A doctor has saved many lives but has no savings in the bank. An art director churns out a successful savings campaign but is failing her bank account. A lawyer who has tried many criminal cases pleads guilty to being broke. An overseas Filipino worker toils for years to give his family a bright future but still has zero savings.
These were just some of the narratives in GCash’s #PlsSaveMe campaign that resonated well with Filipinos as they bared on social media the ugly truth about their spending habits and financial woes.
Now, the leading mobile wallet is offering a silver lining to every Filipino’s cloud of debt and financial troubles with a follow-up campaign called #LetsSaveTogether, which seeks to translate conversations about being penniless into actions of saving and practicing good money habits.
GCash launched #LetsSaveTogether in the run-up to World Savings Day on Oct. 31, encouraging Filipinos to start saving money and to take advantage of GSave, a digital savings account available on the GCash app in their journey to building a stable financial house.
Recent studies show that majority of Filipinos have a savings crisis.
According to the Bangko Sentral ng Pilipinas’s 2017 Financial Inclusion Survey, 52.8 million Filipino adults do not own bank accounts, which means they have nothing set aside for a rainy day. Of this number, 60 percent said they don’t have enough money to open one. It also showed that only 1.3 percent of Filipino adults have electronic money (e-money accounts).
The World Bank’s 2017 Global Findex Database also showed that 66 percent of Filipinos do not have any formal savings account.
Mobile bank account GSave, a collaboration with Malaysian Bank CIMB, is a simpler and more accessible alternative to grow one’s savings. It offers a higher interest rate at 3% annually or 12 times higher than interest earnings in traditional banks.
The latest feature allows users to open and maintain a bank account straight from the GCash app without the cumbersome requirements of a traditional bank: no minimum deposit or a required maintaining balance. All users need to open a GSave account is one valid identification card.
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