In my previous post, I shared F. Sionil Jose’s thoughts on why Filipinos are so poor. He mentions poverty of spirit, poor sense of nationalism and loss of ethical moorings as some of the reasons. Personally, I believe that the lack of financial literacy is also one of the major cause why Pinoys are struggling with money.
As a student, all I remember ever learning about personal finance in elementary and high school were the importance of saving, thrift values and how the love of money is the root of all evil. I believe that these are not enough and other financial habits such as expense tracking, wise spending and the concept of budget planning should also be taught to children as early as possible. As for me, if it weren’t for my parents and some personal initiative to improve my finances, I wouldn’t have made effort to study and learn about these things.
In line with this, I tried to do a little research on the state of financial literacy in the Philippines. Interestingly, I found several studies conducted by financial agencies and business institutions. Here are some of the facts I’ve gathered from the reports:
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