SAVING money is one of the crucial things to consider when adulting.

Whether it’s through e-wallet or banks, there are different ways to save our funds. Since there are many Generation Zoomers who are starting their adult phase, RepublicAsia reached out to them to ask them about their preferred ways of saving for a rainy day.

Why we save 

Let us first tackle the reasons why we should save our allowance. 

Back in the day, we were told by our elders to save funds as much as we could while we were young. The reason for that is so we would have sufficient money as an adult. 

As shallow as we may have perceive it, our elders do have a point but aside from future funds, there are more reasons why we should save our money.  

Money = less stress 

There is no denying that not having enough funds can be stressful especially when you have to pay your debt.  

However, if you have something extra in your pocket, you’ll save yourself from the headache of not cracking your brain to find ways of paying up. 

Financial freedom 

Sometimes, having savings can give you the freedom to decide on and do more things. 

You have a sponty trip with your friends? You have funds set aside that you can spend on that trip.

Want to satisfy your cravings? You have the money to spare for that. 

For retirement 

Let’s face it: no one wants to work for the rest of their lives and that is why there’s a thing called retirement. 

By saving early, you’ll have more funds when you get older. You can even retire as early as you want. 

E-wallet or Gcash 

For 22-year-old Ling Punzalan, having a physical piggy bank is something she prefers. She sees e-wallet as a form of back-up fund than anything else. 

Ling is a student at Lyceum of the Philippines University. She used to work abroad as a retail assistant and a barista. 

What encourages people like Ling to open an e-wallet or a bank account is convenience. They can easily transfer funds from their banks to her e-wallet and it makes KKB (kanya-kanyang bayad) quicker when with friends. 

Punzalan believes having a physical piggy bank is efficient due to convenience. 

“It might be due to tradition. I find piggy banks or transparent alkansya where you can put your money efficiently since I can keep track of it better,” she said, adding that the thought of someone hacking her phone leaves her unsettled. 

In terms of being able to save more, Punzalan said that she finds the piggy banking better than e-wallets. 

“Other than the risk of hacking, a friend of mine said it’s best to look at Gcash as a backup than a place where you store all your savings,” she said.

Punzalan said that it’s because she can keep track of her finances. 

“Yes, it’s better to see how it grows. It’s just so fulfilling to see it in a bank than through e-wallet.” 

Punzalan also shared the advantages and disadvantages of using an e-wallet.

For her, the advantage of having an e-wallet is efficiency and because it’s intuitive to use.

“I see it also as something the younger generation easy to understand and would teach them about financial literacy,” she said. 

She said an e-wallet has its  disadvantage. 

“The disadvantage certainly is the risk of hacking since it is an e-wallet.” Punzalan said. 

On the other hand, she also shared her thoughts about using the bank. 

“The advantage is that the bank can keep your money safer, and you can even invest it better. Also, other than e-wallet, teaching banking to the young ones is a far better method,” she said. 

Punzalan shared her experience with banking during her time in Hong Kong, where she said children were encouraged to open a bank account as early as 10. 

“In HK (Hong Kong) it is encouraged for children as young as 10 to own bank accounts to teach them independency. I find this useful especially for growing children. Though e-wallets are convenient to teach, the responsibility of banking would help them better.” 

Punzalan also had something to say about the disadvantages of banking.

“The disadvantage of using the bank would certainly be the unfortunate circumstances, bankruptcy and the lot,” she said.

“Hacking can also be a risk because banks nowadays also have e-banking and I think none of those banks are paying enough attention to their apps, because it’s often slow. It’s much more efficient to check in person your funds in the bank,” she said. 

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