Propagating a culture of financial responsibility

Propagating a culture of financial responsibility
By Reyna L. Tabbada
(The Philippine Star)

MANILA, Philippines - Money remains a sensitive topic for Filipinos.
Considering the important role it plays in everyday life, ample discussions
about its proper use and conservation remain scant. Such uncomfortable
silence leads to misconceptions and costly mistakes, often to the detriment
of families and individuals.

“It’s time that we talk about our finances and the proper way to plan our
future,” declares financial advocate Bam Aquino. Bam is one of the advocates
of It’s Time!, an advocacy led by Sun Life Financial Philippines to promote
financial responsibility and proper financial planning among Filipinos.
Through the advocacy the amiable, bespectacled youth leader and social
entrepreneur shares his thoughts on saving, investing, and living within
one’s means.

*Similar experience*

‘It’s Time!’ wants to provide information and encourage a lively exchange of
ideas and strategies on how best to grow one’s hard-earned money. Aquino
pointed out that his exposure to the local rural lifestyle, through his
social enterprise called Hapinoy, revealed that Filipinos don’t really plan
their finances.

However, what convinced him to join Sun Life’s financial education campaign
was the fact that he could easily relate to young professionals struggling
to find a way to manage their money.

“You have your expenses, a certain lifestyle, and at the same time you sort
of think *ganito na lang ba ‘to?* Is there a way for my money to actually
grow? Is there a way for me to actually handle my finances wiser? I feel
that I’m in a similar situation with a lot of people that the campaign is
targeting. *Hindi kami nagkakalayo*. In that sense, I’m a fit for the
campaign,” explained Aquino. He then talked about his journey to financial
well-being, which surprisingly started during his childhood.

*Modest upbringing*

Though coming from a prolific family, Aquino’s parents taught him to be
sensible and prudent about his money. Remembering the discipline instilled
in him, he fondly reminisced how he learned to save at an early age in order
to get a certain *luho* like a new toy.

“Things were always very simple. We never got anything for free. We have to
save up for it. That’s the way we were brought up, so *kahit papaano sanay
ako mag-save* to get something you want,” said Aquino.

Soon, saving became a habit, even when he was already working. He makes sure
that he sets aside a certain amount of his earnings every month. This is one
of the lessons that the It’s Time! advocacy espouses – that is, to save and
invest first before spending on unnecessary items. Candidly, he admits that
there is no mathematical formula behind his savings, just a conscious effort
to lead a simple life. Such a mindset was further encouraged by his venture
to social entrepreneurship, where his Hapinoy initiative helped women in the
countryside who run their own businesses. He feels that living lavishly
while working with the underprivileged just “doesn’t jive.”

*Within one’s means*

Even with his role as a financial advocate, Aquino is quick to admit that he
is no expert in investment or finances. It’s Time! advocacy makes it clear
though that one does not need to be an expert to start the habit of saving
and investing. All it takes is a decision and a commitment to start, plus
the right information to guide you. “My Sun Life advisor was advising me of
options where to put my money. But to be honest I have to read up on it too,
look at the Internet to learn more,” he revealed. With the guidance of his
Sun Life advisor and his interest in making his money work for him, Aquino
is enjoying the fruits of his investments. He now plans to diversify his
portfolio.

Still, the potent secret behind Aquino’s sound financial management is plain
and surprisingly down-to-earth: live within one’s means. He lamented that
Filipinos cannot control their purchases, spending money as soon as they
receive their paychecks. He even observed that some are even ashamed of
being frugal and spendthrift, less they become subject of teasing and
ridicule.

Aquino counts on the ‘It’s Time!’ campaign as the much needed catalyst to
change the present mindset about money. He knows that Filipinos are worried
about their finances, but are unwilling to do anything. Someone has to start
the discussion, and he is determined and honored to be one of the first to
speak up.

“The more empowered route is not to stop with worrying but to actually do
something about it, then back up that action with discipline and commitment.
Hopefully the campaign will start that. I hope it will start people to get
thinking,” aspired Aquino.

All it takes is a little at a time, every time.