by Malaya Business Insight| May 19, 2023
Even as 7 in 10 Filipinos are cutting back on their spending in the next 12 months, their outlook remains positive and are willing to invest and save.
Results from Synergy-YouGov research conducted across January to April this year showed 51 percent of Filipinos just have enough to meet their financial needs while 36 percent or more than a third are still “finding it difficult to meet their financial needs based on their monthly earnings alone.” Much as the latter already improved from incidence from January of this year (which was at 38 percent), this is still much higher compared to June 2022 when this was at 31 percent. “Filipinos are watchful of price increases and have coped either by reducing, changing or dropping certain categories,” the research said.
The study revealed cutbacks will still be made with spending will be on very few basic products will increase.
Yet, the survey showed 63 percent of those surveyed see household financial situation will improve in the next six months.
The top three products they are planning to spend more are on healthcare products and food supplements, financial and investment products and sanitary care/toiletries.
They are in fact saving for home upgrade/renovation, tech gadgets, travel, real estate property and motorcycle.
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