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Revisions in Financial Behavior Amid Economic Trials
An insightful study recently released by TransUnion Philippines (NYSE:TRU) displays a shift in Filipinos' financial behavior. Under the strain of rising interest rates and costly commodities, Filipinos have demonstrated a lean towards careful spending and a focus on financial security measures. Despite an overall positive outlook on future earnings, the number of households reporting an income rise has dropped to 44% this year, a slight downtick from 48% in the previous year. Yet, a minor elevation in households sustaining steady income is evident.
Economic Resilience and Proactive Measures
Challenged by economic hardships, Filipino families are preemptively bolstering their fiscal stability. The study shows that over half of the respondents, 51% to be exact, are zeroed in on building a financial safety cushion and around 34% are keen on accelerating their debt repayment. Regarding unforeseen fiscal emergencies, manageable installments are the go-to method (46%), closely trailed by dipping into savings (45%) or banking on supportive relationships (38%).
Inflation in Unemployment and Redefinition of Priorities
The report sheds light on a small but notable increase in unemployment that now affects 20% of households, while nearly a quarter are saddled with salary cuts and fewer working hours. Responding to these setbacks, consumers are opting to primarily focus their spending on essentials and restrain their purchase of high-end goods.
Changing Attitudesh Towards Credit and Growing Cybersecurity Anxieties
Credit has seen a minor decrease in popularity among Filipinos with less than 60% of those surveyed showing curiosity, a drop from 64% last year. Perceived ease of access to credit too, has ebbed over the year. The report underscores the necessity of consumer credit consciousness in the backdrop of prevalent digital fraud threats. An uptick in phishing attempts has led to rising concerns about divulging personal information online among most respondents.
Increasing Worry Over Cyber Fraud
Pia Arellano highlights the substantial damages inflicted by online scams this year, advocating the need to instill confidence in web-based financial activities and to shield consumer information. Faced with economic instability, Filipinos are fortifying their financial readiness and accelerating debt reduction, alongside curtailing non-essential expenses.
