Financial literacy improves as account ownership rises | Back End News

Financial inclusion in the Philippines is improving, with more Filipinos opening financial accounts and gaining a better understanding of basic money concepts, according to the latest data from the Bangko Sentral ng Pilipinas (BSP). The BSP's latest survey found that 58% of Filipino adults owned a financial account in the first quarter of 2026, up from 48% a year earlier. Financial literacy also improved, with 74% of Filipinos correctly identifying core financial concepts, compared with 69% in 2021. The figures suggest that more Filipinos are entering the formal financial system.

However, experts say opening an account is only the first step. Long-term financial security depends on how people use financial services to save money, borrow responsibly, and prepare for emergencies. A study by The Boston Consulting Group found that financial security remains one of the biggest goals of Filipinos, as it reduces financial stress and supports family well-being and better health. Tala, an AI-native financial platform connecting capital to the global majority, said access to financial services should go beyond providing loans.

Through its Grow with Tala program, customers can see how their available credit may increase after making on-time repayments. The platform also follows its Debt with Dignity approach, which aims to treat borrowers with respect while encouraging responsible repayment and helping them participate in the formal economy. To improve financial literacy, Tala also produces TALAkayan, an online video series that explains basic financial concepts in simple language. The company cited findings from a 2025 global study by 60 Decibels showing that 91% of Tala customers reported improvements in their overall quality of life.

Respondents said they became better at managing money, experienced less financial stress, and were more prepared for financial emergencies.