More than 71% of Filipinos are “very satisfied” and “satisfied” about their overall quality of life, a recent survey by the Citi Financial Quotient (Fin-Q) Survey reveals. This is a double digit increase from the previous year’s results. Optimism on one’s financial future is also up from last year at 82%. On retirement savings, 56% confirmed they know how much they would need and have some savings set aside.
The annual Citi Fin-Q Survey is designed to measure the Financial Quotient or well-being of consumers. In this latest survey, Filipinos scored 48.9, a slight dip from 2009’s 49 but much better than 2008’s 46.6 and the baseline score of 47.8 back in 2007 when the survey was launched. The questionnaire consisted of over 40 questions covering a range of topics closely related to financial decision-making and smart financial habits for a maximum possible score of 100.
The latest leg surveyed 5,500 people across 11 countries including Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, Singapore, Taiwan, Thailand and the Philippines, with 500 interviews held per participating country. All respondents were over 18 years of age with either a bank account or a major credit card.
Positive Outlook According to Citi Country Officer Sanjiv Vohra, the results of the survey validate Citi’s commitment to financial education. “The earlier consumers understand the importance of planning their financial future (and) … reaching their financial goals. At Citi, we have been reaching out to a wide variety of audiences, not just to our clients, to promote financial literacy. We engage them in an array of discussions from making a budget and sticking to it, to understanding the many investment options available to setting up retirement funds now and not later.”