Philstar
Most Filipinos only have P50,000 for emergency funds — study
A recent study revealed that only two out of ten Filipinos have emergency funds sufficient for more than three months, with most having savings of approximately P50,000.
The PURPLE Report, commissioned by EastWest Ageas and conducted by NielsenIQ, highlighted that economic pressures such as inflation and income instability make it challenging for many Filipinos to save for emergencies.
Despite these financial hurdles, a significant portion of Filipinos, 52 percent, express concern for the health of their loved ones, while 24 percent worry about critical illnesses and high medical costs.
The study also indicated that Filipinos tend to improve their financial planning and emergency fund sufficiency as they get older, with those aged 40 and above showing better preparedness.
When faced with emergencies, Filipinos typically resort to personal savings, seek support from family, or borrow from informal lenders.
EastWest Ageas suggests that Filipinos require additional support to effectively navigate financial challenges and build adequate emergency funds.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.