BSP spear­heads fi­nan­cial lit­er­acy cam­paign

Sun.Star Baguio - - TOP STORIES - Lau­ren Alimondo

BE­ING fi­nan­cially lit­er­ate lies ba­si­cally on the knowl­edge and man­age­ment of fi­nances.

This was stressed dur­ing the Eco­nomic and Fi­nan­cial Lit­er­acy fo­rum led by Banko Sen­tral ng Pilip­inas (BSP) La Union as it sees a need to in­ten­sify the efforts of fi­nan­cial ed­u­ca­tion to en­sure fi­nan­cial in­clu­sion of ma­jor­ity of the Filipino peo­ple.

Re­gional of­fice se­nior ex­ec­u­tive as­sis­tant Mar­ian Car­bonel­lSuaso dur­ing the fo­rum said re­gard­less of how much in­come one ob­tain, there should be prepa­ra­tions and goals in sav­ing and in­vest­ing..

Suaso added peo­ple can save through a longterm plan where in em­ploy­ees should hin­der from the aim of buy­ing gad­gets such as lap­tops, ex­pen­sive phones, and cars.

The BSP of­fi­cial added steps to­wards fi­nan­cial lit­er­acy starts when peo­ple be­gins to set money in prepa­ra­tion of their fu­ture in­clud­ing af­ter re­tire­ment. One sam­ple shows one per­son with a goal that af­ter re­tire­ment with P3 mil­lion.

By the time the per­son start to save money by the age of 25 en­tails a monthly sav­ings of P4,948 to reach the P3 mil­lion goal. A P7,716 monthly sav­ings for 35year old, P14,305 for 45year old and P22,604 a sav­ings per month for a 50-year old.

“We should start to in­vest with our sav­ings. we can also in­vest through loan such that there is a se­cured earn­ing from the in­vested loan where it should be higher than the in­ter­est be­ing paid,” added Suaso.

Suaso said there are num­ber of in­vest­ment op­por­tu­ni­ties in the market but the re­al­ity in in­vest­ing re­mains as a per­sonal pref­er­ence. The de­ci­sion, added Suaso, is solely base on how much money one can in­vest and the risk they are will­ing to make.

A con­sumer ex­pec­ta­tions survery con­ducted by BSP shows co­op­er­a­tives for the past months in­crease its sav­ings from 2007 with 15.7 per­cent to 45.9 per­cent in 2017.

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