BE READY. South Central Mindanao Philam Life Director of Agencies, Jenny Santos, urges the public to be aware of the importance of proper financial planning. Santos said in a press conference on Monday, June 12 at SM City in Davao that the main objective of the ‘Live Ready Campaign’ is to empower Filipinos to prepare for their future to achieve their financial life goals. (Robby Joy Salveron/davaotoday.com)
DAVAO CITY, Philippines – South Central Mindanao Philam Life Director of Agencies, Jenny Santos said on Monday, June 12, that proper financial planning is highly important to secure one’s future and achieve one’s life goals.
Through the ‘Live Ready Campaign’, Philam Life aims to strengthen financial planning and increase the financial literacy rate in the Philippines.
“The main objective (of the campaign) is to empower Filipinos to prepare for their future in order for them to achieve their financial goals in life. This is also in support of the government’s aim to create a financially stable nation,” Santos said in a press conference held at SM City Davao on Monday.
The campaign includes financial literacy programs and offers free advising services where people can consult financial advisers for financial solutions.
“This campaign will involve so many financial advisers with advocacies aimed to create awareness and their services are for free. So the public can talk to our financial advisers either in the office or they can go directly to advisers,” Santos said.
According to a 2015 study by the Standard and Poor on Global Financial Literacy, only 25 percent of Filipinos are financially literate or has the ability to understand, manage and consistently make right decisions regarding personal finances.
Based on a “protection study” conducted by the Philam Life, very small percentage of Filipinos are financially ready particularly in three areas namely health, education, and retirement.
Santos said that of the 96 percent of Filipinos who care about their family’s health, only 16 percent are financially ready.
“It’s a disturbing fact since only 16 percent are really ready to pay for their medical expenses should they be diagnosed with a critical illness,” Santos said.
In terms of education, the same study revealed that out of 1,000 students, only 230 or 23 percent will be able to finish college.
“There can be a lot of reasons why they can’t go to college but in the study, parents probably failed or will fail to plan for their children’s future and that is the reason why they will not be able to go to college,” she said.
Santos told Davao Today that the advantage of people especially parents who’re into financial planning is that they become more responsible and disciplined in terms of finances and being on track to their financial goals.
“If done properly then they will be able to really support their children in education most especially in college. I think the best way is to start saving today, save first before they spend so that the money they set aside will help them start a plan,” Santos said. (davaotoday.com)
