Published: May 30, 2018 | Updated: June 26, 2020 | Posted by: Moneymax | Lifestyle
MoneyMax.ph truly wants to help Filipinos improve their financial lives, which is why we always ask ourselves how we can consistently deliver on this promise. In order for us to give solutions, it was important to understand Filipino spending habits, concerns, and where we are as a nation when it comes to financial literacy.
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We surveyed 2,238 respondents during the first quarter of 2018. We facilitated an online survey on MoneyMax.ph and shared it on social media as well as through our newsletter.
We were able to gather a great amount of insight regarding the spending habits of Filipinos, what type of advice they typically look for, and their undying entrepreneurial spirit. Since credit cards are not as prolific in the Philippines compared to other countries, we also wanted to find out the reasons why.
The results were indeed compelling. One of the premier Filipino business magazines, Entrepreneur Philippines, cited the survey in one of its articles:
“But while the country’s consistently low credit card penetration can be attributed to issues relating to financial literacy, a survey from financial comparison website MoneyMax.ph shows another side to the story.”
We always knew that financial literacy was one of the primary reasons why most Filipinos still don’t own a credit card (alternatively why we constantly produce educational articles such as Beginners Guide to Credit Cards), but it was interesting to know that the top reasons include interest fees, the approval process, and their own lack of financial discipline.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.