A nation’s development can be seen through the abundance of its natural resources, the Philippines is one of those nations endowed with such wonder; However, the country still lacks the vigour to make development happen in so short a time. Human development index which is one of the indicators of development is still dragging. Many people remain impoverished while others are just able to provide the basic needs of the family. The concept of saving seems to be an idea practiced only by affluent people and business minded individuals. This concept is always equated with the Chinese attitude of frugality.
The practice of saving is not limited to business minded people and individuals receiving a sizeable income. Anybody with the right attitude and discipline can be a good saver. Young people are in the best position to start saving for a worry free future. The habit of saving will insure our liberation from the bondage of poverty. However, because of the attitude of most Filipinos such as mañana habit and pride, this becomes less and less of a possibility. Although Filipinos know the importance of saving, many delay the practice especially when there are sales and promos which they think are a way for them to save thru discounts. On the other hand, pride keeps one to spend for the sake of praise and positive remarks. Extravagance leaves a person with multiple debts which he would later find difficult to settle. This practice if not abated will drain one’s resources until his retirement.
Statistics show that only 2% of senior citizens live independently, and 98% of them rely on financial assistance being provided by family members or charitable institutions. Others are forced to work even after retirement due to inflation, making the value of their retirement insufficient to support both basic and medical needs. Many Filipinos lack financial literacy and always reason out that their earnings are not enough to be able to allocate an amount for savings. While those who have the means to save resort to impulsive buying to support their lifestyle.
It is a proven fact that those who were not able to save during their younger years ended up becoming dependent on others for support. We may have a compassionate society for elders but it is still one’s obligation to oneself to be financially secured, so as to enjoy one’s retirement. Therefore, the right time to save is while one is still in the prime of his health. The longer the time devoted to saving the greater the chance of securing one’s future. Let us learn from those individuals who managed to find success through saving, let us stop falling victim to extravagance and complacency, and start managing our finances. Saving is not merely stashing up loose coins, it may end up saving your life.
By: Robert G. Ejercito