Lista: Filipinos save more for housing and emergencies

FILIPINOS are still saving for Covid-related things as they continue to worry about the effects of the pandemic despite the easing of restrictions and the resumption of outdoor and everyday activities.

According to a study done by bookkeeping app Lista, Filipinos are now mostly saving for the goal of owning their own home and for emergency uses because of increased awareness for their own health.

This study featured the app’s user usage data as well as public research and other studies from other organizations such as the World Bank.

As per the data from Lista, Filipino business owners, usually MSMEs (micro, small and medium enterprises) save around a total average of P463,799.00 for housing and P80,789.00 for emergency funds.

Meanwhile, private individuals who use the app save around P683,567.00 in order to buy their house while P115,028.00 is set aside for emergency savings.

“For the other data, the business owners usually set aside a total of P117,341.00 for their business capital, P57,046.00 to buy a motorbike, and P37,960.00 for tuition purposes,” Lista co-founder Khriztina Lim said. “Meanwhile, the private individuals save P79,452.00 for their own personal savings, P28,340.00 to buy for a new phone, and P89,682.00 for tuition.”

Meanwhile for spending habits, it has been observed that the private individuals who use the app are spending more for their digital transactions during and after lockdown restrictions. Meanwhile, the business users have bounced back in 2022 as they continue to stock up on consumer goods to ensure flow of supply.

Private individuals spend P21,447 per month to top-up their electronic wallets, P5,552.00 for transportation, P5,144.00 for groceries, P3,817.00 for food, and P937.00 for load.

Lastly, MSMEs spend P21,148.00 for groceries, P5,912.00 for soft drinks, P4,976.00 for load, fuel expenses for P2,975.00 and P478.00 for water.

“Being aware of how we spend is one of the best ways to utilize money. Through Lista, we envision every Filipino to easily gain financial clarity through the help of technology,” Lista co-founder Aaron Villegas, concluded.

Source: https://www.manilatimes.net/2022/11/24/business/top-business/lista-filipinos-save-more-for-housing-and-emergencies/1867518