Nelson Morales

Article (news)

Aneth Ng-Lim

Filipinos have always shown a strong interest to learn about money.  How to make more of it, save it, grow it, and spend it wisely.  They used to turn to family and friends for advice, but over the years, who they turn to and trust for financial knowledge has been changing.These days, Filipinos&#x27; hunger for money advice is getting fed, but the buffet isn’t coming from banks, or schools, or certified financial planners. Instead, it’s coming from TikTok, Facebook, YouTube, and creators with ring lights for credentials.The recently released TransUnion Credit Perception Index (CPI) 2025 confirms what most of us already suspected: social media is now the number one source of financial information in the country.  It is used by 60 percent of the general population, 62 percent of the unbanked (meaning those who identify themselves as lower income), and 60 percent of FinTech users (usually from middle income who actively use financial products and services). For better or worse, this is where the education is happening.And that begs the question: What happens to a nation when financial literacy is shaped more by algorithms than by accredited experts?<div>The Upside: Accessibility Wins</div>To be fair, social media has done something incredible. It has democratized financial learning in a way no institution has managed to do.When 69 percent of Filipinos say they’re familiar with the concept of credit, and when knowledge about loan products is rising year after year, some credit must go to the creators who explain APRs in bite-sized videos.Just to cover our bases, APR means Annual Percentage Rate, which is the yearly cost of a loan or credit card, including both the interest rate and other fees. It is expressed as a percentage and is a critical tool for comparing the total cost of different borrowing options.  So when someone offers you a 2.5 percent monthly add-on rate for a loan, ask for the APR, which in this case would be upwards of 30 percent.  The former will always look small and attractive and has hooked so many victims, but the APR will give you a reality check.The social media-as-financial classroom has been especially transformative for the unbanked, who have long relied on hearsay and neighborhood wisdom. Today, they can scroll through tutorials on budgeting or hear testimonials about digital banks instead of depending solely on relatives or neighbors.  Based on the CPI study, though, family and friends remain their second-largest source of info at 42 percent.<div>The Downside: Misinformation Is a National Risk</div>But we can’t ignore the dark side of the feed.The CPI warns that scams and fraud remain among the top fears related to credit use, cited by 52 percent of the general population, 47 percent of the unbanked, and 52 percent of FinTech users. Yet social media is also the biggest marketplace for these scams.For every responsible content creator teaching good financial habits, there’s another promising “guaranteed” crypto returns, miracle investment flips, or “no fail” loan hacks. And the algorithm rewards whichever one gets the most engagement, not the most accuracy.The trend seems to be that financial advice becomes entertainment.  Then, entertainment becomes misinformation. And misinformation becomes costly to the unsuspecting consumer.We’ve seen it: people applying for loans they don’t understand, taking on BNPL (Buy Now Pay Later) installments without reading terms, or investing in apps that disappear overnight.When high interest rates remain the #1 reason Filipinos are afraid to borrow (59 percent of the general population), it’s clear there’s a deep anxiety, and it’s one that poorly vetted advice can easily exploit.<div>The Real Problem: A Vacuum Left by Institutions</div>For years, banks and financial institutions have struggled to become trusted educators. However, the CPI (now in its 3rd year) shows that its influence as a source of information is actually declining, dropping 7 percentage points among both the general population and the unbanked.If Filipinos are learning about money from TikTok, it’s not because they distrust banks – it’s because banks aren’t showing up where people are learning.Consumers prefer financial education that is: simple, relatable, accessible, and in Taglish (no surprise there). Social media gives them that. Traditional institutions still don’t.So What Now?Social media isn’t going away. Neither are the creators. And frankly, neither should they.  They’ve opened the gates to conversations that used to be hidden behind marble counters and long queues. But we need a healthier ecosystem.Financial institutions must reclaim their role as credible educators, and not through 50-page PDFs, but through content that competes in the same arena as viral videos.Regulators must strengthen digital literacy and anti-scam education, especially with 84 percent of Filipinos planning to save more and 68 percent aiming to improve their financial knowledge.And most importantly: Filipinos must learn to treat social media as a starting point, not a final authority.In the end, the problem isn’t that social media is teaching people about money. The problem is that for many Filipinos, it’s the only teacher they trust. Until we bridge that gap, the nation’s financial future will continue to be shaped not by experts, but by whoever the algorithm boosts next.  And we know how that worked for us in the field of politics.

These days, Filipinos' hunger for money advice is getting fed not by certified financial planners but by TikTok, Facebook, YouTube, and creators with ring lights for credentials.

These days, Filipinos' hunger for money advice is getting fed not by certified financial planners but by TikTok, Facebook, YouTube, and creators with ring lights for credentials.

Filipinos are turning to social media for money advice – is this good or bad?

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Filipinos are turning to social media for money advice – is this good or bad?

Aneth Ng-Lim

Published Nov 26, 2025 03:29 PM PHT

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Updated Nov 26, 2025 03:37 PM PHT

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financial advice

personal finance

social media

CPI study

financial inclusion

Aneth Ng-Lim

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