Typical Filipino Depositor’s Bank Balance...

[ice15]

My personal opinion... Yes we are a poor country hence, the "savings" are higher than usual.

Why do we save? Because we don't trust our pension system (SSS/GSIS)

In countries like Aus and Canada, they can afford to live without savings since the Government will support them in case they loose their jobs or get ill.

Economy will be much better if we all spend like there's no tomorrow. "Iikot ang pera"

But in reality, we need to save up for that "family emergency," school fees (we won't send our children to public primary/secondary schools) and extended holidays.

And yes the money will earn more if you invest it, but very few people has the time, knowledge and guts when it comes to "investments" plus we all need cash (liquid assets) for that family emergency...

[uls]

My personal opinion... Yes we are a poor country hence, the "savings" are higher than usual.

Why do we save? Because we don't trust our pension system (SSS/GSIS)

In countries like Aus and Canada, they can afford to live without savings since the Government will support them in case they loose their jobs or get ill.

Economy will be much better if we all spend like there's no tomorrow. "Iikot ang pera"

But in reality, we need to save up for that "family emergency," school fees (we won't send our children to public primary/secondary schools) and extended holidays.

And yes the money will earn more if you invest it, but very few people has the time, knowledge and guts when it comes to "investments" plus we all need cash (liquid assets) for that family emergency...

actually according to the article posted by the threadstarter...

very low savings rate natin

majority of people have only 1000-5000 in the bank (see page 1)

the threadstarter is surprised nga that only 63000 households have more than 1M in the bank