Many Filipinos have a poor knowledge of financial matters due to a lack of education on the subject in schools, according to the central bank of the Philippines.
Bangk Sentral ng Pilipinas (BSP) said in a statement that the majority of Filipino adults could correctly answer only three of seven financial literacy-related questions. Only 2% of Filipino adults answered all questions correctly, the Philippine Daily Inquirer reported.
The data came from a study by the World Bank. According to the World Bank, one of the questions asked in the financial literacy quiz was how much money would be in a savings account at the end of the year that had PHP100 with an interest rate of 2% per year.
“The study showed that Filipinos lack specific knowledge to make informed financial decisions,” BSP said.
BSP Governor Nestor Espenilla Jr said financial education is still a formidable task that requires coordinated multi-stakeholder action.
“The BSP believes that a financially-learned citizenry can be more effective in productively contributing to the Philippine economy,” Espenilla said.
The BSP announced it will be partnering with the Department of Education (DepEd) and BDO Foundation to advance financial education in the Philippines.
“With the DepEd onboard in the partnership, the commitment of our educators, and private sector support, we can collectively influence every child who goes through the Philippine educational system to strive towards a healthy financial future,” Espenilla said.