Filipino millennials value financial freedom says survey

Filipino millennials prioritize financial freedom in their daily lives and as such, they often look for the right bank that will help them achieve it.

In a study by data analytics company Nielsen, half of smartphone users in the Asia-Pacific region use their phones to check their bank accounts. In addition, consumers also want more control over their banking experience, with 90% of them saying that there should be a consumer alert feature.

The ongoing digitalization of banking services has made it easier for Filipinos to apply for products such as credit cards. When picking a new card, annual fees are the top consideration for Filipino consumers because these could eventually become costly in the long run.

“Choosing the right bank is an important decision for millennials to make because if they do it right, they will have the correct tools to achieve financial freedom,” said Celeste Lim, FVP and head of Security Bank’s Cards Business Development and Operations Group. “A good thing to know is that the rise of technology has expanded the number of banking services millennials can avail of.”

While many cardholders use their credit cards for e-commerce and cashless transactions, others also see credit cards as an emergency fund that allows them to pay it back in installments or in full if need be.

Millennials also prefer credit cards that are customized according to their needs. “Young Filipinos also put a high premium on the versatility they will get from their credit cards. They want their cards to have multiple features such as being easy to use when travelling abroad, having transaction alerts, and being mobile friendly,” adds Lim.

Online transactions may have gotten more popular due to the pandemic, but cybercrime is on the rise as well. Fraud prevention and online safety are among consumers’ top concerns, with 61% of them saying these factors affect how they pay for their purchases.

Given these data, it is important for Filipino millennials to have a reliable partner for their online transactions. With Security Bank’s NEXT Mastercard, millennials are assured of a BetterBanking experience whenever they go shopping.

Security Bank’s newest credit card offering makes it easier for shoppers to pay for their purchases. For example, consumers will no longer have to worry about paying for big-ticket essential items such as tuition fees and other expenses that do not have a credit card facility with the bank’s SimplyPay service.

“The SimplyPay service is the ideal tool for customers who need to spend on essential items yet may currently not have sufficient cash on hand. This is a payment method that allows shoppers to pay for purchases up to Php 500,000 to stores that do not have a credit card facility,” Lim explained.

The NEXT Mastercard also helps address clients’ financial security concerns by automatically allowing them to pay all purchases above Php 5,000 in 12-month installments. As added protection, NEXT Mastercard customers are required to provide a one-time password they can use to validate their transactions each time they shop online.

“Millennials should see credit cards as a tool that they can use to increase their financial literacy. For example, they can use them to manage their budgets given they would have to strategize on how they are going to pay for their purchases,” Lim said. “With Security Bank’s NEXT Mastercard, millennial shoppers will have the ideal partner as they start their journey to achieving financial freedom.”

For more information on Security Bank NEXT Mastercard and how to apply, visit https://www.securitybank.com/personal/credit-cards/next-mastercard/

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