Notwithstanding the increased household incomes in the second quarter of 2024 because of wage hikes, Filipinos are still worried about their household finances, according to Weihan Sun, principal of research and consulting for Asia Pacific of TransUnion Q2 Consumer Pulse Survey.
Over 40 percent of Filipinos reported an increase in income during the second quarter of 2024, said the survey conducted from May 1 to 10 among 944 adult Filipinos that explored changes in income, debt and identity theft.
The study found that 42 percent of respondents experienced income growth, slightly up from 41 percent in the same period last year, said business blog site, Bilyonaryo.
Looking forward, 78 percent of Filipinos expect further income increases over the next year.
Yet, despite such a positive trend, the study noted financial concerns from those studied with 44 percent of respondents expressing fears about their ability to fully cover bills and loans, a three percentage point increase from last year. This led to a 4 percentage drop in optimism about household finances for the coming year.
Photo Courtesy: Philippine Star
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