Financial literacy for Filipino youth

Financial literacy is a must-have tool, especially for younger folks navigating today’s complex economy. In the Philippines, where more and more people are getting credit cards, knowing how to manage credit and use it wisely is more important than ever.

- CARLOS CERVANTES

My own kids, Carl and Nia, really showed me how vital early financial education is for building a strong future. When Carl, my son, landed his first job in Makati back in 2015, credit card offers immediately started rolling in. At first, he was hesitant—a pretty common reaction given the debt traps out there. I knew I had to guide him, explaining that a credit card, used carefully, could be a valuable way to build a credit track record. This record, which grows as you show you can pay, is fundamental for future financial goals. My daughter, Nia, who’s four years younger, had the benefit of learning from Carl’s experience and our ongoing talks. This made her much more open to getting a credit card when her turn came. Both of them got their first credit cards through the banks where their salaries were deposited, which is a common and often convenient path since these banks often offer bundled financial products.