Money Magnets

83 percent of the Filipino respondents stated "economic uncertainty" as their main reason to be financially prepared.  And 57 percent are saving for retirement while 60% are going for investments.  Wow!  This is certainly a good indication of the state of financial literacy here in the Philippines.  It is definitely good to know that the young are beginning to think of their future more and are becoming more financially literate. 

For older respondents, of those aged 31 to 45 years old, only 42 percent plan to save more.  Among those aged 46 to 55 years old, only 41% plan to save.  While for those 56 years old and above, only 37% feel that they have to save more.  

It was also interesting to know that among those planning to save less, 61 percent said that the main reason they are saving less is because they are not earning enough.  Also, 29 percent are saving less because they believed in enjoying life at present. 

I admire the 29 percent committed to enjoying their life at present but we, money magnets, know that we can still enjoy life while saving for our future.  It is saving early in life that will allow us a more comfortable and enjoyable life in the future.  And I hope that there will never come a time when you guys would be earning so low as not to be able to save anymore.  Remember that sometimes, it's not what you earn but what you save that matters.  Happy saving to all!