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Peso-logy
Covid 19 Paid the Price
Introduction
Ever experienced eating half a sandwich or some other snack, then saving the other half for later? This mundane and ordinary act is a form of savings. Setting aside money for future purposes is the straight to the point meaning of savings.As easy at it may sounds, many people seems to find it hard to do. With the recent pandemic and other stuff that may possibly happen in the future its high time for us to consider and learn about savings.
Objectives
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Present and understand the financial situation of the locals.
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Learn and solve about savings and interest in general.
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Suggest a reasonable solution.
What hinders Filipino from saving?
Poverty
Estimated amount of 21% of the population in 2020 is in poverty
(Source: GMA Network)
Financial illiteracy
Only 8% of the respondents can answer the financial literacy questions
(Source: BSP Financial Literacy Survey)
Unemployment
Unemployment rate went up from 8.1% in August to 8.9% in September 2021
(Source: Philippine Statistics Authority)
"Bahala na" Attitude
Misconception
Lack of documents
Lack of financial plans for the future paired with overspending
(Source: Tycoon Ph.)
(Source: GMA Network)
Filipinos tend to consider savings as a luxury rather than a need
(Source: The Manila Times)
26% doesn't have the necessary files or documents to set up a bank account
(Source: BSP)
Survey Result (20 respondents - Sta. Monica)
click to open photos
Introducing Tonik (Click the dropdown tabs)
Tonik is a digital bank licensed by Bangko Sentral ng Pilipinas (BSP) and secured by the Philippine Deposit Insurance Corporation (PDIC)
Tonik is a transformative digital bank whose on a mission to revolutionize the way money works in Southeast Asia. Tonik app is all about online banking, it is designed for mobile phone, making it very accessible anytime, anywhere. With Tonik, banking services, product, the future, everything is within your reach,
Tonik uses a Stash system, inspired by the local "paluwagans" the only difference is that it doesn't;t require regular payments while still allowing your money to grow. Furthermore:
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Allows you to separate or allocate amounts in your savings to different labeled purposes
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Allows you to add anytime
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Allows you to withdraw anytime with no lock-in periods
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Has a high interest-earning rate.
Tonik stash has two kinds Solo Stash and Group Stash
Solo Stash
Solo Stash is one of the two stash formats in Tonik, as the name suggests, it is a personal stash where you are the one in control of everything. It has a 4% per annum interest.
Click to open photos
Group Stash
Group Stash is one of the two stash formats in Tonik, as the name suggests, it is a stash where you can save with your friends and families by sending them invites. It has a 4.5% per annum interest.
Click to open photos
Click the picture for more information
Recommendation
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Conclusion
Saving money for your future will always be a good thing. Yes, you only live once but it doesn't mean we need to live unwisely. Learn to balance your expenses and your savings. At the end of the day, it's still your final decision whether to buy that random stuff toy or some other stuff you found in the net.
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