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Financial Inclusion and the Role of Financial Literacy in the Philippines (BY: JUANA ENRICA GALIAS)

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Financial Inclusion and the Role of Financial Literacy in the Philippines (BY: JUANA ENRICA GALIAS)

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URL : https://www.researchgate.net/publication/370685027_Financial_Inclusion_and_the_Role_of_Financial_Literacy_in_the_Philippines

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Lack of Financial Literacy Cost 15% of Adults At Least $10,000 in 2022. Here's how The Rest Fared (BY: RIKKA MAE C. FELLON)

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Lack of Financial Literacy Cost 15% of Adults At Least $10,000 in 2022. Here's how The Rest Fared (BY: RIKKA MAE C. FELLON)

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URL : https://www.cnbc.com/amp/2023/01/19/heres-how-much-people-say-lack-of-financial-literacy-cost-in-2022.html

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Grandfather’s Coins (BY: JOHNELL BANSALE)

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Grandfather’s Coins (BY: JOHNELL BANSALE)

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URL : https://freestoriesforkids.com/children/stories-and-tales/grandfather%27s-coins

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Main Lesson

A little money well spent can achieve a lot more than we had imagined, especially if it helps us to learn and develop ourselves.

Setting

A family get-together

Characters

A girl, her family, and a musician

Below you'll find the story text and a link to download it. Use it to improve the emotional and cognitive development of your children or your baby and enhance your parenting skills

Every month, Julia and her cousins would go for the big family meal at their grandparents' house. They would always wait excitedly for the moment their grandfather would give them a few coins, "so you can buy yourself something." Then all the children would run off to buy chewing gum, lollies, or wine gums. The grandparents, aunts, uncles, and parents commented that, behaving like this, the children would never learn to manage their money. So they proposed a special test, in which the children would have to show, over the course of a year, just what they could manage to get with those few coins.

Some of the children thought that they would save their money, but Ruben and Nico, the two smallest kids, paid no attention, and they continued spending it all on sweets. Every time, they would show off their sweets in front of the other children, laughing and making fun of their cousins. They made Clara and Joe so angry that these two could no longer stand to keep saving their money. They joined Ruben and Nico in spending whatever they had, as soon as possible, on sweets.

Monty was a clever boy, and he decided to start managing his money by exchanging it: buying and selling things, or betting it with other children, in card games. Soon he had surprised the whole family. He had accumulated a lot of money for little effort. The way he was going, he would end up almost a rich man. However, Monty was not being very careful, and he got involved in more and more risky deals. A few months later he hadn't a single penny left, after placing a losing bet on a horse race.

Alex, on the other hand, had a will of iron. He saved and saved all the money he was given, wanting to win the competition, and at the end of the year he had collected more money than anyone. Even better, with so much money, he managed to buy sweets at a reduced price, so that on the day of the competition he was presented with enough sweets for much more than a year. And even then, he still had enough left over for a toy. He was the clear winner, and the rest of his cousins learnt from him the advantages of knowing how to save and how to wait.

There was also Julia. Poor Julia didn't enjoy the day of the competition, because even though she had had a wonderful secret plan, she had spent her money without giving her plan enough time to work. However, she was so sure that her plan was a good one, that she decided to carry on with it, and maybe change the expressions on her relatives' faces, who had seemed to be saying "What a disaster that girl is. She couldn't manage to save anything."

When she was about to complete the second year of her plan, Julia surprised everyone by turning up at the grandparents' house with a violin and a lot of money. What was even more impressive was hearing her play. She did it really well.

Everyone knew that Julia adored the violin, even though the family couldn't afford to pay for her to have lessons. So Julia had got to know a poor violinist who played in the park, and she offered him all the coins her grandfather had given her, if he would teach her how to play. Although it wasn't much money, on seeing Julia's excitement, the violinist agreed, and he taught her happily for months. Julia showed so much desire and interest that a little after a year the violinist loaned her a violin so they could play together in the park, as a duo. They were so successful that gradually she managed to buy her own violin, with quite a bit of money to spare.

From then on, the whole family helped her, and she became a very famous violinist.
And she would always tell people how it was possible, with just a few coins well spent, to make your wildest dreams a reality.

