How digital banks made Filipinos more open about money matters

For generations, money was a hush-hush topic in Filipino households. As a rule, conversations about salaries, savings, or even simple budgeting were considered too sensitive to discuss openly.

However, slowly but surely, things have changed. Today’s middle-class Filipinos openly challenge that mindset, and money matters are now more commonly discussed. Better access to education, technology, and financial services has had more people talking about their finances, not just behind closed doors but out in the open, online, in group chats, and even over Sunday family lunches.

More than just a sign of social change, this shift in mindset reflects the country’s redefined relationship with money. Younger Filipinos have become more intentional about building wealth and planning for the future. Even more remarkably, they’re doing all that even though they’re visiting banks less often.

The rise of digital banks and the financial inclusion they’ve created is inarguably a major factor in driving this change. Through a digital banking app like Maya, Filipinos can better plan their funds, invest, and gain accurate information to help them plan their next moves. The widespread adoption of digital banking, in turn, has allowed financial conversations to be more inclusive and empowering.

Here are some of the ways digital banking has led to Filipinos becoming more open with money matters:

1. Digital Banks Have Made Saving Feel Less Intimidating

Traditional banking often came with restrictive minimum balance requirements, complicated paperwork, and sometimes unnecessary gatekeeping. The first few generations of freelancers often struggled to save and invest as the traditional system barely acknowledged their existence. Digital banks changed that, offering low starting requirements and simple sign-up processes that accommodated even those who were excluded from the financial system. With more people able to save, more began talking freely about their finances.

2. They’ve Created Reasons to Discuss Interest Rates and Financial Goals

It used to be rare for Filipinos to compare notes on where and how they kept their money. The interest rates were generally low so there was little point in talking about earnings because the performance would be inconsequential, regardless of the bank.

But now, the easy availability of high-yield savings accounts with boosted interest rates means many are excited to share their finds with friends and family. You’ll even find social media groups where members freely exchange tips on which accounts give the best returns, how to set up automated goals, or how to gamify their savings progress. To put it simply, better banking tools have created reasons to discuss financial products.

3. They’ve Brought Smart Budgeting into Everyday Talk

The emergence of user-friendly digital banking apps has made users much more aware of their own spending habits, allowing them to become more confident when discussing budgeting strategies. It’s not unusual anymore to hear someone say, “My app says I overspent on food delivery last month” or such casual remarks about their money.

4. Digital Banking Has Spurred Financial Literacy on Social Media

The most popular digital banks have found an organic following on popular platforms, using them to share bite-sized financial tips, myth-busting explainers, and inspirational stories. This approach has made money talk feel less like a lecture and more like a friendly conversation. Younger Filipinos no longer feel too shy to ask questions about savings, credit, or investments and now often find their answers in formats they actually enjoy, encouraging many to add to the discussion.

5. Financial Frankness Has Encouraged Transparency in Relationships

The more open attitudes toward money are also reshaping peoples’ values. These days, it’s much more common for couples planning a shared future or friends traveling together to discuss funding openly. While digital banks aren’t the only reason for this, they have made it much easier to send, receive, and track money in real time, accelerating this welcome trend.

6. Digital Banks Have Empowered Young Adults to Take Control Early

Before digital banking, many young Filipino adults relied on their parents’ banks or delayed opening their own accounts altogether. There simply weren’t that many compelling reasons to do so, especially with all the time and tedious processes one had to go through.

Thankfully, things are different now. These days, opening a savings account is as easy as downloading an app onto your phone and tapping “apply”. Not only that, they now actually come with features that are worth using, including goal-setting, investments, and more. As a result, more young Filipinos are building solid financial habits earlier and more are likely to talk about those habits with their peers.

Money Talks Continue to Evolve

Digital banks continue to expand access and offer innovative services that address real, day-to-day challenges. In the process, they’re also helping bring more Filipinos to the financial mainstream and reshape the everyday conversations we have around it. While old attitudes still linger, younger generations of Filipinos no longer consider talking about money to be awkward or shameful. If anything, these conversations are becoming something that can be approached with confidence and, perhaps, a little excitement.

Source: www.businessmirror.com.ph