The Filipinos are an optimistic race. Amidst the recent stock market dip, there is widespread confidence about the country’s economic outlook. But are Filipinos prepared to face fluctuations and seize opportunities? Are they ready for the Brighter Life?
For the past five years, Sun Life has been conducting a nationwide Study of Lifestyles, Attitudes and Relationships (SOLAR)to gain insights on the public’s attitudes and behavior toward financial matters. This research has been instrumental in helping Sun Life pursue its thrust to raise financial literacy among Filipinos.
Uncovering a Paradox
Conducted during the first quarter of 2013 with 1,100 respondents coming from middle to upper income segments, the findings of this year’s SOLAR have been compiled in an account titled SOLAR FLARe or the Financial Literacy Report. Here, Sun Life discovered that Filipinos are confident about how they manage their finances, with 20% claiming to be an expert. However, test scores from a basic financial literacy quiz revealed a need for them to be educated further as only 8% scored above 80% and no one scored over 90%.