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A short story to teach kids to manage money

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"Grandfather's coins" is a short story to teach children how to effectively manage their own money. This tale belongs to our Bedtime Stories collection

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Financial Literacy Promotional Video (BY: JUANA ENRICA GALIAS)

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Financial Literacy Promotional Video (BY: JUANA ENRICA GALIAS)

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URL : https://youtu.be/lY5si9yIQK8?si=gW1kVq6bonl6zZdj

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An Epidemic: A lack of Financial Literacy (BY: JUANA ENRICA GALIAS)

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An Epidemic: A lack of Financial Literacy (BY: JUANA ENRICA GALIAS)

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URL : https://youtu.be/LXKEFujOjBE?si=OEp4t4idYrjUYBZh

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An Epidemic: A lack of Financial Literacy | Harsimran Chohan | TEDxSacredHeartSchoolsAtherton

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Personal Finance; Financial Literacy (BY: RIKKA MAE C. FELLON)

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Personal Finance; Financial Literacy (BY: RIKKA MAE C. FELLON)

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URL : https://www.tiktok.com/@thelaymaninvestor/video/6862804613930683653?is_from_webapp=1&sender_device=pc

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Let me help...check out my blog and YT channel to learn about money #personalfinance #financialliteracy

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@thelaymaninvestor
Let me help...check out my blog and YT channel to learn about money #personalfinance #financialliteracy
♬ original sound - EMMY

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TITLE : Financial Inclusion and the Role of Financial Literacy in the Philippines

AUTHOR : Jared Martin U. Desello & Mary Grace R. Agner

DATE : May 10, 2023

KEY CONTENT : This research paper focuses on financial inclusion in the Philippines and its connection to financial literacy, using data from the 2019 Financial Inclusion Survey. It highlights that higher financial literacy positively influences both the ownership of financial accounts and the use of financial services. The research underscores the importance of improving financial education to enhance financial inclusion, which can be particularly beneficial in regions like Mindanao with lower financial literacy levels. Addressing the lack of financial literacy can lead to greater access to financial services, contributing to more sustainable and equitable development in these areas.

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Book by Robert Kiyosaki and Sharon Lechter

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Rich Dad Poor Dad (BY: JUANA ENRICA GALIAS)

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Rich Dad Poor Dad (BY: JUANA ENRICA GALIAS)

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TITLE : Rich Dad Poor Dad

AUTHOR : Robert Kiyosaki & Sharon Lechter

DATE : April 1997

KEY CONTENT : Rich Dad Poor Dad is a book all about Robert Kiyosaki and his 2 dads, his real father (poor dad), and the father of his bestfriend(rich dad), and the ways in which both father shaped his thoughts about money and investing. The second chapter of the book, entitled 'Why teach financial literacy?' is a section where the author discusses the importance of financial literacy. Financial literacy is one, or if not, the only way to combat the lack of it. In Mindanao, many people are susceptible to poor financial decisions due to the lack of financial literacy. A more fruitful and productive economy will be attained by having the lessons from finance books like Rich Dad Poor Dad taught and implemented in regions like Mindanao.

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TITLE : An Epidemic: A Lack of Financial Literacy

AUTHOR : TED x Talks | Harsimran Choha

DATE : February 10, 2021

KEY CONTENT : With her TED Talk, Harsimran Chohan

discusses how financial literacy is as important as the subjects we learn in school. She emphasized that financial literacy would improve the outcomes for all. Her TED Talk sets a firm foundation in understanding how financial literacy is the first step towards the financial future.

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Unemployment Documentary Film (BY: JULIUS ANGELO MABINI)

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Unemployment Documentary Film (BY: JULIUS ANGELO MABINI)

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URL : https://youtu.be/lJ7Sx4h0VWM?feature=shared

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TITLE : Unemployment Documentary FIlm

AUTHOR : Evanjo Nuqui

DATE : November 28, 2022

KEY CONTENT : It discusses the difficulties faced by unemployed Filipinos. This film correlates to our research topic because it demonstrates how crucial financial literacy is to survive in the real world and how it might influence what we do in the future. By forming positive habits, we may avoid making poor financial judgments, unhealthy spending patterns, and debt.

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The Power of Financial Literacy (BY: JUANA ENRICA GALIAS)

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The Power of Financial Literacy (BY: JUANA ENRICA GALIAS)

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URL : https://spotify.link/m0Niis39eDb

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Listen to this episode from Chink Positive on Spotify. Mga Iponaryo, nandito na ang Chink Positive podcast! In this episode, we start off the reasons why you should be financially literate, it's importance, and why today's the best time to broaden your knowledge on your finances. Follow me: Facebook, Instagram and Twitter @chinkeetan.

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TITLE : The Power of Financial Literacy

AUTHOR : Chink Positive

DATE : April 30, 2021

KEY CONTENT : Chinkee Tan, a finance expert and host of the podcast, gives out the reasons why we should be financially literate. He talks about the power of financial literacy in the lives of individuals.

