Ready to know about Sun Life Financial Philippines’ results on their Study on Lifestyle, Attitude, and Relationships (SOLAR)? I’ve made an effort to present the pertinent data for you guys.
One of my (virtual) friends, Tara Cabullo, graciously presented me with the digital copy of the results since I was unable to attend the main event. Thank you for the thought, Tara!
Sun Life Financial Philippines: SOLAR Financial Literacy Advocacy Report
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| The theme is so catchy! |
Reading through the report, I was interested to find out that the research has been done in a span of five years. The sample size is also 1,100 respondents from all over the Philippines, if you’re interested. I’m not going to drone you with all the technicalities of the research, but if you’re interested, you can always contact me for a more comprehensive analysis of the report.
Let’s proceed to the meat of the sandwich then? These are my side-comments, by the way.
This study by Sun Life Philippines has 4 sections, mainly:
1. Of Optimism and Of Filipinos
- 87% of Filipinos asked are actually looking forward to a more prosperous future. Very good, guys! We always look at the bright side of things.
- Filipinos worry about personal safety and security of income the most (82%). I attribute this figure because the words “safety” and “security” were utilized, don’t you think?
- The biggest financial concern of Filipinos when it comes to their family is their children’s education. Really, respondents? Food’s only 2nd?
2. The Financial Literacy Paradox
- 20% of the respondents claim that they are experts – but, only 8% scored above 80% in the financial literacy quiz. An objective measurement is really better than a subjective one. Maybe we can also ask for a copy of the financial literacy quiz?
- Filipino respondents define financial security as “having enough bank savings”. Say what, now? No mention of investments as part of financial security?
- Bank savings only account for 6% of the respondents’ monthly budget. This is a real research study. And it’s a bit disheartening.
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| 37% of the usual Filipino budget is food. |
3. Of Priorities and Preparation
- Only 8% invest to prepare for anticipated life events in the next five years. Don’t be like them – you can invest online now!
- Out of 100 retirees, only 2 are financially independent. 45 depend on their relatives…
- 79% will use their bank savings while 34% will put up a business to prepare for anticipated life events. Aren’t businesses highly risky, though?
4. Towards the Brighter Side
- 88% of respondents want to be more knowledgeable about the insurance product that they’re buying. Good points!
- In fact, 74% of the respondents agree that everyone should have life insurance. The type of life insurance should depend on your current situation, though.
Are you guys looking at a brighter future too?
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Live wisely,
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These statistics presented by Sun Life represents real life.
I talked to a lot of people who wanted to create their emergency fund, buy an insurance, stop taking too much loan and invest for their future but failed to start. Their common reason is food and education for their family.
Some of them "wished" to have this things but never dared to increase their income or decrease their lifestyle. Sigh.
I wish more and more Filipinos strive hard to become financial literate.
I know there's still hope.
Hi Elvin, thanks for dropping by The Wise Living. 🙂
Indeed, there is still a brighter future waiting for us! Let's never stop believing, but let's start acting as well.