#PlsSaveMe: It's About Time to Take This Seriously

Pop in a mall anywhere in the country and you’ll have the impression that money isn’t a problem among Filipinos. 

But try asking these shoppers and they will sadly admit that they have little to zero savings in the bank despite being employed here or abroad and receiving a steady income for years.

More of this admission and other financial horror stories are circulating on social media these days, with Filipinos from all walks of life - overseas Filipino workers, mothers, young professionals, celebrities and millennials - spilling the beans on their bad spending habits and unwise financial decisions in response to leading mobile wallet GCash’s #PlsSaveMe campaign.

Many of their reasons for their financial struggles are very relatable: travel, shopping, extravagance, peer pressure, and providing financial support to parents or siblings. 

An OFW, who has been working in Qatar for a decade now, shares that she doesn’t buy herself expensive things but still has no savings because her salary goes to her loved-ones back home. 

A breadwinner reveals that he is still struggling financially even after 13 years of being employed because he shoulders his siblings’ tuition. Others, meanwhile, lament that they too have zero savings because their paycheck goes to household expenses and utility bills every month.

Some millennials confess that when they travel, the sky is the limit because “YOLO” (you only live once). Another one admits that she’s broke because she just spent half of her entire savings on a birthday bash while another reveals that her paycheck goes to expensive fan meets of her Korean celebrities.

The most shocking revelation however is from celebrity Robi Domingo, who confessed that he spent the Php500,000 cash prize he won from reality show Pinoy Big Brother in 2008 in just seven days!

While GCash’s campaign exposed the ugly and dark details of Filipino’s financial troubles, it also gave face to the numbers churned out by a recent Bangko Sentral ng Pilipinas survey: 52.8 million Filipino adults do not own bank accounts, mainly because they (60% of those surveyed) don’t have enough money. Only 1.3% of Filipino adults have electronic money (e-money) accounts.

Looking at the figures and personal narratives under the #PlsSaveMe movement, it seems that financial literacy among Filipinos is a long way to go. But the brighter side is that many have already taken a step forward by acknowledging that they have financial woes and that they need help.

Are you ready to tell your financial struggles? Share your #PlsSaveMe story on Twitter, Facebook and Instagram.

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