WRITTEN BY FRANCESA JANA SANTIAGO

Money, without a doubt, makes the world go round… But it’s also the leading reason behind the corruption of a person. There are a number of toxic finance habits existing within the Filipino community, ranging from spending too much to being financially dependent on their own children— which is a concept familiar in any Asian household. While there’s nothing wrong with giving back to your parents or rewarding yourself through shopping, most of the harmful ways Filipinos learned to deal with money have gradually become so ingrained and normalized, that it’s now associated with our cultural identity.

According to registered financial planner Fitz Gerrard Villafuerte, Filipinos have a celebration mentality. Whether it’s a town fiesta, a christening, graduation or even a personal achievement, Filipinos will find any excuse to party. This collective cultural interest is one of the positive traits of being a member of the community, but it can lead one to splurge lavishly on one-time events. Another is the “budol” phenomenon wherein Filipinos are easily convinced to purchase something out of the need to keep up with trends or as a response to envy. And while Filipinos may seem like the most generous people with money, this generosity often involves peer pressure. Much like the tendency of most Filipino parents to use their kids as their retirement plans or how it’s easy to convince a Filipino to lend you their money once you pull their heartstrings.

But all these doesn’t automatically mean that Filipinos are incapable of being thrifty or are generally bad with money. In fact, it’s long been part of our basic household experience to reuse plastics and containers and to take out plugs when unused because our work ethics and experiences makes us value money more. But whether we admit it or not, there is still a dire need for the majority to learn financial literacy. Financial educator Berna Anat (or financial hype woman as she prefers to be called!), claims that “it’s not because Filipinos are not willing to learn financial literacy, we are just not being spoken to in the financial space the way that we understand.” Which means that If the system that’s trying to teach us isn’t a system that we belong to, it won’t translate well in a cultural context and in the end won’t resonate with us.

The complex relationship Filipinos have with anything related to money is a product of history born from third-world problems. The generations that came before us were never presented with options to either live an abundant life or a financially sustainable one so whatever they experienced themselves have turned into norms enforced onto us or learnings passed down to us. However, as time evolves so does culture and what’s traditional or familiar can also mean outdated. For more friendly advice on financial matters (as a Filipino!), you can check out one of the most influential Filipinx in the United States HeyBerna’s content!