The importance of saving

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A recent Metrobank survey conducted  in October found that Filipinos’ reasons for saving evolve as they move through different life stages. The study showed that younger adults tend to focus on financial security and personal needs, while working adults prioritize buying a home or funding travel. Middle-aged savers, however, prefer to  concentrate on retirement and their children’s education.

For many Filipinos, according to the study, saving is a way to feel prepared for the future. Elders often remind the younger generation to save or “mag-ipon,” an advice that continues to resonate today – and even more so when the economy is expected to slow down due to both internal and external factors.

In my own personal experience in the 1960s, my first saving experience and lesson from my parents was a cute big ceramic piggy bank in which they  encouraged me to drop in all the loose coins and small peso bills that they would give me, as well as those given by my aunts and uncles, so that I could buy my favorite ChocNut candy, which then cost a mere five centavos per piece!

Unfortunately, there was a big catch in my savings journey – once I had dropped in the coins and peso bills, there was no way to get them out unless you break open the ceramic piggy bank...WHAT?! Nobody explained that to me! I felt cheated since I had to wait until the piggy bank was full.

And when that day finally came and we broke my cute, fat pink and white piggy with a curly pink tail,  my mother brought me to the bank to finally open my own savings account, with her as my co-account. Sadly, she only allowed me to buy 25 centavos worth of Choc Nut.

While priorities have shifted over time, the goal remains the same: financial security and peace of mind.

The survey of more than 1,200 respondents who answered the question “Para saan ang ipon mo?” revealed that about 21 percent of Filipinos save primarily to build an emergency fund or set aside money for future needs. This aligns with the Bangko Sentral ng Pilipinas’ 2021 Financial Inclusion Survey, which found that roughly four in five savers allocate funds for emergencies.

Other common goals include buying or improving a home, which motivates about 16 percent of respondents. Leisure activities such as travel, concerts or hobbies, were cited by 14 percent of the respondents to the survey.

Savings priorities also differ by location. In Metro Manila, financial stability is the leading motivator, with 23 percent  of respondents listing it as their main goal.  Saving for home-related expenses follow at 19 percent, and  for travel or leisure, 17 percent.

Outside the capital, saving for education is the priority, with 20 percent of the respondents saying they  save for tuition or other school-related costs for themselves or family members.

Metrobank noted that these differences show both access and opportunity: residents in Metro Manila generally earn more and have easier access to schools and financial services, while those in other regions prioritize education as a path to a better future.

The survey also showed that the age of the respondents influences savings behavior. Among young adults (18 to 24 years old), financial security is the top motivator, followed by personal purchases such as gadgets or clothes (21 percent) and education-related expenses (18 percent). For young Filipinos living outside Metro Manila, about one in four  save specifically for schooling.

Working adults (25 to 44 years old) tend to prioritize home ownership and financial stability, each cited by 23 percent  of respondents. Travel and leisure also remain important, motivating 18 percent of this group.

For the middle-aged respondents (45 to 64 years old), priorities shift toward retirement, securing children’s future and travel. About 23 percent of middle-aged respondents save for retirement, 20 percent for children’s education and future needs and 14 percent for travel or leisure.

Nationwide, these saving patterns remain consistent, showing that long-term planning and family considerations are top of mind for older savers.

To help Filipinos reach their financial goals, Metrobank has made opening an account simpler and more accessible than before. The Metrobank eSavings Account is a secure digital account designed for first-time deposit clients, allowing them to save, manage, and grow their money.

Clients who open an eSavings account must  maintain a minimum balance of P 2,000  to enjoy benefits such as AXA life insurance with coverage of up to P 1 million (the free one year AXA life insurance offer is available only for clients who open an account on  or before Dec. 31 this year and maintains the minimum balance requirement), including terminal illness coverage; up to four InstaPay rebates per month and invest in online time deposit to enjoy an interest rate of up to 4.5 percent  per annum.

According to Metrobank, opening an eSavings account is easy. Clients only need to download the Metrobank app, tap ‘Open an Account,’  read and accept the Terms and Conditions. Then, provide your personal information, scan your valid ID and take a selfie to verify your account.

An initial deposit of P2,000 has to be made  within seven days to avoid account closure. Once all these are done, the new client gets a fully verified account for his or her financial transactions within one to two days.

With a Metrobank eSavings account, clients can steadily work toward their savings goals while building a long-term financial partnership with the bank. The account also streamlines access to credit cards, home loans and investment opportunities.

But, like the reality that I had to face when I was a little girl, even with an eSavings account, the real trick is to keep the money intact for a period of time to allow it to grow and earn interest and not treat your account as a handy cash machine.