NEWS
Filipinos’ financial literacy needs more push, Home Credit survey reveals
January 30, 2022 11:09 a.m.
The pandemic pushed many Filipinos to be mindful of their personal finances. However, there’s still immense concern on the state of financial literacy in the country.
Both the 2015 World Bank (WB) survey and Central Bank’s 2019 financial inclusion survey revealed that only half of Filipino adults correctly answered financial literacy questions.
This was supported by a survey from Home Credit where only 10% of the respondents correctly answered questions that test their knowledge on various financial concepts.
The said survey was drawn from the consumer finance company’s self-crafted financial literacy quiz found in the My Home Credit App.
A two-part quiz, it offers users a chance to answer a series of questions involving personal finance and other financial literacy items.
To get an in-depth analysis of the quiz results, here’s a breakdown of the findings for each question:
Findings of Quiz 1: Basics of Budgeting, Digital Literacy, and Cybersecurity
More than 25,000 respondents took the first quiz that covers topics on basics of budgeting, digital literacy, and cybersecurity.
Within May to December 2021, the respondents mostly belong to the age group of 25-39 years old and 63% or majority are female.
From the results, only 10% got all correct answers from the six questions.
When asked about managing finances, almost half (as many as 10,000) did not apply the ideal saving formula in their monthly budget; they prioritize expenses first and save what is left.
On interest computation, 57% got the correct answer and the remaining half either got the wrong computation or does not know how to answer.
On a related question about inflation, respondents were asked about the impact of inflation and only 41.8% had the right understanding of its effects on their purchasing power and borrowing decisions.
Filipinos seemed to be more knowledgeable on investments and risk diversification.
When asked whether they will spread their money to multiple investments or focus on just one, almost 73% chose to put it into multiple investments to limit their losses, 22.5% for one investment and 4.6% do not know the answer.
Aside from inflation and basic numeracy concepts, cybersecurity and safety are also one of the concepts that are not well-understood by the takers with only 43.4% getting the correct answer – a number slightly lower than 47.8% before the covered period.
On the flip side, most respondents aced the question on what tasks can be done using digital financial tools at 97%.
The social distancing measures brought by the pandemic might be a huge factor on how well-versed Filipinos have become in using fintech tools for daily transactions.
In summary, results show that the respondents’ knowledge on all financial literacy concepts mentioned above are in the intermediate level with scores falling under 3 to 4 out of 6.
Basic numeracy, inflation, and cybersecurity and safety are the least understood concepts as indicated in the survey.
Findings of Quiz 2: The Basics of Budgeting, Saving and Borrowing
The second leg of the financial literacy quiz zoomed in on the basics: budgeting, saving and borrowing.
Launched in September, it covers the period of launch until September, there are over 19,000 responses, with more females attempting to take the quiz and from the age group of 25-39 years old.
The first three questions concentrated on how to properly plan a monthly budget and how to compute for an emergency fund.
Most quiz takers (66.8%) know that every month, they should at least make a budget plan and 88.4% know that the ideal amount of emergency fund should cover 3 to 6 months’ worth of expenses.
However, only ¼ of users know how to set a SMART Financial goal.
Regarding the basics of borrowing, almost all (95%) of quiz takers know that paying bills on time every month can help improve their credit score.
A total of 77.1% also answered that a consumer finance company is an institution that could help them avail cash or product loans.
On the similar topic of loan application, 83% knows the concept of loan repayment but only half of respondents know what a cooling off period in a loan is about; 65% knows that there are different ways that could help them approve their loans (such as preparing requirements ahead of time, borrowing an amount that you can pay, etc).
Looking at the findings of the second quiz, majority of Filipinos have a proper understanding of the basics of some financial concepts but would need guidance on comprehending more specific terms.
Regardless, the results of the second quiz show that the level of financial literacy in the country is promising and would continue to improve if taught properly.
This is where companies advocating for financial literacy come in. One of which is Home Credit Philippines, a longtime financial provider and financial educator both in global and domestic markets.
Through Wais sa Home, their financial and digital literacy program, they address the concerns revealed in the survey through various initiatives and activities aimed at driving financial inclusion and raising financial literacy standards amongst Filipinos.
“Our business model and the focal point of our corporate social responsibility efforts is centered on responsible lending. We want to help create responsible borrowers and good payers through financial education and digital financial literacy,” says Home Credit Philippines Chief Marketing Officer Sheila Paul.
To reach a wider audience and have a steady source of important financial and digital literacy concepts, Home Credit is launching its Wais sa Home website soon to allow more people to gain knowledge on basic money management and digital skills.
NEWS
Toyota Motor Vietnam selects Synology as Data Management Partner
6:53 p.m. March 31, 2024
Toyota Motor Vietnam, one of Vietnam’s largest automobile manufacturers, has partnered with Synology to strengthen its data management infrastructure for its growing data storage and resiliency demands.
“Synology’s storage solution has increased our business resilience,” said Bui Ta Hoan, IT Division Head at Toyota Motor Vietnam. “Synology is reliable, secure, and provides future-proofing scalability for growing data needs.”
Toyota Motor Vietnam deployed Synology data management systems to securely store hundreds of terabytes of data that are generated from assembling over 10,000 vehicles per year. Together with Synology’s high availability and remote data protection features, Toyota Motor Vietnam’s IT infrastructure is more resilient than ever against disruptions.
