Latest NewsNewsTFT News

Financial freedom top priority among Filipino millennials – survey

Financial freedom is a top priority for Filipino millennials today with many of them being choosy in selecting the right bank, credit card as part of their life-changing decisions, states the latest Nielsen report.

The study by data analytics company Nielsen discovered that almost half of smartphone users in the Asia-Pacific region checked their bank accounts on their phones, while 90% also sought greater banking control including a consumer alert feature.

RELATED STORY: 3 out of 4 Filipinos confident of vaccination: DOH survey

While the ongoing digitalization of banking services ensured Filipinos easily applying for products like credit cards, these consumers however focused on choosing the right card to avoid it becoming costly in the long run.

“Millennials highlight choice of the right bank as an important decision in ensuring that they have the correct tools to achieve financial freedom,” Celeste Lim, FVP and head of Security Bank’s Cards Business Development and Operations Group, said while highlighting the rise of technology in expanding banking services for millennials.

Millennials use credit cards for e-commerce and cashless transactions, besides also viewing it as an ‘emergency fund’ for paying back in installments, Lim said, adding that they also seek from the card multiple features including easy usage in traveling abroad, getting transaction alerts, and being mobile-friendly. (AW)

Staff Report

The Filipino Times is the chronicler of stories for, of and by Filipinos all over the world, reaching more than 236 countries in readership. Any interesting story to share? Email us at [email protected]

Related Articles

Back to top button