In the infinite wisdom of those old Cornetto ads, one must consider how far every peso takes you in 2024. Read on to see how much your money is worth in today’s changing economy.

Filipinos are a clever, resilient bunch– constantly adapting to the demands of contemporary life. Whether it’s the rising cost of daily goods, financial uncertainty, or just a renewed sense of financial responsibility, it seems that budgeting is top of mind for many households in 2024.

In a report by World Independent Network (WIN), a whopping 82% of Filipinos say they’ve already started (or are actively planning) to cut back on spending this year. That’s a clear sign that most of us are taking a more cautious approach when it comes to our money.

Breaking it down further, 41% of Filipinos have already made changes to reduce their expenses, while another 41% are actively preparing to do so in the coming months. That leaves only 14% who aren’t planning any changes, and just 4% who aren’t quite sure yet. It’s a significant shift, showing that budgeting isn’t just for the few anymore– it’s becoming the norm.

Interestingly, while older generations and upper-middle income households have already begun tightening their belts, lower-income groups are looking to follow suit. This indicates a growing awareness of the need to plan ahead, even among those with fewer financial resources to begin with. It is, after all, wise to make the most of what one currently has.

When it comes to gender, budgeting seems to be slightly more front-of-mind for women. 44% of women report having already reduced some expenses, compared to 38% of men. That said, more men (44%) than women (39%) say they’re planning to cut expenses soon, suggesting similar caution. While 16% of men say they’re not planning to make any changes, only 12% of women feel the same– indicating a proactive attitude towards household finances.

Looking across generations, millennials and older groups are leading the way in expense-cutting. 46% of millennials, 43% of boomers, and 40% of Gen X say they’ve already reduced spending, compared to 35% of Gen Z. Younger Filipinos may seem a bit more relaxed for now, but 45% of Gen Z say they are planning to cut back soon. The intent is there, so it’s only a matter of when they choose to commit.

In terms of socio-economic classes, the desire to spend less isn’t just limited to the affluent. Class ABC1 (44%) and Class C2 (48%) lead in terms of those who have already reduced their expenses, but Class DE (43%) tops the list of those planning to do so in the near future. It seems that for many Filipinos, regardless of income, being smart about money is becoming a shared value.The stakes, after all, are also greater for the less economically privileged.

Now, here’s something that might surprise you: Filipinos are more financially cautious than the global average. Among 40 countries surveyed, the Philippines ranks high in financial restraint– right alongside Greece, and our Southeast Asian neighbors, Malaysia. While 41% of Filipinos have already reduced expenses, the global average sits at just 38%. Similarly, 41% of Filipinos are actively planning to make cuts, compared to only 32% globally. Even fewer Filipinos (14%) say they have no plans to change their spending, versus 24% worldwide—a strong signal of how mindful we are about our finances.

Whether it’s trimming the fat from the grocery list, postponing big purchases, or simply keeping a closer eye on bills, Filipinos are clearly taking action to make ends meet. In a world of uncertainty, that financial discipline may just be our superpower.

About WIN

The Worldwide Independent Network of Market Research (WIN) is a global network conducting market research and opinion polls in every continent.

Share

How do you feel about this article?

Submit