Laptop HandReports

Financial issues prevent PH millennials in pursuing life purpose — CIMB

Respondents to CIMB Bank Philippines survey say that financial constraints are holding them back from pursuing the career they really desire and their “life purpose. The report indicates that 1 in 2 Filipino millennials may not be pursuing the path they intended to tread. 

CIMB Bank Philippines is a commercial bank providing mobile-first digital banking solutions and services.

The survey found 65% of the respondents cite financial issues as the primary reason they are not actually doing what they initially intended to do before joining the workforce.

CIMB Bank Philippines expands loan portfolio with REVI Credit
CIMB offers free transfers with InstaPay and PESONet

“We hope that the results of this study help bring more awareness, as well as to drive efforts to equip Filipino millennials with the right resources to navigate their careers, especially during this time of an unstable job market,” said Juda Kanaprach, co-founder and chief commercial officer of Milieu Insight, in a statement.

Milieu Insight, a consumer data and analytics company, surveyed 300 Filipinos aged 26-42 years old from socio-economic classes ABC1 and C2 nationwide. The survey was conducted in partnership with the Ateneo Business Resource Center.

The survey found that only 33% of respondents find their careers fulfilling to very fulfilling. 

Asked if their current careers aligned with what they wanted to pursue growing up, only 32.1% of the respondents agreed. Nearly two-thirds or 63.5% of those who took a different career path cited financial reasons behind this. More than half, or 51% of the respondents, are discouraged to continue their current careers given their inability to sufficiently provide for their financial needs.

Among the survey respondents, 49% are not actively pursuing their life purpose and 52.6% also think they have not made progress in pursuing their life purpose. A huge chunk of the respondents (79%) said that to pursue their life purpose, they would need some kind of financial assistance.

“The findings of the survey strengthened our advocacy to help our customers achieve a purposeful life not only through our products and services, but also through our ongoing financial program.”