Workers need to understand financial readiness – insurer
Carlo S. Lorenciana (The Freeman) - August 25, 2015 - 10:00am

CEBU, Philippines – Companies must realize that having a “financially fit” workforce is vital as it allows them to optimize the productivity of their employees, an official said.

Viveca De Venecia, employee marketing head at life insurer Sun Life Financial, said that still a small percentage of the population have prepared financially whether in the form of protection, investment or saving.

Despite this slow growth, De Venecia believes financial education has been gaining ground.

She said workers need to understand the importance of financial preparation.

She said most people do not like the idea of investing, for instance, because of that feeling of not being able to learn and do it actually.

Low-income workers, De Venecia believes, can actually save and invest although most of them would insist their salary is just enough for their daily living.

Low-income earners would say that lack of income is their biggest obstacle when it comes to saving and investing.

“Examine how you spend money,” De Venecia gave this advice to those earning a small salary in an interview with The FREEMAN. “Manage your resources.”

Financial advisers would say that low income is no excuse for not saving.

In a previous interview, chartered financial analyst Gavin Lee said most people have the wrong spending habits, which could be a reason for them not liking the idea of saving or investing.

Lee said more Filipinos need to understand the role of personal finance in their life. Part of the challenge though, he explained, is changing the Filipinos’ mindset toward financial preparation.

De Venecia said employers have the role to play in allowing their workers learn about financial products and services.

She said Sun Life has wanted to become a “support system” for employers to help their employees understand the benefits of being financially secure through workshops.

With only few people confident of making important financial decisions for themselves, De Venecia emphasized a lot of efforts still need to be done in educating the public.

ACIRC DE VENECIA FINANCIAL GAVIN LEE INCOME LIFE SAVING SUN LIFE SUN LIFE FINANCIAL VENECIA VIVECA DE VENECIA
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