It is critical to comprehend the financial habits of Filipino young adults in 2023, especially in light of the continuous difficulties made worse by the pandemic. Many young Filipinos continue to have a difficult time navigating the financial landscape due to factors like inflation and a lack of jobs, which makes reaching financial stability more difficult. In addition, even while the quick digitization of systems is beneficial to some, it creates further obstacles for many who are already struggling with rising living expenses.

Our research used qualitative surveys that were carried out among young adults in the Philippines in 2023 to get deeper into these issues. The objective is to illuminate their financial practices and the ways in which companies are adjusting to the changing economic environment. Our research specifically focuses on three important areas:

Financial Literacy and Strategies: Examining the financial literacy of young Filipino people and the methods they use to handle their money while the economy is unpredictable.

Cognitive Biases & Self-Efficacy: Investigating the effects of cognitive biases on financial decision-making processes as well as the part self-efficacy plays in influencing financial behaviors.

Commitment Levels: Evaluating young adults in the Philippines’ level of commitment to their financial objectives and determining what supports or undermines that commitment.

To gather insights on these objectives, quantitative surveys had been conducted targeting Filipino young adults aged 18-25 who are currently grappling with financial challenges. By analyzing their responses, we aimed to gain a comprehensive understanding of the financial behaviors prevalent among this demographic in 2023.

In addition to offering insightful information about the financial challenges young adults in the Philippines experience, this research suggests possible solutions and tactics that could help them achieve financial security in the face of economic instability.