Some readers can probably relate to the recent survey conducted by the Central Bank of the Philippines saying that many Filipino families do not have savings account. The respondents believed that that there is no need to apply for a bank account because they would not have enough money to deposit.
The survey also reveals that about 4 to 10 households do not have any cash on hand that can be used in emergency cases; while six of 10 households have limited cash to spare.
If I were to be asked, I would have given the same answer.