by Cathy Rose A. Garcia, ABS-CBNnews.com
Posted at 11/07/2012 4:52 PM | Updated as of 11/07/2012 8:20 PM
MANILA, Philippines - Most Filipino children save half of their allowance, but "saving" only means getting enough money to buy the latest gadgets, clothes and toys, according to a survey by independent research firm Cimigo.
Based on the survey conducted last August, most Filipino children (aged 7-12) say they spend half of their pocket money, while saving the rest. Pinoy kids get an average of P157.60 in pocket money every week.
College of the Immaculate Conception (CIC) Cabanatuan grade 2 students learn about money management under the Pru Life UK’s Cha-Ching Financial Literacy for the Youth Program. Courtesy of Pru Life UK
The survey, which was conducted for Pru Life UK's regional headquarters Prudential Corp. Asia, covered 211 children from different income classes in Metro Manila and Cebu.
"Filipino children save up but not for the rainy day but because they want to buy gadgets like PSP... 70% plan ahead in terms of how much they want to save and spend. Another 67% save to buy the things they want, while 88% want to buy computer related products, shoes, clothes and bags," Pru Life UK senior vice president and chief marketing officer Belle Tiongco said in a press briefing on Wednesday.
The results of the Cimigo survey, Tiongco said, showed there is a lot of room for Filipino children to improve their money management skills. Even parents acknowledge there is a need for their children to learn about saving, budgeting and investing.
She noted majority of Filipino children perceive their parents to be rich, and believe family members are likely to fulfill their requests when they want to buy certain things.