Filipino youth are among the top three most financially literate in the Asia Pacific region, according to the MasterCard Index of Financial Literacy, which polled youth from 16 markets around the region to determine their level of proficiency in financial matters.
Respondents from New Zealand, Australia, Taiwan, the Philippines, Malaysia, Hong Kong, Singapore, Thailand, China, Myanmar, India, Indonesia, Bangladesh, Vietnam, Korea, and Japan were surveyed on three aspects of financial literacy: basic money management skills, investment knowledge, and financial planning.
Filipino youth had an overall score of 67, scoring 66 in basic money management, 75 in financial planning, and 55 in investment. Sharing the same overall score with the Philippines were Malaysia, Taiwan, and Thailand.
Hong Kong emerged as the territory with the most financially literate youth, scoring 69 overall, six points above the Asia Pacific average. New Zealand and Singapore followed closely, both with an overall score of 68.
Meanwhile, Japan scored lowest in the region with 52, following Korea with 55.
Georgette Tan, group head, Communications, Asia/Pacific, Middle East & Africa, said, “As the next generation of adult consumers, young people need to be armed with an understanding of how to plan, manage, and invest their money as this is critical to their future well-being. We’ve seen from the Index that while youth in markets such as Hong Kong and New Zealand are well-equipped, some others are lagging behind, indicating that more education is required on this front.”
“MasterCard supports a variety of organizations and programs in the region that focus on financial literacy because we believe that empowering and equipping young people with financial management knowledge and skills will benefit them, their families and communities in the long term.”
