Leading digital banking services provider CIMB Bank Philippines releases the findings of its whitepaper on Filipino millennials.
Conducted in partnership with Southeast Asia consumer research agency Milieu Insight and the Ateneo Business Resource Center of the Ateneo de Manila University John Gokongwei School of Management, the study delved into Filipino millennials' attitudes towards their life purpose.
Filipino millennials feel unfulfilled in their careers and pursuit of life purpose
The study indicates that Filipino millennials are not very fulfilled with their current careers.
In fact, only a third (33%) of the study's respondents find their career fulfilling to very fulfilling.
Almost half, or 47.2%, of the respondents could also only consider their career as somewhat
fulfilling.
The report also indicates that 1 in 2 Filipino millennials may not be pursuing, or believe that they are not making progress on, their life purpose. Among the study's total respondents, about half (49.5%) are not actively pursuing their life purpose. Meanwhile, more than half
(52.6%) also think that they have not made progress in pursuing their life purpose.
Financial limitations are the biggest roadblock for Filipino millennials to pursue their aspirations
Probing why, financial limitations emerged as the biggest roadblock for Filipino millennials to pursue their ideal careers and life purpose.
Asked if their current careers align with what they wanted to pursue growing up, only 1 in 3 of the respondernts (32.1%) said that their career is completely aligned with what they wanted to pursue. Nearly two-thirds (63.5%) of those who took a different career path cited
financial reasons as the reason behind this. Relatedly. more than half of the respondents (51%) are discouraged to continue their current careers given its inability to sufticIeny rovide for their financial needs.
Additionaly, the study also found that financial limitations were the biggest barrier for the rspondents (65%) in pursuing their life's purpose, More financial support needs to be provided for them to achieve their life goals 88% of the study's respondents think hinances are necessary tO pursue one's passion, and about 79% of the respondents also shared the same sentiments about the necessity of finances in pursuing their life purpose.
Bridging the gap towards a purposeful life through meaningful financial solutions
This study highlighted that financial limitations are unfortunately a huge roadblock for millennials to pursue their passion and purpose in life, and we hope that the results of thiss tudy help to bring more awareness, as well as to drive efforts to equip them with the rightr esources to navigate their careers, especially during this time of an unstable job market."s ays Juda Kanaprach, Co-Founder and Chief Commercial Officer of Milieu Insight.
"CIMB Bank Philippines has always striven to provide accessible digital financial solutions for
our customers," says CIMB Bank Chief Marketing Officer D'Artagnan Aguilar. "We have always espoused the importance of having control over one's finances in the pursuit of one's life purpose.
This study which was done with Ateneo Business Resource Center and Milieu Insight has had a profound impact on CIMB Bank Philippines. It has strengthened our advocacy to help our customers achieve a purposeful life not only through our products and services, but also through our ongoing financial literacy program."
