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Thursday, July 05, 2018

Survey: 8 Out of 10 OFWS Are Not Saving Their Money For Retirement

Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time.
But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good?

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Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances.

The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments.

Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. Ritchie Farinas, Overseas Customer Segment Division Head of BPI, noted that “ ... recent studies have shown that overseas Filipinos’ money habits are rather grim.” The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. Filipino Times, a UAE-based news outlet, reported that eight out of 10 OFWs are not saving their money for retirement, according to BPI. Farinas said overseas Filipinos, who are challenged by saving and investing, should look for bank services that will help them not only send money back home but also make it easier for them to save and invest. Read also: 7 Things OFWs Should Prepare Before Going Home “OFs should really learn how to manage their finances well because no matter how much they earn, money can be easily spent. There are also different ways to send money back home, and some can be more expensive than others,” he said. BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, he said. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” Farinas said. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools? Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. The statistics of OFWs who save for their retirement is only at very slim 8 out of 10, according to BPI. Farinas said overseas Filipinos, who find it hard to do saving and investing must look for bank services that will help them not only send money back home but can make it easier for them to save and invest as well. Read also: 7 Things OFWs Should Prepare Before Going Home BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, according to Farinas. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” he added. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?

The statistics of OFWs who save for their retirement is only at very slim 8 out of 10, according to BPI.

Farinas said overseas Filipinos, who find it hard to do saving and investing must look for bank services that will help them not only send money back home but can make it easier for them to save and invest as well.

Read also: 7 Things OFWs Should Prepare Before Going Home

BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, according to Farinas.

“Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” he added.

11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help

Dubai OFW Lost His Dreams To A Scammer

Can A Family Of Five Survive With P10K Income In A Month?

DTI Offers P5K To P200K To Small Business Owners

How Filipinos Can Get Free Oman Visa?

"No Homework On Weekends Policy" - Does it Apply to Private Schools?