Pinoys expect income growth, rising loan, bill payments - poll

A majority of Filipinos expect their income to grow next year, but many households still anticipate financial strain amid rising bill and loan payments, results of a survey by TransUnion showed.

- By CATHERINE TALAVERA

Based on its Consumer Pulse Report Q4 2024, TransUnion said 79 percent of Filipino respondents expressed optimism about their income growth next year.

However, 49 percent also expressed rising expectations of bills and loan payments, higher than the 43 percent registered in the same period last year.

TransUnion noted that nuanced shifts were observed in both household financial health and consumer outlook in the fourth quarter of the year.

It added that a total of 84 percent of households experienced either income growth (44 percent) in the past three months or maintained their income levels (40 percent), highlighting stable income trends.

"However, debt repayment remained a pressing challenge as over two in every five Filipinos (42 percent) reported difficulty paying bills and loans in full, maintaining a stable figure from Q4 2023 at 43 percent. This consistent trend underscores a sustained financial strain across many of the population," TransUnion said.

It added that most consumers or 80 percent of respondents viewed inflation for everyday goods as the most pressing concern affecting their household finances in the next six months, followed by worries over job security (59 percent) and interest rates (41 percent).

TransUnion emphasized that these findings underscored caution among Filipino consumers regarding financial resilience - possibly suggesting broader implications for household spending and debt management in the coming year.