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ONLY about a third of young Filipinos said they have enough access to local credit and lending programs, a recent survey showed.

In its recently published report, TransUnion Information Solutions Inc. said albeit 94 percent of the so-called “Gen Z” Filipinos believe that access to credit and lending products is important to achieve financial goals, only 35 percent of them report having sufficient access.

“Generation Z” are people born between 1995 and 2004 and comprise a quarter of the world’s population. For the Philippines, about 40 percent of the population is considered members of “Gen Z.”

According to TransUnion’s survey from February this year, exactly half of Gen Z consumers plan to apply for new or refinance existing credit in the next year. In particular, 47 percent plan on applying for a new personal loan. About 37 percent, meanwhile, are looking to get a new mortgage, home loan or bond payment. 35 percent are looking to apply for  a new credit card.

“This reflects an opportunity that credit providers can address. Access to credit is an important step in everyone’s financial journey,” TransUnion’s report read. “In the long-term, effective access to credit helps build loyalty, improve financial inclusion in the country and can act as a catalyst for economic growth.”

The study also found that Gen Zs in the Philippines said they spent their money from November last year to February this year on adding or expanding digital services and adding to their subscriptions/memberships.

In addition, 30 percent of young Filipinos also stated they increased their discretionary spending like dining out, travel and entertainment, while 28 percent said they have cut back on this spending.

“These shifts are, in part, due to the ongoing global Covid-19 pandemic but are also a reflection of the needs of this increasingly financially active generation,” the firm’s report read.