Why OFWs Have a Hard Time Saving

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The overseas Filipinos worker (OFW) has long been heralded as the country’s new breed of heroes, and with good reason to do so. It takes strength, determination and a drive to have a better life for your families in order to survive working long hours in a foreign land – away from your family, friends and basically everything that you work for.

OFWs have also been cited as being major contributors to the Philippine economy for 2012. According to the Bangko Sentral ng Pilipinas (BSP), remittances from OFWs will grow further this year, and the government does not expect a drop in the demand for workers abroad real soon. For 2011, the Philippines was the fourth-largest remittance receiving country, with only India, China and Mexico topping the country in that category.

But on a more personal level, what should be ensured is that the sacrifices of these OFWs do not go to waste? Ideally, these overseas workers are working in order to give their families better lives – that implies having enough money to send their children to school, pay for their household expenses back at home while also having enough in their pockets to sustain their daily living in the foreign land they are in.

In the end, OFWs should have enough savings to invest and start a new life with when they go home.

“OFWs leave the country for the promise of financial stability in the short and long term. The financial goal should be that: stability for the future,” said Pru Life UK Senior Vice President and Chief Marketing Officer Belle Tiongco.

“Stability is possible if you have enough funds for both aspirations (education, your own house or business) and unknowns (illnesses, accidents and other catastrophic events).”

Continue reading at ABS-CBN News