Manila, Philippines – The Philippines ranks second in the Asia-Pacific region in the frequent use of mobile financial services applications to make healthier financial decisions, a new study by Pru Life UK and Economist Impact shows.
Around 79% say they use mobile apps to look after their personal finances—the second highest figure in Asia after that of India. The age-group differences are narrower compared with those for mobile health, and more 45-55-year-olds use finance apps (68%) than use health apps (58%).
The data also notes that income does not appear to dictate a proclivity to use mobile technology: respondents with above median incomes are only slightly more likely to use finance apps than those with incomes below the median level (80% versus 78%).
Meanwhile, mobile app rankings show that step trackers, women’s health apps, calorie counters, pulse and heart-rate monitors, doctor consultation services, and blood pressure monitors are currently the most popular types of free health and fitness apps used in the Philippines.
Asked what factors would likely encourage the respondents to engage in healthy behaviours (such as eating healthily, getting good quality sleep, exercising and managing their weight), one-third cite the increased availability of mobile health apps.
Eng Teng Wong, President and CEO of Pru Life UK Philippines, said, “This study also reveals Filipinos’ avid use of mobile finance apps and services like e-wallets, banking and insurance apps, and credit services to keep track of their finances, purchase financial products, and send money to their loved ones here and abroad. These have been proven effective in driving financial inclusion in the country. Insights from experts in health and finance, who are cited in the report, reveal the advantages and disadvantages of Filipinos’ deepening reliance on mobile technology.”
