Filipinos and saving money for retirement

[envy_me 18]

The Filipinos do have a culture of dependency upon the children to support them when older.

I'm not interested in making value judgements. That's just something different about their culture.

For some it seems to work well enough.

i would have to agree and disagree with you on this one.. i agree the we support are our parents when they're old.. BUT i disagree to call it dependency..

i think you can call it dependency when abuse comes to the scene, like they ask you for more than you can give or more than what they need..

i would like to call it more of a "responsibility".. we filipinos support our parents when they're old because we believe that we owe so much to them..

our parents raised us, fed us, sent us to school, etc etc.. so when they're old, it's our time to take care of them.. kind of a payback time..

in the philippines, we dont send our parents to the nursing homes or assisted living facilities because we feel and we know that it's our own responsibility to take care of our parents..

here in the US, most people send their parents to these nursing homes or assisted living facilities because they're too busy to take care of them..

well, what im tryin to say is filipino culture has so much effect on how they act..

a lot of filipinos dont save because they know they will be taken care of by their children when they get old..

a lot of filipinos couldnt save because they help their own families and their extended families..

and it's true, a lot of filipinos dont save because as much as they want to, they cant! because what they earn is just enough for their needs..

so to OP: i wish u realize how filipinos and u are soooo different.. so u CANT compare how things are and how they work..

.

Edited December 14, 2010 by envy_me

[Dan and Judy 614]

i would have to agree and disagree with you on this one.. i agree the we support are our parents when they're old.. BUT i disagree to call it dependency..

i think you can call it dependency when abuse comes to the scene, like they ask you for more than you can give or more than what they need..

i would like to call it more of a "responsibility".. we filipinos support our parents when they're old because we believe that we owe so much to them..

our parents raised us, fed us, sent us to school, etc etc.. so when they're old, it's our time to take care of them.. kind of a payback time..

in the philippines, we dont send our parents to the nursing homes or assisted living facilities because we feel and we know that it's our own responsibility to take care of our parents..

here in the US, most people send their parents to these nursing homes or assisted living facilities because they're too busy to take care of them..

well, what im tryin to say is filipino culture has so much effect on how they act..

a lot of filipinos dont save because they know they will be taken care of by their children when they get old..

a lot of filipinos couldnt save because they help their own families and their extended families..

and it's true, a lot of filipinos dont save because as much as they want to, they cant! because what they earn is just enough for their needs..

so to OP: i wish u realize how filipinos and u are soooo different.. so u CANT compare how things are and how they work..

This is not terribly important but I believe the word dependency, does not generally carry the negative connotaion you associate with it.

It is a pretty neutral word, If he wanted a negative connotation he would say something like. they mooch off their kids or sponge off of them.

In regards to drugs,

He is an Addict. (bad)

He is dependent on drugs (neutral)

He likes to party (good)

.

[T_and_A 3]

possible but will be very hard, especially most of the time it's brown out/black out...

No tv, nor any other means of entertainment.

out goes the light..

Are you saying it is not possible to avoid having children if you live in the Ph? LOL, funny.

[sea-monkey 13]

i would like to call it more of a "responsibility".. we filipinos support our parents when they're old because we believe that we owe so much to them..

our parents raised us, fed us, sent us to school, etc etc.. so when they're old, it's our time to take care of them.. kind of a payback time..

I am stuck in this situation now here in USA. My mom lives 30 mins away. I have to support my mom. All of us kids do because my parents divorced a decade ago and she has no form of income and doesn't want to work. Why work when you have 4 kids who you can extract money from each month. Her health is so so but she's able to work if she wanted to.

So pretty much I'll be giving around $300/month (I was paying $700/month for the past 4 years) to her for the rest of her life and so will the other siblings.

Children should not have the responsibility nor obligation to support their parents. We didn't make the decision to be born. We didn't sign up for anything. My mom should be ashamed at the situation but she has no shame in any of this

I'm too proud to do something like this I don't really want to rock the boat so thats why I just fork over the money each month.

Edited December 14, 2010 by sea-monkey

[envy_me 18]

@dan and judy :

i used the word "i think" because it is my own opinion..

did i say he wanted to put a negative connotation on what he said? no!

if i think the he's putting negative connotation when he used the word "dependency" then i wud have said "you're wrong" instead of saying "i disagree"..

