Young Filipinos are keen on saving money, says survey

AFP file photo

MANILA, Philippines— Young Filipinos are keen on saving money and are interested in the banking sector, a report on the country’s Banking, Financial, Services and Insurance (BFSI) industry showed.

This was revealed after ThoughtBuzz, a web page application that provides social media monitoring, carried out a research and examined social media chatter in its “Young Filipinos and Finance” report that revolved around the banking sector.

The report was based on public chatter on all popular social media platforms in the Philippines including Facebook, Twitter, blogs, forums, bulletin boards, among others.

The report revealed that the discussion on social media channels and networks centered heavily on banking topics (70%).

Conversations also circled around other topics such as remittance and investments in properties, gold, etc. (19%), and stocks (8%)  with insurance (3%) generating the lowest amount of buzz.

The report revealed that buzz on banking was fueled by New Year resolutions to save money for the year ahead, and news on Bangko Sentral ng Pilipinas (BSP) particularly on the growth of the Philippine peso.

“Through the BFSI study, we saw netizens reveal how they assess various insurance companies, based on performance, services and reputation,” said Ashok Patro, chief operating officer of ThoughtBuzz.

Patro said consumers highlighted the companies’ stability as a major deciding factor when selecting the right insurance company.

According to him, the study also showed the importance of tapping into social media to learn more about the company’s products and services and to listen to customers’ concerns.

“If companies are not already actively listening, now is definitely the time to start. Companies would then also be able to effectively engage consumers and provide real-time solutions via the various social media sites,” he said.

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