1. What is your biggest problem now when it comes to money? And why?
2. Why do you need to solve this money problem and how will it change your life as well as your loved ones?

RESULTS

There were only 60 respondents in this survey. I am not sure if this is a good representative sample considering that there are around half-a-million Filipinos in the UAE [GMI]. Nevertheless, hopefully, it will provide you some insights. Here is the summary.

PERCENTAGE OF RESPONDENTS SAYING THAT THEIR MAIN MONEY CHALLENGE IS HAVING OR LACK OF THE FOLLOWING:

INCOME & EXPENSES

47% of the respondents stated that they are struggling with their income due to the pandemic. Some of them lost their jobs while some incurred salary cuts. Others are also struggling with budget and spending more than what is allocated.

SAVINGS & INVESTMENTS

32% of the respondents answered that they do have savings but they just don’t know how to allocate it or where to invest their funds. The majority wants their savings to grow.

DEBTS

19% of the respondents are struggling to pay off credit card debts and/or personal loans. This is also aggravated by the loss of jobs with some of the respondents. A few also expressed regrets about taking the loan.

FINANCIAL EDUCATION

2% of the respondents said that they have invested money which ended up being a scam. 

PERCENTAGE OF RESPONDENTS HAVING THE FOLLOWING AS THEIR GOALS AFTER SOLVING MONEY WOES.

FINANCIAL SECURITY AND PEACE OF MIND

44% of the respondents are aiming for a worry-free living, peace of mind, and better financial security.

FAMILY WELFARE

32% of the respondents are focused on the well-being of one’s family. Children’s education, and being reunited with families is a common theme. Also, being able to provide for the family’s needs has been mentioned.

DREAMS & ASPIRATIONS

24% of the respondents mentioned several goals in life including early retirement, investments, businesses, properties, and be able to sustain a healthy lifestyle.

INTERPRETATION & SOLUTIONS

On the current financial challenges survey result, my initial thought before the survey is that one of the biggest challenges would be debt.  However, as shown, only 19% mentioned it but the reality is that majority is struggling with their lesser (or loss of) income and with too many expenses.

The immediate solution that I can think of to address this is to revisit the budget and lower the expenses as much as possible. One way is to cut non-essential expenses (e.g. subscriptions, unused gym memberships, post-paid to pre-paid phones). Decreasing or eliminating expenses will increase one’s net income. Having extra cash on hand contributes then in having that peace of mind as well as the immediate feeling of financial security.

For savings and investments, it is common that a lot of people are not able to decide where to invest their savings which end up not able to plan out properly for their financial security. The most likely reason for this is lack of knowledge. This can be mitigated by financial education. However, it is also best one is guided by a subject matter expert who qualifies to provide correct information related to a particular savings or investment strategy. For example, if you would like to know more about insurance, then approach an insurance consultant. They will be able to provide more insights and reliable information compared to peers who are not in the industry.

Debts can really be stressful especially if one’s income is not enough or stable. If one has been delayed in payments, call your bank to help you restructure it. They might help you lower the interest rate and/or decrease the amount of monthly payment. The latter though will most likely extend your loan term but might still help you manage and stretch your finances. There are other methods in eliminating debts, checkout my Biyahe ni Bai video through this link. You can also check out this other blog on how I freed myself from any credit card.

CONCLUSION

These challenges are really common and unfortunately what makes them difficult to overcome is the lack of knowledge, guidance, and support.

We can always take action, but the question is, are we taking the right action? I truly believe that trial and error is very expensive. It is not only a waste of money but time, effort, and resources. This is the main reason why I serve Filipinos in providing Financial Freedom Coaching. I provide a realistic blueprint and actionable strategies on how to achieve the financial security that everyone deserves without wasting so much time, effort, resources, and money. Whether your biggest challenge now is having lesser income or too many debts, or not knowing where to let your money grow, that is all covered in the coaching session. If you would like to know more about it, feel free to schedule a Free Discovery Call by clicking on this link.