PHILAM Life Insurance is keen on intensifying their advocacy to the grassroots level in a bid to further educate the public about the concept of proper financial planning through their “Live Ready” campaign.
Philam Life Unit Director Charito Azarias Monday, March 20, said some Filipinos have incorrect perceptions when it comes to saving as they often consider it as an additional expense instead of an avenue to prepare for their future.
“Our advocacy is [to promote] financial literacy and in line with that, we would like to educate Filipino families to do financial planning for their financial goals,” she said.
With their Live Ready program, they target the general public in a bid to boost their financial skills, introducing various available financial services, awareness enhancement and teaching on how to make wise financial decisions.
Azarias said they aim to uphold financial education to empower every individual to be ready in every stage of their lives as single or married and assist them to adequate financial planning to attain their short term or long term goals.
Based on the data from Bangko Sentral ng Pilipinas, she said only 40 percent of Filipinos have savings either in the bank or cooperative.
For those who do not have a savings account, she said their main reason is they do not have enough money to deposit for a savings account.
Thus, they see this as an opportunity to spread information among the public about the significance of a savings accounts as it can come in handy for unexpected incidents such as illness or accidents.
“That is where Live Ready comes in to empower every Filipinos to be ready in every event of their lives in each life stage,” Azarias said.
“You have to save first before you spend like 10 to 20 percent of your income. You should save regardless the amount and the balance that is what you should spend. That should be the equation for you to be able to save money or prepare for your retirement or whatever financial goals you have,” she said.