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Manila Bulletin devider Business devider Trade & Industry devider Filipino household finances improving – survey

Filipino household finances improving – survey

Published Oct 15, 2023 01:46 am

At A Glance

  • 44 percent of respondents in Q3 2023 reported an increase in income, a slight increase of three percentage points from 41 percent observed in the previous quarter.
  • Cybersecurity also emerged as a concern for more Filipinos with 49 percent expressed concerns about cybersecurity threats, the biggest concern and a three-percentage point increase from the previous quarter.

More Filipinos’ household finances have improved in the third quarter this year, along with higher optimism about income and household finances despite threats of global economic recession entering in the 2024, latest survey results showed.

According to the Third Quarter 2023 Consumer Pulse Study by TransUnion (NYSE: TRU), a global information and insights company, 52 percent of 1,000 Filipino survey respondents reported better than planned household finances during Q3 2023 – an increase of three percentage points from 49 percent in Q2 2023.

Additionally, the survey said that 44 percent of respondents in Q3 2023 reported an increase in income, a slight increase of three percentage points from 41 percent observed in the previous quarter.

The improvement in household finances was also reflective in terms of readiness among Filipinos in terms of getting credit. Based on the survey, a large majority or 96 percent of respondents see access to credit and lending products as an important way to achieve financial goals.

CREDIT ACCESS

For instance, the number of Filipinos comfortable at owning credit accounts such as loans and credit cards increased by six percentage points to 41 percent in Q3 2023, up from 35 percent in Q2 2023. This growing comfort with having credit products is also seen in the future plans of more Filipinos.

Also, more than half the respondents (51%) indicated they were planning to apply for a new personal loan within the next year, an increase of five percentage points from 46 percent in Q2 2023.

“Credit can be a powerful tool that helps people improve their lives. It is a very encouraging sign to see more Filipinos growing comfortable with credit and using it to unlock better economic opportunities,” said Pia Arellano, president and CEO of TransUnion Philippines. “The proliferation of digital banks and financial technology players is also a positive sign. These entities are helping to expand access to credit so more Filipinos can enjoy the benefits of financial inclusion.”

Notably, the survey findings show that Filipinos are accessing credit products from new sources where 32 percent of respondents said they have existing credit cards or loans from digital banks, while 26 percent said they have a loan from a FinTech firm.

However, 42 percent of Filipinos in Q3 2023 said they would still choose the institution that offers them the lowest interest rate when applying for a new digital loan – whether the lender is a traditional bank, digital bank or FinTech institution.

Aside from seeking affordable credit products, speed of approval also emerged as an influencing factor in choosing credit products. Based on the survey 91 percent of Q3 2023 respondents cited real time approval when applying for a digital loan being important to them – an increase of three percentage points from Q2 2023.

CYBERSECURITY

The survey noted that more Filipinos now report transacting online. Majority or 58 percent of respondents reported completing more than a quarter of their transactions online, an increase of two percentage points from the previous quarter.

But cybersecurity also emerged as a concern for more Filipinos with 49 percent expressed concerns about cybersecurity threats, the biggest concern and a three-percentage point increase from the previous quarter.

Nearly two thirds or 65 percent of respondents said they were most concerned about stolen identities, data breaches and credit card fraud. Despite growing concerns regarding cybersecurity threats, among those who said they didn’t take action within the last 60 days in response to cybersecurity concerns, 66 percent said they took no action because they were unsure of what to do – an increase of 11 percentage points from the previous quarter.

“As more aspects of our lives move online, the role of cybersecurity in this progressively internet-centered world is vital. At TransUnion Philippines, we provide a host of identity proofing and fraud prevention solutions to keep fraudsters and other malicious entities from perpetrating crimes against consumers and businesses. TransUnion Philippines is ready to work with financial institutions, businesses, and consumers to provide the education and solutions needed to help keep online spaces safe,” said Arellano.

The survey conducted from July 6 to 24 this year involved 1,000 adult Filipino consumers.

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