Financial quotient of Filipinos at all-time high in 2011 - Citi
Filipinos registered in 2011 their highest ever “financial quotient” score, according to Citi’s “Fin-Q Survey” or financial quotient survey. The poll measures how well a country’s citizenry aprreciates or understands money matters.
Respondents from the Philippines got an average score of 52.6 points, thus getting a passing mark (a minimum of 50 points) for the first time since Citi started conducting the survey in 2007.
“The survey numbers in the Philippines are indeed very encouraging. The results show that Filipinos are becoming more determined to take charge of their finances and are responsible users of credit,” Sanjiv Vohra, country officer of Citi, said in a statement issued Tuesday.
The survey, conducted among 500 respondents in each of the eight participating countries the Philippines included, tackled various questions on financial matters.
On the question regarding credit cards, 60 percent of Filipino respondents said they were fully paying their outstanding credit card balances every month, up from 12 percent registered the previous year.
On savings, average retirement savings of the respondents amounted to P1.56 million, up by 11 percent from the previous P1.4 million. Also, 42 percent said they save money every pay day.
On internet and mobile phone banking, 70 percent said they were engaged in it. In addition, 52 percent said they actually preferred engaging in bank transactions through electronic means rather than going to bank branches.
Citi also reported that over 60 percent of Filipino respondents felt better off in 2011 than in 2010 as far as their finances were concerned. Furthermore, 80 percent reported they were either “very optimistic” or “optimistic” about their financial condition in future.
In the Asia-Pacific region in general, Citi reported that the financial quotient of consumers improved to 54.5 percent from the previous 53.2 percent.
Other countries covered by the survey were Australia, India, Indonesia, Korea, Singapore, Taiwan, and Thailand, Citi said. — DVM, GMA News
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