{"id":2031,"date":"2023-07-30T17:12:27","date_gmt":"2023-07-30T09:12:27","guid":{"rendered":"https:\/\/gqq.gfl.temporary.site\/website_23b9925e\/?p=2031"},"modified":"2023-07-30T17:12:27","modified_gmt":"2023-07-30T09:12:27","slug":"growing-concern-94-of-metro-manilas-middle-class-gen-zs-and-millennials-felt-the-impact-of-inflation-in-the-2nd-quarter-of-2023-nri-singapore-manila-branch","status":"publish","type":"post","link":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/?p=2031","title":{"rendered":"Growing Concern: 94% of Metro Manila\u2019s Middle-Class Gen Zs and Millennials Felt the Impact of Inflation in the 2nd Quarter of 2023 \u2013 NRI Singapore-Manila Branch"},"content":{"rendered":"
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Metro Manila’s middle-class Gen Zs and Millennials have expressed growing concern over the impact of inflation during the second quarter of 2023, according to a survey conducted by the Nomura Research Institute (NRI) Singapore-Manila Branch. The survey, which was conducted from May to June, revealed that a staggering 94% of respondents felt the effects of inflation during this period.<\/span><\/div>\n
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The rising costs of essential goods and services, such as food, transportation, fuel, and utilities, have forced these young adults to make cuts in their non-essential spending, including leisure and entertainment expenses. Among the respondents, 60% reported that the continuous price increases had the greatest impact on their food and beverage expenses, followed by transportation and fuel costs at 15%, and utilities, such as electricity, water, and internet bills, at 14%. Additionally, an overwhelming 83% of participants stated that they had reduced their spending on non-essential goods, while 79% found it necessary to cut back on leisure and entertainment expenses.<\/span><\/div>\n
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The survey also highlighted the financial challenges faced by this demographic. Approximately one-third of respondents (32%) reported being unable to save over the past 6 to 12 months. For those who managed to save, 44% saved a lower percentage of their income. The persistent inflationary pressures have led 38% of respondents to adjust their savings goals by either reducing the target amount or delaying their timelines. Similarly, 47% of participants had to make similar adjustments to their savings plans.<\/span><\/div>\n
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To cope with the financial strain, a significant number of respondents have turned to loans. Of the surveyed individuals, 71% reported having outstanding loans. In an attempt to augment their incomes, 43% of respondents resorted to taking out additional loans in the past year. Among those who already had loans, 58% had to cut back on other expenses to meet their loan obligations, while 19% were forced to delay payments. The survey also revealed that 41% of respondents possessed credit cards. Personal loans were the most prevalent type of loan, accounting for 30% of respondents, followed by alternative installment loans and salary loans, each representing 19% respectively.<\/span><\/div>\n
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Regarding investments, 52% of respondents had existing investment portfolios. Among these, mutual funds and stocks were the top investment products, chosen by 18% of participants each. However, due to the inflationary pressures, 12% of respondents had to partially liquidate their holdings for increased liquidity, and a minimal 1% sold off their entire investment portfolio.<\/span><\/div>\n
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Given the challenges posed by inflation, respondents have adopted a diverse array of coping strategies. A notable 94% expressed concerns that continuous price increases would persist over the next 6 to 12 months. Consequently, 91% of participants felt the need to explore additional income streams. To adjust to the current economic situation, 86% of respondents planned to continue cutting back on expenses, while 73% intended to reduce their spending on entertainment and leisure activities.<\/span><\/div>\n
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In terms of savings, 34% of participants expressed plans to increase their savings allocations to better prepare for the future, while 33% aimed to maintain their current savings pattern. However, 16% of respondents planned to reduce their monthly savings allocation due to inflationary pressures.<\/span><\/div>\n
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The survey also shed light on borrowing habits, with 46% of respondents indicating that they were less likely to take out loans, while 28% stated they were more likely to acquire additional loans.<\/span><\/div>\n
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Regarding investments, 12% expressed a desire to explore risky investments in the hopes of achieving high returns over the next 6 to 12 months. Meanwhile, 40% were considering more conservative options. Notably, 30% stated that they would choose to stay away from investing altogether, while 18% aimed to maintain liquidity.<\/span><\/div>\n
The online survey conducted by the NRI Singapore-Manila Branch included 295 adults from Metro Manila, consisting of 92 Gen Zs and 203 Millennials from the middle-class. The participants had monthly individual income ranges of PHP 13,000 to PHP 41,000 and PHP 41,001 to PHP 163,000.<\/span><\/div>\n
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As inflation continues to impact the daily lives and financial well-being of Metro Manila’s middle-class Gen Zs and Millennials, it is clear that they are actively seeking ways to navigate these challenges and secure their financial futures.<\/span><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Metro Manila’s middle-class Gen Zs and Millennials have expressed growing concern over the impact of inflation during the second quarter of 2023, according to a survey conducted by the Nomura Research Institute (NRI) Singapore-Manila Branch. The survey, which was conducted from May to June, revealed that a staggering 94% of respondents felt the effects of […]<\/p>\n","protected":false},"author":3,"featured_media":2034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-2031","post","type-post","status-publish","format-standard","has-post-thumbnail","category-stories"],"pageone_source":{"pageone_source":"","author_name":"sipandblog.com"},"_pageone_source":"","zyndk8_nxtgen_metadata":[],"_links":{"self":[{"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=\/wp\/v2\/posts\/2031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2031"}],"version-history":[{"count":0,"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=\/wp\/v2\/posts\/2031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=\/wp\/v2\/media\/2034"}],"wp:attachment":[{"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/energetic-pink-donkey.109-123-235-239.cpanel.site\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}