FINTECH | Travel, emergency funds top Filipino savings goals
Savings and emergency funds also consistently appear among the leading financial priorities across generations, while investments, retirement and other future-oriented goals become more prominent depending on a person’s life stage.
Travel and emergency funds are among the leading savings priorities across generations of Filipinos, according to anonymized and aggregated data from Maya.
Travel or vacation ranks among the top two savings goals across every generation in Maya’s customer base, the company said. Travel is also among the most frequently created goals under Maya Personal Goals, where users can create up to five personalized savings goals.
Savings and emergency funds also consistently appear among the leading financial priorities across generations, while investments, retirement and other future-oriented goals become more prominent depending on a person’s life stage.
The data shows differences in priorities among age groups. Education, gadgets, travel and other early-life milestones are more prominent among younger Maya users, while retirement and long-term financial security become more visible among older generations.
Younger Filipinos are also using products intended for longer-term savings. Millennials, Gen Z and Gen Alpha account for the largest groups of active Maya Time Deposit Plus users, according to the company.
Older generations recorded larger average deposits per transaction. Maya attributed this to their having had more time to build financial capacity rather than necessarily being better at saving.
The findings suggest that savings behavior is shaped more by life stage than age. While financial goals change over time, the company said the practice of preparing for future needs remains consistent across generations.
Maya Savings allows users to keep funds accessible while earning up to 15% interest per annum, according to the release. Maya Time Deposit Plus offers rates of up to 6% per annum and allows users to add funds during the deposit period.
Maya did not disclose the sample size, data collection period or percentage breakdown of savings goals in the material provided. The findings therefore provide a view of behavior within Maya’s customer base rather than a representative survey of all Filipino savers.
Full disclosure: All news articles published on the TechSabado website are written by human journalists, unless otherwise specified. Final text editing is also performed by human editors, with artificial intelligence (AI) used only to assist with additional grammar and style guide corrections..
————————————————————————-
TEN YEARS OF TECHSABADO!
PLEASE LIKE our FACEBOOK PAGE and SUBSCRIBE to OUR YOUTUBE & SPOTIFY channels.
WATCH TECHSABADO ON OUR YOUTUBE CHANNEL:
WE ARE ALSO ON SPOTIFY
WATCH OUR OTHER YOUTUBE CHANNELS:
PLEASE LIKE our FACEBOOK PAGE and SUBSCRIBE to OUR YOUTUBE CHANNEL.
