MasterCard recently released the results of its Financial Literacy Index, a research-based report that examines levels of financial know-how in the Asia Pacific region. They found that financial literacy actually declined across the region. The Philippines was awarded 66 in the area of Basic Money Management; a score of less than 70 is considered an issue.
Improve Your Financial I.Q.
While some Filipinos understand everyday concepts like budgeting and saving, many are confused by the technicalities of finding the best car insurance or credit card deals. Personal finance comparison sites can fill in those knowledge gaps. They empower buyers to compare and make financial decisions based on their own knowledge – and that knowledge is bolstered by information and help options that can educate them on various concepts.
Saving Time & Money
The rise in popularity of these websites corresponds to the overall rise internet use. It makes sense; what used to take hours or perhaps even days to call various companies and wait to hear back with a quote can now be accomplished in minutes just by using a single price comparison website. And – people aren’t left with that nagging feeling that there was a better deal out there waiting to be had.
Growth in Southeast Asia
While the phenomenon has been noted globally, it’s perhaps in Southeast Asia that both the rise and the potential for financial comparison sites are greatest. The growth of internet use in Southeast Asia has been phenomenal, with 194 million new internet users between 2010 and 2020 between Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.
Internet use is high even among low income citizens of the Philippines, typically in the form of mobile telephony and not via a stand-alone computer. Fully 90 percent of users engage with blogs and social media and internet banking use is roughly on a par with the rest of the world. As they’ve adopted the digital lifestyle, price comparison shopping for everything from dresses in the shopping mall to car insurance has been on the rise too. The market has responded with a flood of price comparison sites and start-ups over the last two years.
Peace of Mind
Along with getting the best price and options, visitors can be assured of the accuracy of the information they’re getting. Growing sites like MoneyMax.ph offer comparison pricing for car insurance and other financial products along with options that explain financial concepts in everyday language. This helps close the gap in financial literacy with price transparency and consumer choice.
Across the globe, financial institutions and even government players are sitting up and taking notice of the enormous rise in the use of these websites. Soon, having to call individual banks and companies to find the best deal will be a practice of the past. Through these websites, Filipinos have quick access to all this information, and become empowered to make choices that are right for them.