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Philippine Organized Workforce for Economic Recovery Foundation (Power Foundation), Inc. (BY: JULIUS ANGELO MABINI)

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Philippine Organized Workforce for Economic Recovery Foundation (Power Foundation), Inc. (BY: JULIUS ANGELO MABINI)

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URL : https://pcnc.com.ph/certified_ngo/philippine-organized-workforce-for-economic-recovery-foundation-power-foundation-inc/

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The Philippine Organized Workforce for Economic Recovery (Power Foundation), Inc. was registered with the Securities and Exchange Commission (SEC) as a non-stock, non-profit organization on March 30, 2001 by a group of young individuals who were interested in helping Negros Province to rise above the perennial problems of unemployment and underemployment. POWER Foundation was privileged to have participated in JITCO (Japan International Training Cooperation Organization) skills and technology transfer program of Japan as a Sending Organization. It is a fully operating organization offering Vocational Technical courses to the youth. It operates a training center, which provides lesson in basic Japanese language, culture and work ethics to candidates in the POEA-JITCO Technical Internship Program. Its main office/training center is located at Marapara Heights Subdivision, Brgy Bata, Bacolod City. An extension office is located at No. 10, 7 th Lacson Street, Barangay 7, Bacolod City, Negros Occidental. The Foundation has 4 regular staff, 2 project-based staff, and 5 members of the Board.

It was first certified for 1 year on September 9, 2016 and which ended on October 11, 2017.

Its purposes, among others, are "to provide meaningful assistance to the labor force; to reduce unemployment in Negros; to provide livelihood training to the marginalized portion of the Filipino community, particularly in the province of Negros Occidental, so that they shall ultimately achieve economic independence; and to establish linkages and affiliations with resourceful organizations here and abroad, and encourage them to participate and assist in the livelihood training programs, including the granting of logistical support". The Foundation offers the following TESDA courses: 1) Basic Japanese Language; 2)Shielded Metal Arc Welding (SMAW) NC 1; and 3) Flux-Cored Arc Welding NC 1.

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Philippine Organized Workforce for Economic Recovery Foundation (Power Foundation), Inc. - PCNC

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The Philippine Organized Workforce for Economic Recovery (Power Foundation), Inc. was registered with the Securities and Exchange Commission (SEC) as a non-stock, non-profit organization on March 30, 2001 by a group of young individuals who were interested in helping Negros Province to rise above the perennial problems of unemployment and underemployment.

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TITLE : Philippine Organized Workforce for Economic Recovery Foundation (Power Foundation), Inc.

AUTHOR : PCNC

DATE : no stated date

KEY CONTENT : The key content of this article discusses its aims to assist the labor force and reduce unemployment. Since our topic is Financial Literacy, this NGO helps people by giving them job opportunities, skills to use in the real world, and many more—improving and promoting financial literacy.

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Economic and Financial Literacy Week 2022 (BY: JULIUS ANGELO MABINI)

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Economic and Financial Literacy Week 2022 (BY: JULIUS ANGELO MABINI)

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URL : https://neda.gov.ph/economic-and-financial-literacy-week-2022/

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National Economic and Development Authority

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Last modified on October 26, 2022

About Economic and Financial Literacy (EFL) Week

The observance of the EFL week every second week of November is mandated by Republic Act No. 10922, also known as the Economic and Financial Literacy Act, and is aimed towards developing a national consciousness on economic and financial literacy. The National Economic and Development Authority (NEDA) leads the annual celebration of the EFL week. The law mandates NEDA to plan, initiate, execute, and encourage knowledge-expanding activities on economic and financial literacy. These may be adopted by other national government agencies and instrumentalities, local government units (LGU), and government-owned-and-controlled corporations (GOCC), and educational institutions.

For this year's theme, ISAPLANO: Bagong Philippine Development Plan para sa Patuloy na Pagsulong is in line with the ongoing preparations for the upcoming Philippine Development Plan 2023-2028.

2022 EFL Week Activities

1. a. Philippine Development Plan Forum (September 2022)

2. b. Philippine Economic Society Conference (November 2022)

3. c. PDP 2023-2028 Ceremonial Signing and Launch (December 2022)

Resources

2022 EFLW Twitter Cover

2022 EFLW Facebook Cover Page

For inquiries, kindly contact:
Public Relations Division
Development Information Staff
Tel: (02) 8631-0945 to 64 local 103
Email: nedapr@neda.gov.ph

Source: Development Information Staff

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Economic and Financial Literacy Week 2022 - National Economic and Development Authority

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Last modified on October 26, 2022 About Economic and Financial Literacy (EFL) Week The observance of the EFL week every second week of November is mandated by Republic Act No. 10922, also known as the Economic and Financial Literacy Act, and is aimed towards developing a national consciousness on economic and financial literacy.

