldwide contributing billions of dollars in our economy every year. The sad part, most of them will go back home backrupt and not even prepared for their retirement. It’s a sad story but that is what happening most of the time. Our OFW’s do not have the knowledge where to start.
By creating a community of investors, it will give our country an uplift in our financial literacy. It’s also a big help to each and every one of us.
Let’s continue to learn and educate ourselves financially. It is the only way to secure our future. Start young, start early!