[envy_me 18]

I am stuck in this situation now here in USA. My mom lives 30 mins away. I have to support my mom. All of us kids do because my parents divorced a decade ago and she has no form of income and doesn't want to work. Why work when you have 4 kids who you can extract money from each month. Her health is so so but she's able to work if she wanted to.

So pretty much I'll be giving around $300/month (I was paying $700/month for the past 4 years) to her for the rest of her life and so will the other siblings.

Children should not have the responsibility nor obligation to support their parents. We didn't make the decision to be born. We didn't sign up for anything. My mom should be ashamed at the situation but she has no shame in any of this

I'm too proud to do something like this I don't really want to rock the boat so thats why I just fork over the money each month.

that's your opinion.. but it's not how it is to us..

in our culture we do have responsibilities to our parents..

if our parents cant work anymore then we have to help them.. and that's just how it is..

and if the situation is like what u said that she doesnt wanna work, that's a totally different story..

also for us, helping is not just about giving money..

like for example if they dnt have place to stay, we dont rent a place for them nor let her be live on her own..

we let them stay in our own place even if we already have our own families..

i know it's hard for you guys to understand how things for work us that's why i said our culture has so much effect on how we act..

.

Edited December 15, 2010 by envy_me

[Dan and Judy 614]

@dan and judy :

i used the word "i think" because it is my own opinion..

did i say he wanted to put a negative connotation on what he said? no!

if i think the he's putting negative connotation when he used the word "dependency" then i wud have said "you're wrong" instead of saying "i disagree"..

i would have to agree and disagree with you on this one.. i agree the we support are our parents when they're old.. BUT i disagree to call it dependency

..

i think you can call it dependency when abuse comes to the scene, this is you saying you think the word dependency has a negative connotation

That leaves two choices, you either thought he was putting a negative connotaion on it

or you felt he didnt understand the nuances of the english language and you therefore explained it to him.

[envy_me 18]

i would have to agree and disagree with you on this one.. i agree the we support are our parents when they're old.. BUT i disagree to call it dependency

..

i think you can call it dependency when abuse comes to the scene, this is you saying you think the word dependency has a negative connotation

That leaves two choices, you either thought he was putting a negative connotaion on it

or you felt he didnt understand the nuances of the english language and you therefore explained it to him.

my original post was not addressed or a reply to you but il go ahead and clarify a few more things anyway..

i was using the word "you" as a general word tryin to explain something. it was not directed only at him (rlogan)!

i was more tryin to say that the philippines is a family oriented culture..

being family oriented should not be confused with being overly dependent individuals..

im done with this thread..

.

Edited December 15, 2010 by envy_me

[BJZags 17]

in our culture we do have responsibilities to our parents..

if our parents cant work anymore then we have to help them.. and that's just how it is..

The responsibility to care for the parents is just one obligation children in the RP have. Often, the older brother/sister has the "obligation" of paying for their younger sibling's education as well because the parents can't afford to. This pattern is likely another reason why saving for retirement is difficult.

[rlogan 2,036]

i would have to agree and disagree with you on this one.. i agree the we support are our parents when they're old.. BUT i disagree to call it dependency..

i think you can call it dependency when abuse comes to the scene, like they ask you for more than you can give or more than what they need..

i would like to call it more of a "responsibility".. we filipinos support our parents when they're old because we believe that we owe so much to them..

our parents raised us, fed us, sent us to school, etc etc.. so when they're old, it's our time to take care of them.. kind of a payback time..

in the philippines, we dont send our parents to the nursing homes or assisted living facilities because we feel and we know that it's our own responsibility to take care of our parents..

We're in agreement.

No problem. As someone noted, "dependency" does not have a negative connotation unless the context is constructed to mean that.

What you did was emphasize the reciprocal nature of the arrangement, and yes I agree with that too.

One of the reasons I found Filipinas attractive was their committment to family.

It didn't hurt that they were generally scorching hot beautiful.

Edited December 15, 2010 by rlogan

[Atencio 43]

The responsibility to care for the parents is just one obligation children in the RP have. Often, the older brother/sister has the "obligation" of paying for their younger sibling's education as well because the parents can't afford to. This pattern is likely another reason why saving for retirement is difficult.

Yes my wife being 8 and 14 years older than her brothers took care of them often when her parents worked and helped pay for their college education.