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Shocking Facts About Saving and Investing for Filipino Households (BY: JULIUS ANGELO MABINI)

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Shocking Facts About Saving and Investing for Filipino Households (BY: JULIUS ANGELO MABINI)

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URL : https://www.iluvlearning.com/shocking-facts-about-saving-and-investing-for-filipino-households/

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We recently released an infographic called "Shocking Facts! Filipino Households Saving & Investing" and it has caught fire on social networks, particularly Facebook, where it has been liked, commented on, and shared by hundreds of Filipinos truly shocked by the stats.

Below is the press release of the BSP on their first Consumer Finance Survey, on which most of the data in the infographic was based on.
BSP Releases Results of First Consumer Finance Survey in the Philippines
The Bangko Sentral ng Pilipinas has released the results of the first Consumer Finance Survey (CFS) in the Philippines. The CFS generates data on the financial conditions of households, including what they own (financial and non-financial assets) as well as from whom and how much they borrow (sources of credit and level of indebtedness). It also generates data on the income, spending and insurance coverage of households. The survey results also provide a breakdown of respondents residing in the National Capital Region (NCR) and in Areas Outside the National Capital Region (AONCR).

The survey has a sample size of 10,520 households consisting of 3,872 households (36.8 percent) from the NCR and 6,648 households (63.2 percent) in AONCR, specifically Regions 1, 7, and 11. The overall response rate was 89.4 percent.

Reference periods for the data collected from the survey vary. For data pertaining to demographics, assets and liabilities, and preferences and behaviors, the reference period was the date the household was interviewed (i.e., within the period from November 2009 to January 2010), while for data on work, income and expenditures of households, the reference period was the full year 2008. The survey respondent is the member of the household that is most knowledgeable about the household's finances. The survey respondents were predominantly female (59.8 percent), in the working age bracket of 21-64 years old (85.7 percent), and were high school or college graduates (55.2 percent).
CFS results indicate a significant increase in the country's labor force over the next decade
The Philippines has a young population. The age distribution of household members showed that 21.5 percent were 5-14 years old, while those who were about to retire or were close to compulsory retirement (aged 55-64 years old) and the elderly (65 years old and over) accounted for 6.9 percent and 5.4 percent of the household members, respectively, at the time of the survey. These figures also indicated that a significant increase in the country's labor force could be expected over the next decade given that a much bigger number of young people could enter the labor force every year compared to the number of older people who leave the labor force working age group. Thus, the age dependency ratio, currently estimated at 0.6, could further drop to 0.5, translating to about two working age household members for every one non-working age household member.
Home appliances, own residence and retirement insurance are the most common types of assets owned by households
The three most common assets held by households were home appliances (87.1 percent of all households), their own residence (68.8 percent) and retirement insurance (42.7 percent). A smaller percentage of households owned motor vehicles (24.3 percent), deposit accounts (21.5 percent), other real property apart from respondent's residence such as land, house and lot, and farm (16.2 percent) and precious objects (14.9 percent). Only a very small percentage of households owned securities and investment accounts such as stocks, bonds, mutual funds and unit investment trust funds (0.4 percent).
Household liabilities are in the form of consumer and real property loans
With respect to liabilities, few households had outstanding loans on their residence (3.7 percent) and other real property (5.8 percent). A bigger percentage of households had outstanding consumer loans such as motor vehicle loans (13.5 percent); personal, salary, all purpose loans (20.9 percent); and credit card loans (3.9 percent).

