Households with savings increase

The number of Filipino households that saved money in the second quarter increased from the first quarter, results of a Bangko Sentral ng Pilipinas’ survey show.

The latest consumer expectations survey put the percentage of households with savings at 33.2 percent in the second quarter, up from 32.7 percent in the first quarter. Households with savings increased among the low-income group, but decreased for both the middle- and high-income groups.

Respondents said they saved money for different reasons, such as emergencies, retirement, health and hospitalization, education and business capital and investment.

“Nearly two-thirds [65.9 percent] of household savers had bank deposit accounts while 47 percent kept their savings at home and 26.4 percent put their money in cooperatives, paluwagan, other credit/loan associations, SSS, and as investment,” Bangko Sentral said.

The percentage of respondents who reported they could set aside money for savings during the current quarter slightly improved to 39.3 percent from 38.9 percent in the first quarter 2016. However, the proportion of those that could set aside 10 percent or more of their monthly gross family income declined to 36.9 percent from 38.9 percent a quarter ago.

The same survey also found out that the families of overseas Filipino workers prioritized the purchase of food and other household needs. 

Data showed that of the 555 households in the survey that received OFW remittances for the second quarter, 97.1 percent used the remittances that they received to buy food and other necessities.

Topics: Filipino households , savings increase , Bangko Sentral ng Pilipinas
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