Financial literacy in the Philippines has improved
significantly, according to results of a Financial Quotient Survey
conducted by Citibank (Citi).

The survey results that were released on 27 August show that the
Philippines scored 52.6 points out of a possible 100 in the poll,
conducted late 2011 by Citi, breaching the halfway mark for the
first time since the survey was launched five years ago.

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So far, Philippines has scored 48.9 points in
2010, 49 points in 2009, 46.6 points in 2008 and 47.8 points in
2007 in the Financial Quotient Survey.

Citi polled 4,000 people from eight countries:
Australia, India, Indonesia, South Korea, the Philippines,
Singapore, Taiwan and Thailand. All respondents were over 18 years
of age with either a bank account or a major credit card.

Filipinos, in particular, showed a better
know-how of personal finance, especially in budgeting, saving and
banking.

Six out of 10 Filipinos said they feel and
have a “good” or “very good” understanding of money management,
according to the Citi survey.

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Citi Philippines country officer, Sanjiv
Vohra, said: “The survey numbers in the Philippines are indeed very
encouraging. The results show that Filipinos are becoming more
determined to take charge of their finances and are responsible
users of credit.”

A total of 94% Filipinos have, reportedly, set
up monthly budgets – the highest among all the countries in the
poll, while 42% set aside money every payday. Filipinos also keep
an average of 10.4 weeks worth of pay as savings, according to the
results of Citi’s Financial Quotient Survey.

Results also showed approximately 60% of Filipinos pay their full
outstanding credit card balance every month – a large leap from the
12% in the previous year. Retirement planning has improved in the
Philippines as well, according to the survey findings.