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  • 10 Ways to Improve Your Financial Literacy

    02 July 2021


    10 Ways to Improve Your Financial Literacy Banner

    Financial literacy is an often-neglected area in the lives of many Filipinos. Data shows that only 48% of Filipino adults have savings, and over 68% still keep their money at home. The same survey says that only 23% of Filipino adults have bank accounts, and the most vulnerable citizens do not have access to such financial services.

    Having an educational background and being a salaried individual also doesn’t guarantee financial know-how. Around 65% of Filipinos served by online financing services in the country still experience some budget gaps at different times.

    What is Financial Literacy, and Why is It Important?

    Financial literacy goes beyond knowing how to manage your money. When you understand and learn how to maximize your finances, you can make sound decisions to save and grow your assets.

    The key areas of financial literacy include personal financial management, budgeting, and investing. When one knows how to manage their finances, they can adopt a substantial investment and a savings plan that will allow them to live their dreams.

    How Filipinos Can Improve Their Financial Literacy

    Learn how to improve your financial literacy with these tips.

    1. Subscribe to financial newsletters or read eBooks

    Subscribing to trusted financial newsletters or downloading eBooks about financial literacy will help you level up your financial management skills. The good news is many of these are free online! Accessing these resources will allow you to learn about money management.

    2.Listen to money management podcasts

    Instead of playing your favorite songs while driving, doing chores, or simple tasks, why not tune in to money management podcasts? There is a wide array of shows to choose from: some are geared towards millennials, while others cover family finances. What show you’ll like will depend on what you’re interested in.

    3.Take a financial literacy class

    Many adults go through life earning money without knowing how to make it work for them. From managing personal finance to bigger goals like growing the value of your investment portfolios, there is a wealth of information available through online classes that tackle money management.

    4. Apply to become a financial advisor

    A financial advisor helps clients make decisions on wealth management. Their work covers executing trades in various markets on behalf of their clients, building tailor-made financial plans, and regularly checking in to re-evaluate and re-calibrate financial goals when necessary.

    Having the ability to teach financial management topics to others is one of the best ways to learn about money. Not only will you know how the industry works, but you’ll also learn how your client’s respective relationships with money affect their financial situation. Financial lessons gleaned from real people’s experiences will give you better insights into managing your finances.

    5. Learn how to navigate the stock market (internal link opportunity to Blog88 - A Quick Guide to the Philippine Stock Market)

    Stock trading can be tricky and involves consistent focus because markets and economies are volatile by nature. Arming yourself with in-depth knowledge of the stock market dynamics before throwing your hard-earned pay into company shares is key to succeeding. Understanding how the stock market works will give you the confidence to take calculated risks to grow your wealth.

    6. Dissect the different parts of insurance and investment

    Financial products like insurance plans have different parts and features that could enhance your wealth-building strategies. For example, Variable Universal Life (VUL) insurance is an investment plan and life coverage in one, allowing you to have financial flexibility.

    Read the fine print, list your questions, and speak to a qualified representative about your concerns on your insurance and investment plan of choice.

    7. Utilize social media resources

    Financial experts usually have investment literacy resources on their social media accounts. Following the official pages of motivational speakers in finance, wealth coaches, or business personalities gives you access to short, bite-sized content that can motivate you to work on your financial goals.

    8. Seek support from other people with the same goals

    Finding a community of like-minded individuals who are also pursuing financial freedom will help motivate you on your journey to wealth building. You can empower your tribe when setbacks arise, learn from each other’s experiences, and gain confidence in pursuing your goals because you know that you are supported in your journey towards financial literacy.

    9. If you have kids, teach them about money

    Having a healthy relationship with money starts during childhood. Teaching your kids how to save money increases not only their financial literacy but yours too, especially when you simplify financial concepts and explain them to your kids in a way they will understand.

    10. Consult a financial professional

    Talk to financial experts who can answer your questions about saving, investing, loans, insurance, business, and other money-related concerns. They can offer a wealth of resources and educated insights on day-to-day money management, as well as more complex financial matters.

    Make Your Money Work for You

    Learning how to manage your finances is not just about skipping a couple of days buying lattes in your favorite coffee shop or placing your hard-earned money in the bank. Actively taking control of your money involves putting effort into learning financial management strategies.

    There are several ways you can grow your money and handle your expenses better. One of them is finally dipping your toes into insurance with investment or VUL BPI AIA makes it convenient to get insured despite the health crisis. Schedule a virtual appointment with our Bancassurance Sales Executives to know more.

    Did you know?

    You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

    RECOMMENDED PRODUCTS

    Life Ready Plus

    Protection

    Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

    The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

    Philam Life Vitality

    Critical Care Max

    Health

    Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

     

    In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

    It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

     

    It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy. 

     

     

    Philam Life Vitality
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    CONTACT BPI AIA

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