[TomD 4]

I have a question for anyone who has lived in the Philippines. I am in my early 30s and all my life my parents, peers, coworkers and friends have urged me to start saving money as soon as possible for retirement. So shortly after getting my first job I started a 401K. In addition, I have other financial sources that I invest in. I know at some point I will no longer be working and need money in order to live (this is a fact). So I save some of my money. But Filipinos don’t seem to embrace this same idea. My ex is a Filipina and her parents spent money as they made it (according to her) and then suddenly “retired” with no savings what-so-ever and expect other to support them. Is this common practice in the Philippines? I mean, do Filipinos just assume they will work forever so no savings is needed?

I don't think its an assumption its a way of life. Its the culture. Its what has evolved because of how things are and it works for many many families. Spending habits are individual practices. Just like here . I saved always even as a child . My sister spends much more and I know others who spend it all. Same goes with other characteristics. We are all different because of our experiences and up bringing. Be glad your a saver it will pay dividends to you in the end. Just don't let others know how much or they will want some of it.

Hummm someone said they don't know any American who don't have a savings. Maybe it's your circle of Americans that you know who are not impoverished and in need. Many are even worse off they have large debt. Trust me there are some (more than you may think) totally dependent on SS when they retire. Many are dependent on the Welfare system as they go through life. Savings is something each of us do as we see fit. If you don't have discretionary income you don't save. If you don't have desire to you will not save unless its forced upon you.

College educations are not even a guarantee of getting a good job. You have to pay somebody at time to get a good job. There are many college grads who cant find jobs or work at places like Jollie B.

From what I see most of the people in the Philippines rely on family not only in retirement years but through out their lives. That's why family is so important to them as it is instilled in them at an early age. Thats also why so many wives push their husbands to give money to their family member and they has such a feeling of obligation even when its not their money being given.

My wife has worked for the same place for 20 yrs. When she retires she will get a lump sum pay out of 500,000 peso which is a little over $11,000. I don't know if they even have such things as 401Ks there. Not many to use it. Those that would don't need to worry anyway.

My wife gives money away at Christmas time. Not in large amounts but in 20, 40, 80, 100 pesos. The hundreds those in special need or close family members. I was surprised by it and even more surprised at how many came by to get theirs. She has done this for many years now. I could tell that she felt good doing this. She even gave her mother money to give out. When I spoke to her about it she told me I know my limit. ha ha Of course as a Westerner I looked at it totally different. I couldn't see the need and felt some pride was missing as I would not be in line. Then again I didn't have a need either. I don't know if its all good or not. I do know that its the way it is in many countries that are impoverished.

[R&W 5]

Filipinos in the US having hard time to save for retirement? I think it's the same as the rest of America. Why?

- Filipinos work too. That means we have 401K. (I've seen Filipinos doing 15% from each paycheck) .. and by the way .. a ton of Filipinos out there make good money.

Filipinos in the Philippines having hard time to save for retirement? Now this is a complete different story. Could be yes to many.

-Not in my mother's case. She got her lumpsum money for almost a million. And she gets her monthly pension. Where she puts her money I don't ask. But for some reason, she sounds she doesn't have money all the time.. at least when she talks with me. .... she's like a Lady Santa. Just like Tom D describes.

[bobwiller 0]

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[drakkon84 1]

I was there for 3 weeks. I noticed that wages are obviously lower, but so are the cost of things. So they balance each other out.

They do not completely balance out. I lived there for 6 months in davao. While yes for basic stuff it is cheaper by far. it still costs 2 to 3 dollars to go to mcdonalds and get a vlaue meal and even to go to chow king and get a meal and drink it was almost 2 dollars. anything better than lowest grade was not equal or balanced based on wage. I am lucky my wife and her whole family are well educated and have a good business in auto surplus parts. I lived there for 6 months in thier home. I made 700 a month for my military disability. It was enough to get the things i wanted as a spoiled american for me and my wife without relying much on her parents. And this is with helping with the bills which almost doubled cause i used the ac all the time and ran my games and computers a lot. I got my income tax and bought them a new tv and sala set. Bought myself a water heater lol. But my point is the norm is living way below what we would consider poverty here. And no it does not balance out. And I had to take showers in the morning from the barrel and bucket method and had to manually flush the toilet with the bucket. They had no running water from the early morning till early afternoon. made me really think how spoiled i can be sometimes. And in manila you cannot even drink the tap water, which made me worried to even drink it anywhere in phil. So you may not think it is as bad as described above but it is close to what it really is like there for most.