More and more Filipinos now understand the value of budgeting and planning for their retirement, and claim building their savings has become a personal priority, says Citi Philippines as it announced the latest results of its annual Citi Fin-Q survey.
The country’s largest foreign bank has been running an online poll since 2007 to measure the Fin-Q or Financial Quotient of Filipino consumers. All respondents were over 18 years of age with either a bank account or a major credit card.
For the second straight year, Filipinos passed the 50-point mark, and scored a record high of 53 out of a possible 100 points. The improved score was driven by increased awareness among respondents of the importance of planning personal finances, ownership of several financial products such as investments and insurance, and a general optimism on their financial future.
In this latest survey, respondents were scored on 11 different questions closely related to financial well-being for a maximum possible score of 100. The questionnaire consisted of over 80 questions and covered a range of topics related to making smart financial decisions and having good financial habits.
Citi conducted the survey through research firm Big Picture Qual and Quant Research in late 2012, and results were released this year. The survey covered 3,500 online respondents across seven countries including the Philippines. Five hundred interviews were held in each of the participating countries that include Australia, India, Indonesia, Korea, Singapore and Taiwan.