Survey: Dabawenyos seeking for additional income
MAJORITY of Dabawenyos feel the need for additional income given that the Covid-19 pandemic is still raging, a survey by the University of Mindanao-Institute of Popular Opinion (UM-IPO) showed.
According to UM-IPO's online survey, which was conducted from June 15 to 22, 2021, targeting Dabawenyos from the three districts of Davao City, 78.8 percent claimed of a definite need, followed by 16.7 percent who said otherwise yet stating that having an additional income is not a bad idea.
Dabawenyos were asked about their personal and household economic situation. Notably, six out of 10 Dabawenyos surveyed were employed at the time of survey while one of 10 were self-employed.
In addition, 17.6 percent of the respondents reported unemployment with no income source, while a fair few are either unemployed with income from business and investments or unemployed with monthly pension.
More than half (56.5 percent) of the Dabawenyos reported that their household’s current financial situation is still manageable and 4.2 percent declared no difficulty, yet 36.2 percent remarked that it is a struggle from time to time.
Additionally, 51.9 percent stated that their households’ financial situation for the next three months is still manageable, 55.8 percent can still manage meeting bills and credit card commitments, and 51.7 percent can still manage to settle their bills in the next three months given their current financial situation.
Meanwhile, three out of 10 Dabawenyos see their households struggle financially from time to time to meet their obligations, bills, and daily necessities. This is further reinforced by the finding that nearly 46.5 percent Dabawenyos ended up using their personal or household savings to meet both ends, and nearly 3 of 10 admitted having no savings to use.
Respondents were asked about their behavior about their economic and financial situation at ongoing pandemic, wherein results revealed that 33.2 percent have fair levels of anxiety brought about by their finances, while a lot Dabawenyos have mixed opinion when asked if they are on track to retire with an ideal retirement lifestyle. Likewise, 25.6 percent reported that they do not have any trouble paying off loans, and 27 percent do not prefer paying the minimum amount for their loans.
Nearly half of the respondents (47.6 percent) prefer not to spend beyond their means to keep up with their peers, or borrow money from friends and relatives (46.6 percent).
However, 30.7 percent found difficulty to save at least 10 percent of their income as savings, 34.6 percent do not have enough funds to sustain themselves financially if they go jobless, and 34.2 percent have not accumulated funds for their dependents that could be used for 12 months if they pass on.
The survey said a further cross-tabulation of these measures revealed that millennials (born 1981 to 1996 and the most predominant in the survey) are the most anxious in terms of their financial standing, with only a fair level of preparedness to retirement, and lesser propensity to save for future needs.
UM-IPO targeted Dabawenyos from three districts of the city to know their financial and economic situation given that the Covid-19 pandemic is still raging.
The survey also intended to determine whether Dabawenyos practice financially sound strategies to survive or withstand the crippling effects of the pandemic to their daily household life.
UM-IPO said the survey was conducted online since physical contact is not allowed during the conduct of the survey.
A total of 1,200 respondents, who are residents of Davao City, at least 20 years old, and are targeted for contact within the defined geographical radius, were contacted in random and systematically targeted.