Caught between declining income and increasing expenses in the wake of the pandemic, more Filipinos are interested to borrow, according to survey data from consumer finance service Digido released Wednesday, Nov. 23. READ:
Caught between declining income and increasing expenses in the wake of the pandemic, more Filipinos are interested to borrow, according to survey data from consumer finance service Digido released Wednesday, Nov. 23.
In the past 12 months, 55 percent of the respondents reported increased spending while only 5 percent saw a decrease.Others, 13 percent, have used loans or plan to continue using loans in approximately the same amount, and 10 percent started applying for more loans. When asked directly how they assessed their own financial situation, 26 percent of respondents answered they were “in dire need of money.”Interestingly, 61 percent of Generation X respondents – people born from 1965 to 1980, reported increased expenses.
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