The main sources of funds of households vary by type of loan. These included government housing institutions and money lenders for real estate loans; in-house financing for motor vehicle and appliance loans; banks for credit card loans; and money lenders and cooperatives for other loans.
Seven in ten households own their homes
For many households, the main asset that they hold is their home. About 68.8 percent of households were homeowners (38 percent own/co-own their house and lot and 30.8 percent own/co-own their house only). The rest (31.2 percent) were broken down as follows: renting (13.0 percent), neither owned nor rented their housing unit (18.0 percent), and did not respond (0.2 percent). This indicated that a significant number of families lived with relatives or were part of extended families.
Housing is acquired largely through cash payment or inheritance and a small percentage through borrowings
Most households that owned their house/house and lot acquired the property through cash payment and inheritance/gift. A small percentage of households acquired their residential property through the Comprehensive Agrarian Reform Program (CARP). Only 6.7 percent borrowed money for their housing.
Government institutions are the primary source of housing loans
Government institutions were the most popular providers of housing loans, followed by cooperatives and money lenders. Other sources of credit were rural/cooperative banks, commercial banks, former owner of the property, financing institutions, savings and thrift banks and company/employer loan.
Seven in ten households pay an annual interest rate of ten percent or lower on housing loans
In terms of lending rates, majority of households (73.4 percent) paid an annual interest rate of 10 percent and below on their housing loans while 14.1 percent were charged interest rates of 11-20 percent per annum. The remaining households were charged with an interest rate ranging from 21 percent up to 60 percent.
One in two households with outstanding housing loans pay ahead or on schedule
Almost one-half of households with outstanding loans paid their monthly amortization either ahead of or on schedule, while the other half were behind schedule.
One in six households owns other real property
About 16.2 percent of households owned at least one other real property aside from their residence.
Money lenders are the primary source of loans for other real property acquisitions
Money lenders were the most popular providers of other real property loans. Other major sources of loans were the Pag-IBIG/HDMF, NHA and rural/cooperative banks.
One in every four households owns a motor vehicle
The survey showed that about a quarter (24.3 percent) of households owned at least one vehicle. Among those households who owned vehicles, 54.9 percent owned motorcycles, followed by cars/AUV/SUV/vans (32.2 percent of households), tricycle (19.4 percent) and other vehicles for agriculture-related use such as motorized boats (4.1 percent), "kuliglig"-improvised motorized vehicles (1.9 percent), and tractors (0.8 percent).
One in seven households borrow to finance their motor vehicle purchases
About 13.5 percent of households that owned motor vehicles had outstanding loans on their vehicles. In-house financing was the most popular mode/source of motor vehicle loans.
Majority of households own various types of appliances
Majority of households (87.1 percent) owned various types of household appliances. On average, six different types of appliances can be found in any household. The most common appliances found in households were: television set, electric fan, cellphone/telephone, VCD/DVD player, gas stove, and refrigerator.
Eight in ten households are unbanked
Eight in ten households (78.5 percent) did not have a deposit account. Among those with no deposit accounts, the main reason cited by 92.8 percent of households for the absence of a deposit account was that they did not have enough money for bank deposits. Other reasons mentioned by the remaining 7.2 percent of households were: do not need a bank/cash account (1.7 percent), cannot manage an account (1.5 percent), minimum balance is too high (1.2 percent), do not like to deal with banks/financial institutions (1 percent), and others not specified (1.8 percent).
Eight in ten deposit accounts are placed in commercial banks
The most popular type of depository institution among households were commercial banks (77.3 percent). The remaining 22.7 percent were: rural/cooperative banks (8.0 percent), savings/thrift banks (5.3 percent), multipurpose/credit cooperatives (4.9 percent), microfinance banks (2.2 percent), savings and loan associations (1.3 percent), paluwagan (0.5 percent) and others (0.5 percent).
Only six in ten deposit accounts pay interest
Not all deposit accounts were interest-bearing. Only 6 in 10 households had interest-paying deposit accounts. This indicated that a significant number of deposit accounts had an average daily balance below the required amount to earn interest or had earned a negligible amount of interest.
Forty-three percent of respondents have one or more retirement plans
The survey showed that 42.7 percent of the total respondents had at least one retirement or insurance plan from both/either the government and/or private companies. A large proportion (93.9 percent) of respondents was covered solely by government insurance, such as SSS, Government Service Insurance System (GSIS), Armed Forces of the Philippines Savings and Loan Association Inc. (AFPSLAI), and others (e.g., Pag-IBIG, Public Safety Mutual Benefit Fund, and the Philippine Veterans Affairs Office); 4.5 percent by both the government insurance and private insurance companies; and 1.6 percent exclusively by private companies. Of the total insured not currently receiving pension benefits, 36.4 percent were paying their premiums while the remaining 63.6 percent were not.

Results of the survey showed that 44.9 percent of respondents' spouses had at least one retirement or insurance plan from both/either the government and/or private companies. Among respondents' spouses, SSS had the highest coverage among government insurers with a total of 91.9 percent, followed by the GSIS at 9.9 percent, and provident funds and other government insurers (e.g., AFPSLAI and Pag-IBIG) accounting for 8.7 percent of the total respondents' spouses covered by insurance. Of the total insured not currently receiving pension benefits in the employment-based insurance, 52.5 percent were currently paying their premiums while the remaining 47.5 percent were not paying their premiums.
Three in ten household members are covered by health insurance
Only 3 in 10 household members (29 percent) were covered by health insurance. Of those covered, 93.6 percent were under Philhealth insurance, 4 percent under private health insurance and 2.4 percent under both private health insurance and Philhealth. These results indicated that Philhealth was able to cover less than one-third of household members and that the majority of the population has yet to be covered by health insurance.
The most common inheritance received by households is real estate
About 21 percent of households reported receiving an inheritance. The most common inheritance received was real estate such as land or farm (60.3 percent) and houses, condominiums and townhouses (23.9 percent). Households also received inheritance in cash, shares of stock and other financial assets (2 percent) as well as businesses, vehicles, and jewelries/antiques (2.1 percent).
Four percent of households have credit cards
About four percent of households had credit cards. In terms of the number of credit cards owned, majority of households (63.6 percent) reported having only one credit card.

