According to 2017 The Global Findex Database of the World Bank, a staggering 66 percent of Filipinos does not have a formal savings account. Leading mobile wallet GCash recently sparked an online discussion on this important issue, led by key influencers and brand ambassadors such as television host Robi Domingo admitting to their own stories of financial mistakes and not being able to save.
As a result, social media was abuzz in recent weeks with posts from netizens sharing their own financial woes with the #PlsSaveMe hashtag, illustrating how this reality hits close to home for Filipinos from various walks of life. The dialogue spanned the entire nation, with conversations and revelations in local dialects covering the different regions and provinces of the country.
“The campaign aims to help people come out in the open and be honest about their shortcomings with regard to handling finances well. Just as with any other problems in life, admitting that you need help is the first step to improvement,” said GCash assistant vice president for financial services Kim Seng.
The good news is that it’s never too late to get on the habit of saving, according to Seng. GCash is now encouraging Filipinos to start on the path of financial wellness with the #LetsSaveTogether movement. “We hope to be able to show Filipinos that it’s not too late to start on a journey to financial wellness, and that there are modern, digital innovations that will enable them to achieve their financial goals,” added Seng.
One such innovation is opening a digital savings account on the GCash platform. In partnership with digital-first Malaysian bank CIMB, the in-app digital savings account seeks to enhance financial inclusion and financial literacy for more Filipinos.
Gcash allows users to set aside money and earn up to 12 times higher than industry-prevailing interest rates, with no minimum deposit or maintaining balance required. In order to open a savings account, only one valid identification card is required to get fully verified on the GCash app.
“Our country is known as the top mobile and Internet users in the whole world. With this latest feature, we are taking advantage of this situation by bringing basic financial concepts such as saving on a digital platform in order to empower more Filipinos,” said GCash president and chief executive officer Anthony Thomas.
Just in time for the landmark World Savings Day on October 31, #LetsSaveTogether is GCash’s call to encourage Filipinos to achieve financial wellness through the basic financial concept of saving. “We encourage Filipinos to celebrate this worldwide event in their own way, by starting their savings journey on GCash toward becoming a nation of financially empowered digital citizens,” concluded Seng.