Only two out of every 10 Filipinos have emergency savings that can last beyond three months, a recent study revealed, underscoring the country’s ongoing struggle with financial preparedness.
The PURPLE Report, commissioned by EastWest Ageas Insurance and conducted by consumer intelligence firm NielsenIQ, found that most Filipinos have just around ₱50,000 set aside for emergencies — a modest amount given rising living costs.
The findings show that 30 percent of an average household’s income goes directly to essential expenses, leaving little room for savings. Despite this, many Filipinos remain aware of the importance of financial security, with 52 percent expressing concern about their family’s health and 24 percent worried about the impact of critical illnesses and steep medical bills.
The study also revealed that while inflation and income instability continue to hinder saving efforts, financial behavior improves with age. Filipinos aged 40 and above are more likely to have three months or more in emergency funds, indicating greater financial discipline and stability over time.
When emergencies strike, most Filipinos rely on personal savings, family assistance, or informal loans.
In response to the findings, EastWest Ageas emphasized the importance of accessible financial education and planning tools, stating: “While Filipinos are practical, they should not have to forego financial planning to prioritize current needs. Both should come hand-in-hand, partnered with the right tools and financial literacy programs, tailored insurance solutions and inclusive savings programs.”
