Survey: Fewer Filipinos expect income dip amidst pandemic

Fewer Filipinos foresee a decline in their income amidst the obtaining Covid-19 pandemic, based on a TransUnion survey.

In the TransUnion Philippines Consumer Pulse Study for the fourth quarter of 2021, the number of respondents who expect lower household income ahead declined by 8 percentage points to 46 percent.

In a statement, TransUnion said there is a strong belief that “vaccinations are a possible contributing factor to a growing optimistic economic outlook.” The November 1-8, 2921 survey involved 1,089 respondents, 59% of whom admitted the earned less income due to the pandemic. The figure is lower than the 64% who reported a decline in income in the third quarter of last year.

“Despite that positive direction, 52% or more than half of the respondents surveyed said they had cut back on discretionary spending in the last three months,” and about 47% of them said they saved money for emergency during the last quarter of 2021, TransUnion added.

On the other hand, the survey showed that the momentum in e-commerce will continue as 47& of the respondents said they expect their online transactions ahead to further increase. In terms of paying obligations, 46% of them said they expect they may not be able to pay their current bills and loans in full.

TransUnion Philippines president and chief executive officer Pia Arellano noted that “from financial health to the disruptions in daily living, the lives of millions of Filipinos have drastically changed and continue to change due to Covid-19.”

Despite their fear of being unable to pay their bills and loans, 44% of the respondents said they may be compelled to apply for credit and lending products this year to meet their financial needs.