Reduce the financial illiteracy in managing allowances
Reduce the financial illiteracy in managing allowances
The Issue
Allowance management is one of the primary struggles faced by individuals nowadays. Allowance management entails the practice of different activities to organize, manage, and control one’s allowances. According to Kholilah and Iramani (2023), allowance management behavior is the ability of individuals to play the finance role (planning, control, search, and storage) in the long and short term. As life in the Philippines gets tougher because of inflation rate and swelling debt, the ability to effectively manage and allocate financial resources is crucial.
One of the main roots of the lingering poverty in the Philippines is the poor knowledge and ability of Filipinos in managing their allowances (Olano, 2022). According to a survey conducted by the Bangko Sentral ng Pilipinas in 2022, only 2 in 10 Filipinos obtained a perfect score, and 7 in 10 Filipinos correctly answered at least half of the questions about fundamental financial literacy queries. These results adhere to the 2022 World Bank report revealing that Filipinos had a 25% financial management proficiency and ability, which proves that the Philippines fall behind neighbouring countries.
People are struggling to manage their allowances due to various factors that influence their allowance management. Some people find it difficult to manage their allowances due to (1) compulsive buying; (2) as technology arises, different online shop apps emerge where people get addicted; (3) peer influence also affects the spending habits of people; (4) and others. The primary reason for this is because of being financially illiterate or having a lack of knowledge of people when it comes to managing their allowances.
We all have a problem with budgeting money; financial difficulties often lead to people having difficulty and not being able to balance expenses, affecting their performance on how to cover their needs. There is no immunity to the financial problem. This is a problem for everyone, young or old, so as early as we can be well controlled with our allowance, and the important thing is to take action and get help from our team of specialists when needed. With the right support, you will be able to manage your financial problems, and we Maximists Against Financial Illiteracy are proposing solutions for it.
Please consider signing this petition urging the eradication of financial illiteracy. Our collective future relies on it.
If you have any questions, please visit or contact us using the following information:
Email: maximistsagainstfinancialillit@gmail.com
Contact Number: 09511295158
Facebook Page: Maximists Against Financial Illiteracy
24
The Issue
Allowance management is one of the primary struggles faced by individuals nowadays. Allowance management entails the practice of different activities to organize, manage, and control one’s allowances. According to Kholilah and Iramani (2023), allowance management behavior is the ability of individuals to play the finance role (planning, control, search, and storage) in the long and short term. As life in the Philippines gets tougher because of inflation rate and swelling debt, the ability to effectively manage and allocate financial resources is crucial.
One of the main roots of the lingering poverty in the Philippines is the poor knowledge and ability of Filipinos in managing their allowances (Olano, 2022). According to a survey conducted by the Bangko Sentral ng Pilipinas in 2022, only 2 in 10 Filipinos obtained a perfect score, and 7 in 10 Filipinos correctly answered at least half of the questions about fundamental financial literacy queries. These results adhere to the 2022 World Bank report revealing that Filipinos had a 25% financial management proficiency and ability, which proves that the Philippines fall behind neighbouring countries.
People are struggling to manage their allowances due to various factors that influence their allowance management. Some people find it difficult to manage their allowances due to (1) compulsive buying; (2) as technology arises, different online shop apps emerge where people get addicted; (3) peer influence also affects the spending habits of people; (4) and others. The primary reason for this is because of being financially illiterate or having a lack of knowledge of people when it comes to managing their allowances.
We all have a problem with budgeting money; financial difficulties often lead to people having difficulty and not being able to balance expenses, affecting their performance on how to cover their needs. There is no immunity to the financial problem. This is a problem for everyone, young or old, so as early as we can be well controlled with our allowance, and the important thing is to take action and get help from our team of specialists when needed. With the right support, you will be able to manage your financial problems, and we Maximists Against Financial Illiteracy are proposing solutions for it.
Please consider signing this petition urging the eradication of financial illiteracy. Our collective future relies on it.
If you have any questions, please visit or contact us using the following information:
Email: maximistsagainstfinancialillit@gmail.com
Contact Number: 09511295158
Facebook Page: Maximists Against Financial Illiteracy
24
Petition created on March 20, 2025