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According to a TransUnion poll issued Thursday, fewer Filipinos expect their household income to drop in the future because of the coronavirus disease 2019 (Covid-19) pandemic.

According to the TransUnion Philippines Consumer Pulse Study for the fourth quarter of 2021, the percentage of respondents who forecast reduced household income in the future has dropped by 8 percentage points to 46%.

“Vaccinations are thought to be a contributing cause to an increasingly upbeat economic outlook,” TransUnion stated in a statement.

From November 1 to November 8, 2021, a total of 1,089 Filipinos were polled, and 59 percent indicated the epidemic had reduced their income. This is lower than the 64% who said their income had decreased in the third quarter of last year.

“Despite this good trend, moreover half (52%) of those polled claimed they had cut back on discretionary spending in the previous three months,” TransUnion stated.

Approximately 47% of respondents indicated they put money aside for an emergency fund in the fourth quarter of the year.

The survey, on the other hand, revealed that e-commerce momentum will continue, with 47 percent of respondents expecting their online transactions to expand in the future.

In terms of financial commitments, 46% of respondents expect to be unable to pay all of their current payments and loans in full.

“From financial health to interruptions in daily life, Covid-19 has profoundly affected and continues to change the lives of millions of Filipinos,” stated Pia Arellano, president, and the executive officer of TransUnion Philippines.

Personal loans, mortgages home loans, and credit cards are among the most difficult payments and loans for customers to pay in full.

Despite this, 44% of respondents indicated they planned to apply for credit and lending products this year in order to fulfill their financial objectives.

“As part of an ongoing study, TransUnion Philippines strives to develop a comprehensive understanding of the pandemic’s financial impacts, as well as to harness the information to better inform consumers, businesses, and other stakeholders’ decisions as the pandemic continue to impact our daily lives,” Arellano said.

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