My answer to this doesn't mean to generalized my own race, as personally I've also known some who are knowledgeable about budgeting their hard-earned money, while many adapts the principle of “save now, enjoy later” many are also struggling how to make ends meet.
Big family circle, usually of 5–6 children. If you're an average wage earner and you live in the city along with your family, I doubt if you could chip a few bucks to add to your savings. Assume you live in a place you owned (as rental fees chop a huge chunk from your net salary), still there many necessity bills piled, along with the food allowance.
MOST Filipinos are extravagant spenders, sad but true. You can see it on Fiestas and holidays, and major gatherings, they splurge oexcessive food expenses trying to impressed their relatives and other acquaintances, creating an impression of being financially stable.They spend freely on foods and drinks, and entertainment. They tend to show off and show to one and all that they have money and they are ready to paint the town red. After the holidays, the usual Filipinos are heavily in debts, and it would take too long a time to normalize their financial conditions.
You Only Live Once (YOLO) mentality. Many take this quotes as a motivation to live their life and plunge into the pit of financial misery.
“YOLO!..let's live the good times! Let's make the most out of it!”.
It's nice to be cool, treat yourself once in a while, and find ways to reward yourself without being guilty of spending afterwards. Most of our countrymen do not know the fundamentals of financial literacy, and saving for their retirement. They tend to spend much more than they have earned and they just approach everything with a ‘’bahala na’’ attitude.
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