.jpg)
Leading digital banking services provider, CIMB Bank Philippines, has released the findings of its whitepaper on Filipino millennials. The study, conducted in partnership with Southeast Asia consumer research agency Milieu Insight and the Ateneo Business Resource Center of the Ateneo de Manila University John Gokongwei School of Management, delved into Filipino millennials' attitudes towards their life purpose.
Filipino millennials feel unfulfilled in their careers and pursuit to life purpose
The study indicates that Filipino millennials are not very fulfilled with their current careers. Only a third (33%) of the study's respondents find their career fulfilling to very fulfilling, while almost half (47.2%) consider their career somewhat fulfilling.
The report also indicates that 1 in 2 Filipino millennials may not be pursuing, or believe that they are not making progress on, their life purpose. Financial limitations emerged as the biggest roadblock for Filipino millennials to pursue their ideal careers and life purpose.
Financial limitations emerged as the biggest roadblock for Filipino millennials to pursue their aspirations
Probing why, financial limitations emerged as the biggest roadblock for Filipino millennials to pursue their ideal careers and life purpose.
Asked if their current careers align with what they wanted to pursue growing up, only 1 in 3 of the respondents (32.1%) said that their career is completely aligned with what they initially wanted to pursue. Nearly two-thirds (63.5%) of those who took a different career path cited financial reasons as the reason behind this. Relatedly, more than half of the respondents (51%) are discouraged to continue their current careers given its inability to sufficiently provide for their financial needs.
Additionally,the study also found that financial limitations were the biggest barrier forthe respondents (65%) in pursuing their life's purpose. More financial support needs to be provided for them to achieve their life goals – 88% of the study’s respondents think that finances are necessary to pursue one's passion, andabout 79% of the respondents also shared the same sentiments about thenecessity of finances in pursuing their life purpose.
Bridging the gap towards a purposeful life through meaningful financial solutions
‘’This study highlighted that financial limitations are unfortunately a huge road block for millennials to pursue their passion and purpose in life, and we hope that the results of this study help to bring more awareness, as well as to drive efforts to equip them with the right resources to navigate their careers,especially during this time of an unstable job market. ” says Juda Kanaprach,Co-Founder and Chief Commercial Officer of Milieu Insight.
"CIMB Bank Philippines has always striven to provide accessible digital financial solutions for our customers," says CIMB Bank Chief Marketing Officer D'Artagnan Aguilar. "We have always espoused the importance of having control over one's finances in the pursuit of one's life purpose. This study, which was done with Ateneo Business Resource Center and Milieu Insight, has had a profound impact on CIMB Bank Philippines. It has strengthened our advocacy to help our customers achieve a purposeful life not only through our products and services but also through our ongoing financial literacy program."
