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Two-thirds of adults worldwide are financially illiterate, with notable gender gaps, according to Standard & Poor’s 2014 survey of over 150,000 adults in 148 countries. The Philippines, while not the worst globally, ranks in the bottom 30 out of 144 countries in financial literacy. A BSP survey found that only 1% of Filipino adults answered financial literacy questions correctly.

Sources: BSP bridges financial literacy gap among Filipinos | Philippine News Agency (pna.gov.ph) July 2023

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Improved financial literacy still needed among Filipinos
In 2022, Bangko Sentral ng Pilipinas cited a global financial literacy study by Standard & Poor’s (S&P Global Ratings) and revealed that the Philippines ranked in the bottom 30 of 144 countries, with only 25% of Filipino adults considered financially literate.
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