Metro Manila’s middle-class Gen Zs and Millennials have expressed growing concern over the impact of inflation during the second quarter of 2023. Know more:
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 Manila branch of the Nomura Research Institute Singapore Pte. Ltd. The survey, which was conducted from May to June, revealed that a staggering 94 percent of respondents felt the effects of inflation during this period.
To cope with the financial strain, a significant number of respondents have turned to loans. Of the surveyed individuals, 71 percent reported having outstanding loans. In an attempt to augment their incomes, 43 percent of respondents resorted to taking out additional loans in the past year. Among those who already had loans, 58 percent had to cut back on other expenses to meet their loan obligations, while 19 percent were forced to delay payments.
In terms of savings, 34 percent of participants expressed plans to increase their savings allocations to better prepare for the future, while 33 percent aimed to maintain their current savings pattern. However, 16 percent of respondents planned to reduce their monthly savings allocation due to inflationary pressures.
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