Philippines found most dishonest in region on money matters

Financial education gaps, economic stress and “face-saving” cultural norms have forced Filipinos to misrepresent their finances, making the Philippines the most dishonest country in Southeast Asia when it comes to money, according to a study.

ROSHI, a Singapore-based fintech firm, said in its Financial Honesty Study: Southeast Asia report that the Philippines had the highest financial misreporting rate in the region at 47 percent, which means that about half are not likely to give an accurate picture of their financial situation.

Indonesia came second at 45 percent, then Singapore at 41 percent.

Vietnam was the most honest, with a dishonesty rate of only 34 percent, followed by Thailand at 36 percent.

The problem, ROSHI noted, was that Philippine society tended to place strong emphasis on social reputation despite financial hardship and literacy gaps, making it hard for financially challenged individuals to seek help.

In Philippine culture, ROSHI pointed out that there was “enormous” pressure to keep face despite financial struggles.

“Admitting difficulties brings shame to the entire family and risks exclusion from social support networks that provide vital help,” ROSHI noted in its report based on a survey across different age groups in six Southeast Asian markets.

This makes misrepresentation of finances a “rational way to preserve social standing and maintain access to economic opportunities,” it added.

Economic challenges are also directly connected with financial dishonesty. The Philippines currently has limited economic opportunities, along with a high cost of living.

Vietnam, on the other hand, has a strong anticorruption focus and expanding opportunities. Its culture also emphasizes trust and community accountability, which both sustain “honest financial behavior.”

Overconfidence bias, or believing that one is better at handling finances than they actually are, is also among the factors that can affect financial transparency.

The Philippines had a high level of overconfidence at 60 percent, while that of Vietnam, which was the most financially honest country in the region, was at around 40 percent.

Risky investments

According to ROSHI, overconfidence can lead to risky investments, low savings and poor spending habits.

At the same time, the Philippines had the highest “present bias” at 68 percent, entailing that people would rather spend money now than save for retirement.

“This reflects the reality that when people struggle to meet daily needs, planning for the future becomes nearly impossible,” ROSHI said.

In terms of age groups, young adults (21 to 34 years old) were the most dishonest in their finances, while older adults (50 to 65 years old) were the most honest. This is a pattern that is present across all countries in Southeast Asia.

It still all boils down to social pressures, ROSHI found.

For example, social media trends often tie financial image to personal identity.

“As a result, many young adults make financial decisions in environments that reward displays of material success, making it costly to acknowledge financial constraints openly,” ROSHI said.

In all, there is a need to intertwine financial education and policy with cultural values and economic realities.

“Markets that achieve natural alignment between cultural values and economic incentives around financial transparency create lasting advantages, while those facing cultural-economic conflicts require recognition and adaptation strategies that acknowledge underlying behavioral patterns,” ROSHI noted.

Source: Inquirer

Climate change and consumer behavior

Climate change has significantly intensified over the years, impacting lives around the world. In a recent Deloitte study, more than half of respondents said they have experienced at least one extreme weather event, pushing majority of them to agree that climate change is an emergency. Organizations are also feeling increasing pressure to integrate sustainability in their business agenda, with consumers demanding the same from producers of goods and services.

Globally, almost 60% of respondents said they make deliberate changes to their personal activities and purchasing habits to help mitigate environmental damage. Thirty-three percent also said that sustainability considerations are impacting where they bank and invest their money, and nearly 40% are paying more for sustainable product alternatives.

Beyond their personal steps toward sustainable consumption, people’s heightened environmental awareness extends to their workplace expectations. Among those surveyed by Deloitte, there has been a decline in the number of people who believe their employer is doing enough to address climate change and sustainability.

Moreover, almost 25% globally said they have considered switching jobs to work for a more sustainable company, and the same number of people say that they will consider a potential employer’s position on sustainability before accepting a job. This just proves that sustainability is slowly becoming less of just a consideration, and more of a key criterion in choosing where to work.

THE YOUNGER GENERATIONS’ EMOTIONAL INVESTMENT AND INITIATIVES

While concern for the environment spans across all generations, Gen Zs and millennials have expressed greater emotional engagement and more curiosity about the impact of climate change.

In the Philippines, climate change as a cause of anxiety is especially apparent. Over 90% of the country’s college-educated, working Gen Z and millennials have expressed worry about their environmental impact, and most of them intend to make better climate choices. Eighty percent are willing to pay more to purchase environmentally sustainable products or services, 95% primarily use recyclable or recycled plastics/paper to reduce environmental impact, and 90% improve their home to make it more sustainable.

These personal commitments signal a clear expectation: businesses must respond by offering more sustainable choices. As the younger generations increasingly align their actions and behaviors with environmental values, they look to companies to complement these efforts with sustainable products, services, and practices.

Furthermore, their appeal for businesses to prioritize environmental responsibility also bleeds into their employer choices, with 95% of them considering companies’ environmental credentials or policies when choosing a potential employer, and 30% of them changing jobs and/or industries due to concerns about the organization’s sustainability impact, higher compared globally.

Along with their expectations from businesses, Gen Zs and millennials are also calling for increased involvement from the government in mitigating climate change impacts. They urge policymakers to take climate action, fostering a sustainable future through policies and public-private partnerships.

Clearly, from choosing recycled packaging to calling for the government and businesses to prioritize sustainable practices, these generations are driving the shift in consumer behavior and employer expectations.

CLIMATE ACTION IS NO LONGER OPTIONAL BUT IMPERATIVE

The incorporation of sustainability-related actions to both personal and professional domains is already an existing principle for most, especially younger generations. As sustainability becomes embedded in people’s every-day lives and decision-making, businesses must evolve in response.

Organizations that fail to integrate it into their culture and operations risk losing climate-conscious customers and top talent. In this age of accountability, being sustainable shouldn’t just be a differentiator — it should be the baseline.

Source: Business World

How does PHL’s air quality compare with other countries?

The "Air Quality Life Index" is not an official 2025 report itself but a metric from the University of Chicago, which has been a key component of reports highlighting the severe impact of air pollution on life expectancy.

The most significant official air quality-related information for 2025 includes the World Health Organization (WHO) releasing its updated global database of air quality standards in February 2025 and the European Environment Agency (EEA) publishing its annual Air Quality Status Report in April 2025. 

Key Insights from 2025 Information:

• Air Quality Life Index (AQLI):The AQLI is a metric that quantifies the impact of air pollution on human health and life expectancy, not a specific 2025 report. A recent report using this metric for Bangladesh, released in August 2025, found a reduction in average life expectancy by 5.5 years due to air pollution. 

• WHO Global Database:The WHO released an updated database of air quality standards in February 2025, containing data from over 7,000 settlements in more than 120 countries to aid in monitoring and policy changes. 

• EEA Air Quality Status Report:The European Environment Agency released its 2025 report in April, providing a baseline assessment of air quality in Europe and identifying potential hotspots for air quality roadmaps from 2026 onwards. 

• Global Trends:A report by Oizom indicated India as the most polluted country in 2025 with an average AQI of 155, while Thailand had the cleanest air with an average AQI of 14 due to strict emission laws and clean transport initiatives. 

• WHO Guidelines:Reports highlight that only a handful of countries met the World Health Organization's guideline for fine particulate matter (PM2.5) of 5 micrograms per cubic meter, demonstrating a global challenge in achieving safe air quality levels. 

Source: Business World