“Synology solutions are widely adopted in the manufacturing industry for a few simple reasons,” said Jola Le, Synology Vietnam Sales Manager. “Its robustness and ease of use save our customers considerable time. We’re proud to be able to transform and help modernize Toyota Motor Vietnam’s data management and protection needs.”
To learn more about the deployment, please visit: Synology customer story – Toyota Motor Vietnam
NEWS
Kaspersky shares cybersecurity tips for a peaceful getaway during the Holy Week
5:18 p.m. March 28, 2024
As the holiday season approaches, the urge to unwind and kick back is natural. And it’s all too common for people to let their guard down completely when connecting to the Internet too– but shouldn’t.
Recently, the Philippine National Police (PNP) Anti-Cybercrime Group shared their findings on identity theft cases in the country. Between November 2023 and February 2024, they uncovered 178 cases of “hijack profile” incidents. Half of these cases, eighty-nine (89) happened just in February. These cases mirror an upward trend seen throughout 2023, where the PNP recorded almost 3,000 cyber identity theft incidents.
Identity theft occurs when a fraudster obtains personal details from a victim, enabling them to commit identity fraud or fraudulently obtain goods/services. This stolen data can be used to open new bank accounts, take over existing ones, or impersonate the victim for criminal activities.
“In 2023, we monitored 26,164,699 web threats attacks in the Philippines, which made the country 4th with the highest web threats attacks globally, and when we looked at it closely, we found out that Filipinos were facing one (1) attack per second. These numbers are a reminder of the importance of remaining vigilant at all times,” said Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.
Web threats are browser-based attacks used by cybercriminals to spread malware. This includes common dangers like phishing and viruses, along with offline data theft.
To help Filipinos enjoy a peaceful holy week vacation, below are some of Kaspersky’s recommendations to follow:
General travel tips:
- Be skeptical of tantalizing offers
- Check to make sure your connection is secure before entering any personal information on a website
- Always check the address bar to make sure you are actually on the website you are supposed to be on
- Buy tickets and book hotel rooms either from the company directly or through a well-known ticketing or hotel site
- Do not participate in questionable giveaways
- Use strong passwords and two-factor authentication wherever possible
- Checking the address bar is always a good idea, but it may be insufficient; some malefactors know how to fake addresses. So always use a security solution like Kaspersky Premium that scans malicious links.
Avail up to 20% discounts on Kaspersky’s consumer solutions like Kaspersky Premium, Plus and Standard for the whole month of March at https://www.kasperskyph.com/.
On protecting your personal data against identity theft:
- Keep things to a minimum: Use social media sparingly. Don’t use your real name, never post any personal information and don’t share any personal data via social messaging services.
- Keep your computer up to date: Many hackers now use malware to steal your information. Keeping your computer up to date with security patches and antivirus software helps protect against existing vulnerabilities and detect new attacks.
- Browse safely: To limit the chance of a malware infection, don’t open unknown email attachments or browse suspicious websites.
- Be self-aware: Take the time to check your credit card statements for any strange charges, and contact your credit card bank provider the minute you notice that something’s awry.
NEWS
Kick off your UEFA EURO 2024 adventure and watch games live with GCash
6:06 p.m. March 15, 2024
GCash, the Philippines’ top finance app, joins forces with Alipay+ to bring an exciting opportunity for Filipino football fans to take part in this year’s UEFA EURO 2024. As the premier football tournament kicks off once again, GCash is making it possible for you to witness the action live with the launch of its new raffle promo. GCash is a partner of Alipay+, which is the exclusive Official Payment Partner of UEFA EURO 2024.
Captivating millions of fans globally each year, the UEFA EURO 2024 tournament is set to take place from 14 June to 14 July 2024 across ten iconic host cities in Germany, including Berlin, Cologne, Dortmund, Düsseldorf, Frankfurt, Gelsenkirchen, Hamburg, Leipzig, Munich, and Stuttgart.
By simply using GCash to pay, whether locally or internationally, users can earn raffle tickets and get the chance to experience the thrill of watching the UEFA EURO 2024 games live in Germany.
According to Paul Vincent Albano, General Manager for GCash International, “We are delighted to announce our partnership, together with Alipay+, the exclusive Official Payment Partner of UEFA EURO 2024, a collaboration that celebrates a shared passion and commitment to connecting with Filipino football fans. With GCash, users can unlock opportunities for more enriching experiences, and having the chance to attend the biggest sporting event of the year is just one of the ways we make this possible for our users. Through Alipay+, Filipino fans can pay at thousands of retail stores, F&B outlets and attractions across Germany and Europe, simply with GCash.”
GCash is now available internationally, through its partnership with Alipay+, ensuring seamless transactions for users even while they’re abroad. Through its Scan-To-Pay feature, users can enjoy hassle-free payments with zero service fees at millions of merchants worldwide, including restaurants, grocery stores, retail shops, and more!
The benefits of paying with GCash extends to gaining access to exclusive discounts and promos, including the opportunity to win an all-expenses-paid trip to Germany for UEFA EURO 2024. From March 1 to April 30, GCash users can earn raffle entries for every complete payment transaction made with Scan-To-Pay.
Payments made abroad earns users 10 raffle entries, while transactions within the Philippines earn one raffle entry each. The official winners’ draw will take place on May 4, 2024 with 16 lucky GCash users 2 winning tickets, giving them & their friends who love football the chance to watch the games with them!
Be part of football history and don’t miss out on the chance to witness Europe’s top nations in action this year. For more information and updates on the UEFA EURO 2024 promo, visit the GCash website or follow GCash online through @gcashofficial.
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