About four in ten (38.9 percent) credit cards' monthly bills were paid in full, another 39.8 percent were paid only the minimum amount, 4.8 percent were paid a partial amount other than the minimum, 1.2 percent were not paid at all, and 15.3 percent were unspecified.
One in five households avail themselves of other types of loans such as personal, salary, multi-purpose and business loans
Aside from real estate, housing, motor vehicle, and credit card loans, about one-fifth (20.9 percent) of households availed themselves of other types of loans such as personal, salary, multipurpose, and business loans. The said loans were sourced mostly from money lenders, cooperatives, financing institutions, SSS, and Pag-IBIG. These were used primarily for business start-ups and expansion, educational expenses, debt payment, medical, and house improvement expenses.
Wages and salaries are the main sources of household income
The main sources of household income were wages and salaries (43.2 percent of total households), businesses including self employment (40.6 percent), financial assistance from other households (19.8 percent) and financial assistance from abroad (19.6 percent).
Four in ten households own a farm or business
About 40.6 percent of households owned a farm or business. Businesses of households were mainly in wholesale and retail trade, and agriculture, hunting, forestry and fishing.
One in five households receives financial assistance from abroad
About one-fifth of households received financial assistance from abroad in the form of cash, gift, or other forms of transfers in 2008. The average amount received by each of these households was P48,988 a year, while the median amount was P12,000.
Median total income of households is P108,000
The average and median total income of households in 2008 were P188,350 and P108,000, respectively.
Food and beverage consumed at home is the main household expenditure
Food and beverages consumed at home accounted for 38.5 percent of the annual household expenditures. This was followed by rent (18.5 percent), transportation and communication (10.7 percent), utilities (7.2 percent), food and beverage consumed outside the home (6.7 percent), education (5.5 percent), medicine and medical services (5 percent), house repairs and maintenance (2.1 percent), clothing (1.4 percent), travel and recreation (1.5 percent), and celebration during special occasions, household help services, and purchase of furniture and appliances at 1 percent each.
Respondents are inclined towards saving
When asked "if they have surplus money, where they will put their extra money," the top two answers of respondents were to save in banks (39.4 percent) and save cash at home (38.8 percent). This indicates that majority of the population has the inclination to save.
Majority of respondents are not risk takers when it comes to their income and business
Majority of respondents would not risk their income to undertake risk-taking activities that could increase their current level of income. About 7 in 10 respondents chose to stick to their current level of sure income of P1,500 per week rather than take the risk of investing in a new product with a 50-50 chance of either getting P4,500 (three times their current income) or suffer a loss of P1,500 (equal to their current income).
Survey results affirm relevance of BSP's financial inclusion and financial education initiatives
Some policy implications that can be drawn from the results of the survey are: first, the BSP should continue to work toward a more inclusive financial system that reaches to those who are otherwise "excluded" or "unbanked". To this end, the BSP has already made some headway in promoting and establishing an enabling policy and regulatory environment to increase access to financial services of the entire populace through policy and regulatory initiatives, training and capacity building, and promotion and advocacy activities.

Second, there is a need to continue to educate Filipino households on the advantages of saving in financial institutions and investing in various forms of financial instruments. For more than a decade, the BSP has been conducting financial learning seminars in different provinces all over the country. In 2010, it formulated an Economic and Financial Learning Program to integrate its various learning programs, which are aimed at promoting general awareness and understanding of important economic and financial issues to help the public acquire the knowledge and develop the skills needed to make well-informed decisions and choices.

Third, there is a need to look into "shadow banking" transactions and related regulatory and supervisory approaches to monitor system-wide risk exposure to particular sectors without reducing credit opportunities for consumers.

Finally, the BSP should liaise with government pension systems to encourage membership, and regular/timely payment of premiums to national pension and retirement funds among household members who are self-employed and unemployed.

The results of the survey affirm the relevance of the BSP's commitment to financial inclusion─the provision of a wide range of financial services (credits, savings, payments, insurance) to serve the demands of different market segments; the availability of financial products appropriately designed , priced, and tailor-fitted to market needs and capacities; the participation of a wide variety of strong and sound institutions to provide financial services to more Filipinos; and the effective interface of bank and non-bank products/delivery channels, technology and innovation to reach the financially excluded. The survey results also attest to the importance of the BSP's advocacy for inclusive and proactive economic and financial education among its stakeholders.

If you want to take charge of your money and charge up your investments, attend Money Summit & Wealth Expo.

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Shocking facts about saving and investing for Filipino households

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We recently released an infographic called "Shocking Facts! Filipino Households Saving & Investing" and it has caught fire on social networks, particularly Facebook, where it has been liked, commented on, and shared by hundreds of Filipinos truly shocked by the stats.

