Millennials aren’t as smart about money as they think

Social enterprise The Global Filipino Investors (TGFI) has cited the need to educate the millennial population on financial literacy in order to continue economic growth in the next generation.

During the TGFI Financial Literacy Summit, COl Financial Philippines Business Development consultant Marvin Fausto noted that millennials should be taught how to manage their finances.

Fausto, one of the speakers for this year’s summit, said the next 10 years would be the most critical era for the Philippine economy, as the larger chunk of the country’s working population is in the younger age bracket.

He said the millennials who are already earning should learn how to save their money and manage their expenses to ensure their financial capability in the future.

Fausto added that by making the millinneals more financially literate, we are giving them access to a better life. TGFI chief executive officer and founder Floi Wycoco shared Fausto’s sentiments and added that the group intends to capture the millennial market by engaging in social media. “We’re starting to tap the millennial market because they are the next generation,” Wycoco said. Wycoco said by using social media well, this could promote financial literacy, which most Filipinos are afraid to talk about. Based on data presented by Wycoco during the briefing, the Philippines is one of the 30 least financially literate countries in the world. Only 0.7 percent of the population has invested money in stocks, bonds, mutual funds and government securities. “We all have the capacity to make money, not just anyone can manage it well,” Wycoco said. “We have to make it (financial literacy) part of our Filipino culture,” Wycoco added. As part of its advocacy to promote financial literacy to Filipinos, TGFI is hosting a two-day Financial Literacy Summit on April 1-2 at the SMX Convention Center in Pasay City. TGFI is expecting around 3,000 attendees, composed of millennials and as well as overseas Filipino workers and their families.