CIMB The Pursuit of Purpose Reveals 1 in 2 Filipino millennials NOT actively pursuing their life purpose because of financial limitations
The Philippines leading digital banking service provider, CIMB, recently held the event titled “The Pursuit of Purpose” at the F1 Hotel in Bonifacio Global City where they discussed a recent study conducted by the bank together with the Milieu Insight and the Ateneo Business Resource Center of the Ateneo de Manila University John Gokongwei School of Management about millennials and the lack of hitting life goals and purposes and what’s the main hindrance for this.
The event was hosted by Kat Trivino and also featured esteemed guests including Antoinette Jadaone.
Detail # 1: Filipino millennials are unfulfilled in their careers and pursuit of life purpose
According to the study, only a third (33%) of the study’s respondents find their career fulfilling to very fulfilling. Almost half of the respondents consider their current careers as “somewhat fulfilling”.
Furthermore, the report shows that 1 in 2 Filipinos may not be reaching their goals at all or believe that they are making progress on their life purpose. Half of the study’s respondents think that they are not making any progress at all.
Detail # 2: Financial limitations are the biggest “roadblocks” for Filipino Millennials to pursue their goals and aspirations
Most of the respondents also states that its financial limitations that cause them to drop interest in pursuing their passions and goals. Only 1 in 3 respondents said that their careers are aligned with what they initially wanted to pursue or around (32.1%). Two-thirds or around (63.5%) took a different career path from their true goals in order to solve finances. More than half of the respondents (51%) are discouraged to continue their current careers given their inability to sufficiently provide for their financial needs.
The study also found that limitations were the biggest barrier for the respondents in pursuing their purpose. More financial support needs to be provided for them to achieve their goals. 88% of the the study’s respondents think that finances are necessary to pursue one’s passion and about 79% of the respondents also shared the same sentiments about the necessity of finances in pursuing their life’s purpose.
Bridging the gap towards a purposeful life through meaningful financial solutions
“This study highlighted that “financial limitations” are unfortunately a huge roadblock 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.”
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