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Can Financial Education be the Solution to the Philippine Poverty? (BY: JULIUS ANGELO MABINI)

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Can Financial Education be the Solution to the Philippine Poverty? (BY: JULIUS ANGELO MABINI)

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URL : https://www.youtube.com/watch?v=s1cbyay0MWs

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Can Financial Education be the solution to the Philippine Poverty?

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TITLE : Can Financial Education be the Solution to the Philippine Poverty?

AUTHOR : The Global Filipino Investors TGFI

DATE : September 30, 2015

KEY CONTENT : The video is from a credible source with thousands of subscribers which features Filipinos and asks them their opinions and ideas on addressing Philippine Poverty. After that, it talks about Financial Education being one of the best answers to poverty, backing it up with statistics that support their claim.

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THE IMPORTANCE OF FINANCIAL LITERACY IN BUSINESS (BY: JOHNELL BANSALE)

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THE IMPORTANCE OF FINANCIAL LITERACY IN BUSINESS (BY: JOHNELL BANSALE)

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URL : https://online.hbs.edu/blog/post/importance-of-financial-literacy

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The Importance of Financial Literacy in Business | HBS Online

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Financial literacy can help you succeed in any area of business, and elevate your decision-making, negotiation, and leadership skills.

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The Societal Benefits of Financial Literacy (BY: JOHNELL BANSALE)

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The Societal Benefits of Financial Literacy (BY: JOHNELL BANSALE)

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URL : https://www.fa-mag.com/news/the-societal-benefits-of-financial-literacy-51765.html?section=47

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International News Video Segment (BY: STARLET ZOE LOPEZ)

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International News Video Segment (BY: STARLET ZOE LOPEZ)

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URL : https://youtu.be/7oj6gpAbYgw?feature=shared

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Gravitas Plus | Financial Literacy: The need of the hour

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Financial Literacy Training para sa Mga Guro, Planong Ilunsad ng DepEd (BY: RIKKA MAE C. FELLON & JOHNELL BANSALE)

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Financial Literacy Training para sa Mga Guro, Planong Ilunsad ng DepEd (BY: RIKKA MAE C. FELLON & JOHNELL BANSALE)

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URL : https://youtu.be/CkD03nnT25Y?si=yOlmt9IcpZB7UFYn

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Financial literacy training para sa mga guro, planong ilunsad ng DepEd | SONA

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Truly Rich Club member and financial literacy advocate Edna Villegas-Cheng. (File photo by Mark Perandos)

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Dabawenyos Need Financial Education (BY: RIKKA MAE C. FELLON)

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Dabawenyos Need Financial Education (BY: RIKKA MAE C. FELLON)

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URL : https://www.sunstar.com.ph/article/1794278/davao/business/dabawenyos-need-financial-education

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TITLE : Financial Literacy Promotional Video

AUTHOR : Jerick’s Section

DATE : August 4, 2023

KEY CONCEPT : In the financial literacy promotional video made by students, they tackled the importance of financial literacy in today's fast paced changing world. As a guide, they gave out simple financial management tips. It is their utmost goal that through the financial literacy promotional video, they will be able to help individuals and mitigate the effects of the  lack of financial literacy in the community.

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TITLE : Shocking Facts About Saving and Investing for Filipino Households

AUTHOR : Learning Curve

DATE : June 26, 2012

KEY CONTENT : The infographic addresses multiple pressing issues by presenting statistical data and credible sources. These issues emphasize the significance of promoting financial literacy. A closer examination of the infographic reveals a striking observation: a substantial portion of the Filipino population needs more fundamental financial literacy skills. However, there is a clear path forward for individuals to enhance their financial well-being. By cultivating prudent spending habits and mastering the art of budget allocation, they can harness the full potential of their finances.

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TITLE : Financial Literacy Training para sa Mga Guro, Planong Ilunsad ng DepEd

AUTHOR : GMA Integrated News

DATE : Aug 19, 2022

KEY CONCEPT : In the video, Vice President Sara Duterte discusses her plans to train teachers in financial literacy. The teachers will then educate their students on how to manage their money responsibly and how to stay out of debt.

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TITLE : Economic and Financial Literacy Week 2022

AUTHOR : National Economic and Development Authority

DATE : October 26, 2022

KEY CONTENT : It essentially talks about a week where it aims to develop awareness about the benefits of Financial literacy. It expands knowledge to all  about good habits regarding finance.

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TITLE : Financial Literacy: A Necessary Skill For The Youth Today

AUTHOR : Crown Asia

DATE : April 18, 2023

KEY CONTENT : The blog offers a wealth of practical advice for business owners, whether they run large corporations or tiny firms, including how to expand and negotiate. Because most business owners lack business management skills and financial literacy, some small and even large firms in Mindanao fail. Since there aren't many initiatives that can assist those starting small businesses in Mindanao, this blog may be useful to them.

