A recent survey by TransUnion revealed that while 79% of Filipino respondents are optimistic about income growth in 2025, nearly half (49%) anticipate increased financial strain from rising bills and loan payments.
The Consumer Pulse Report Q4 2024 highlighted stable income trends, with 44% of households reporting income growth and 40% maintaining their income levels over the past three months. However, financial challenges persist, as 42% of respondents reported difficulties in paying bills and loans in full, consistent with last year’s figures.
Inflation remains a key concern for 80% of respondents, followed by job security (59%) and rising interest rates (41%). Weihan Sun, TransUnion’s principal for Asia Pacific, noted a growing reliance on credit, with 17% of Filipinos increasing credit usage during the holiday season. This trend reflects a focus on short-term financial flexibility over long-term security.
Credit access is increasingly seen as vital, with 64% of respondents identifying it as crucial to achieving financial goals, up from 58% last year. Despite this, only 42% felt adequately served, while 25% reported insufficient access, particularly among Gen Z respondents.
Fraud remains a pressing issue, with phishing, smishing, and gift card scams being the most reported schemes. Data breaches also affected 35% of respondents in Q4 2024, yet 12% admitted to taking no protective action due to uncertainty.
TransUnion emphasized the need for enhanced financial education and cybersecurity measures to help Filipino consumers navigate these challenges. The survey gathered insights from 938 Filipino adults across various age groups between September 25 and October 17, 2024.
