We should learn how to make money work for us,not us,working for money.For that is only the way we can achieve financial freedom.I suggest you also read Robert Kiyosaki’s Book the Rich Dad, Poor Dad.It will definitely help for sure,and if it does,share it also to your loved ones.Thanks! Duplito, Salve. Although these reports may be disappointing, there is actually some good news. 17 June, 2008 – – -. Nice post! To address the issue in the countryside a study was conducted to determine the financial management practices of teachers in the Province of Samar, Philippines. 15 June, 2008. I’ve seen this personally from a friend who came back from working in Japan two years ago. Making wise financial decisions is a skill that everyone should learn early on in life. References: Dumlao, Doris. 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. F. Sionil Jose. Consultant’s reports describe activities by a consultant or group of consultants related to preparing a technical assistance project. The survey which covers questions on risk diversification, inflation, numeracy, and compound interest showed that only 25% of Filipinos are financially literate. The tools were produced under the three entities’ “Financial Literacy Program for Schools” that aims to support the integration of financial literacy education into the K to 12 curriculum. What Is Financial Literacy And Why Is It Important To Filipinos? This was done through profiling the financial literacy of parent-beneficiaries and by determining the level of satisfaction in the said program of both the parent and child beneficiaries. Citing the results of a study by the World Bank, the BSP said only 2 percent of Filipino adults answered all questions about financial literacy correctly. Consumer protection and education are critical elements in building an inclusive financial system and BSP seeks to identify sustainable methods of delivering financial education through effective partnerships. Start your financial journey with the best articles and posts from these financial sites. Regards. Relationship between financial literacy and demographic factors as well as financial management practices and demographic factors were also explored. State of financial literacy in the Philippines The Philippines ranked 117 th out of 143 countries surveyed in the Standard and Poor’s Global Financial Literacy Survey for 2014. In terms of their understanding, most respondents showed moderate and high literacy in saving and investment while generally, they showed moderate literacy in credit. In any case, I believe that it’s also important for parents to teach their kids about money as early as possible. List of top financial literacy sites and blogs in the Philippines. It’s been reported that most of these families have bought assets which later turned out to be liabilities. A financial literacy survey among one thousand, nine hundred twenty four (1924) professional and pre-service teachers across different regions of … While the government is trying to help the masses to save by removing their taxes, it is not sufficient enough because what we really need is financial education. Presentation made by Undersecretary Gil Beltran at the 10th Financial Literacy Summit, 20 April 2016. Moreover, in an exclusive interview, one OFW shared that Filipinos abroad often burn money in buying clothes, bags, laptops and other techie gadgets that they never get to use. “Are OFW-supported families starting to save and invest?“. Financial Literacy -personal fmancial knowledge including money management, retirement planning, acquiring insurance, major purchases and use offinancial tools. Therefore, literature on financial literacy is also a developing field which has not yet reached maturity. More power to you Fitz! Using a survey questionnaire, the researchers assessed the employees’ understanding of what is credit, saving and investment as well as their actual practices of the said financial concepts. Community Developments. Most Filipinos do not know how to handle money properly. Thanks again! Various studies shows that about 70% of the Filipino migrants are unable to save for their long ... largest agri-based cooperative in the Philippines. @issa Thanks for the compliment. Fernandes et al., (2014) revealed the characteristics of financial behavior that will influence policy decisions as tools to assist consumer financial behavior. This is an issue that has to be dealt with immediately, and one way is … Here are some of the facts I’ve gathered from the reports: Overseas Filipino Workers and Their Families. 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