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TITLE : The Societal Benefits of Financial Literacy

AUTHOR : DAVID G. STREGE

DATE : October 1, 2019

KEY CONTENT : The magazine discusses the advantages of financial literacy for society. According to the magazine, learning how to talk with your partner about financial matters could strengthen your relationship. Financial literacy is another subject that has been brought up. It enables people to manage their finances better and spend more on necessities than wants. Communities like Mindanao, where these issues are common, can benefit from this publication, plus being financially knowledgeable is beneficial.

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TITLE : Dabawenyos Need Financial Education

AUTHOR : SunStar / Davao

DATE : February 25, 2019

KEY CONCEPT : This article emphasizes the importance of financial literacy to wisely balance savings, emergency money, other advocacies, and daily life expenses prominently in Davao City.

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TITLE : Grandfather’s Coins

AUTHOR : Free stories for kids

DATE : no stated date (N/A)

KEY CONCEPT : This story is about a grandfather who would give his grandchildren coins once a month every time they visited him. The grandfather would tell his grandchildren to spend it on whatever they wanted; the parents thought it was not a good idea because the children would never know how to manage their money. The grandfather agreed and challenged the kids; the challenge was who was the one who could save the most money throughout the year. The grandchildren accepted and went with their strategies—this could be one way to teach financial literacy at a young age.

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TITLE : Financial Literacy: The Need of the Hour

AUTHOR : WION

DATE : July 11, 2021

KEY CONCEPT : According to Palki Sharma Upadhyay, the speaker of the video, those who oversave money still need more financial literacy because they must learn to save or spend wisely. Some people pass away without using their own money, while most people spend money without being able to save it. Moreover, Gravitas did indicate that most enjoy having money in their bank accounts, however some are afraid they would lose it if they spend it; nonetheless, there is a lack of financial literacy.

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TITLE : Personal Finance; Financial Literacy
AUTHOR : @/thelaymaninvestor on TikTok

DATE : August 20, 2020

KEY CONCEPT : The TikTok video attached has gained many engagements, which depicts how many people are still financially illiterate, just as it is relevant to the people of Mindanao today. This alarms us that financial literacy is essential in our lives as many things revolve around it and also for us to become informed rather than clueless citizens.

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[New School] Bes, pautang! (BY: RIKKA MAE C. FELLON)

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[New School] Bes, pautang! (BY: RIKKA MAE C. FELLON)

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URL : https://www.rappler.com/voices/new-school/opinion-borrow-money-financial-literacy/

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‘Nasaan ang mga bata at tinedyer sa usaping finance?’

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Financial Literacy Advocacy Poster (BY: STARLET ZOE LOPEZ)

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Financial Literacy Advocacy Poster (BY: STARLET ZOE LOPEZ)

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URL : https://financialliteracyadvocacy.com/financial-literacy-advocacy-group-2/pbs/?fbclid=IwAR2ebgZoAiqYWqRTnlJdaJSJBrAACpmUEYu2IQAXhJX21rE_QBjgie3uRYA

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TITLE : [New School] Bes, pautang!

AUTHOR : DANIELLE CARMELO

DATE : March 19, 2023

KEY CONCEPT : Out of 144 countries, the Philippines came in at 30th place regarding financial literacy. Since financial literacy is standardized as just for the wealthy and capable, and not applicable to the low-income and disadvantaged, it is evident that young individuals are more frequently targeted. We should address financial illiteracy since it is prevalent in Mindanao. Additionally, it discusses the numerous advantages of financial literacy for our economy and the necessity of changing the perception that only the wealthy need to be financially literate.

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TITLE : Financial Literacy Advocacy Poster

AUTHOR : M.R. Soni

DATE : August 7, 2019

KEY CONCEPT : This poster shows that life is unpredictable, and saving money for unexpected, challenging times or rainy days is crucial, especially when you cannot work. Davao City's hardships, like economic struggles and environmental issues, emphasize the need for financial preparedness to navigate difficulties effectively.

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TITLE : Lack of Financial Literacy Cost 15% of Adults At Least $10,000 in 2022. Here's how The Rest Fared

AUTHOR : Sarah O'Brien

DATE : January 19, 2023

KEY CONCEPT : Financial literacy is a key tool for living and understanding how to manage money. With rightful evidence, the given news article backs up our objective that financial literacy can be the bridge to lessening our expenses. Just like in Mindanao, where financial literacy is not formally taught, this article presents data related to how financial literacy would make a significant change in Mindanao. As one of the younger generations from Mindanao, we are aiming to start the action and make a vital change for the better future of the next generation.