Majority of Filipino children are now saving up for gadgets and trendy clothes, a clear reflection of what they see in their elders and social role models.
A recent survey conducted by British insurance company Pru Life, revealed that seven out of 10 Filipino children set aside part of their allowance not to have money in the bank, but so they could buy the latest gadgets or clothes.
Pru Life UK commissioned international company Cimigo to conduct the study. According to the results, Filipino children aged 7-12 years know the value of saving money. The downside is that they use their savings to buy what they want, as opposed to saving for for the future or investing their money.
Belle Tiongco, senior vice president and chief marketing officer at Pru Life UK-Manila, said about two-thirds or 67 percent of the respondents save to buy things they want while 24 percent will request their parents or grandparents to purchase the items for them.
Most of the children or 88 percent of those surveyed, save money to buy computer-related products (24 percent), while 24 percent of the children buy shoes, clothes and bags.
“Although kids save up in advance to buy things that they want, most perceive their parents to be affluent (69 percent) and stated that family members are likely to fulfill their requests when they want to buy certain things (79 percent),” Interaksyon.com quoted Tiongco.
