15.4% of household budget goes to education
MANILA, Philippines—FIlipinos, in general, believe more strongly in the correlation between education and having better employment prospects compared to the global average, according to the latest survey by Nielsen.
The international market research firm said 90 percent of Filipinos polled believe that the quality of one’s education directly correlates with opportunities in the workplace.
While seemingly self-evident, results of the Nielsen Global Survey of Education Aspirations show that this belief was held by only an average of 75 percent of respondents globally.
In addition, the survey revealed that 87 percent of Filipino respondents directly correlate educational attainment with the prospects of higher income in the workplace, compared with a global average of only 72 percent.
“The Philippines belongs to the 78 percent of respondents who agreed that receiving higher education is important,” Nielsen Philippines managing director Stewart Jamieson said in a statement. “Although the cost to education can be prohibitive, Filipinos strive to allocate money for education more importantly now that the pace of technological change is creating new opportunities and presenting new challenges for today’s children. Education is seen as a leveling factor that will help them compete for better jobs and better salaries.”
Nielsen polled more than 29,000 online respondents from 58 countries to measure consumer sentiment on the availability of educational opportunities at all levels of study, and the resulting opportunity for job and salary advancement.
Filipino respondents said they allot 15.4 percent of their monthly household budget for education expenses, far exceeding the global average of 8 percent.
Concerning the perception of consumers on companies that support education initiatives, 77 percent of Filipino respondents said they are likely to buy products from a company that supports education initiatives. This is more than the global average of 68 percent, and Asia-Pacific average of 74 percent.
Jamieson added that his firm saw a strong correlation between Nielsen Consumer Confidence Index scores—which measures perceptions of job prospects, personal finances and spending ability—and perceptions for advancement opportunities.
Respondents from countries where consumer confidence scores were at 95 or above (scores over 100 show economic optimism) showed the highest agreement that better employment and higher income were available because of education attainment. Most respondents in this category were from emerging markets like Indonesia, India, Thailand, the Philippines, Brazil, China and Malaysia. –Daxim L. Lucas, Philippine Daily Inquirer