HONG KONG—Filipino parents tend to be more considerate than peers in the region in judging the competency of their children when handling money matters, an Asia-wide survey commissioned by the insurer Pru Life shows.

More Filipino kids than peers in other Asian countries receive money as gifts from their parents over and above those they receive as allowance.

In addition, Filipino kids typically start saving money about a year later than other Asian kids.

But according to Oracle Added Value, a brand development and marketing insight consultancy firm with a global presence, Asian parents regardless of nationality want their children to have better money skills than they have at present.

Asian children as a whole were also found to have regular access to cash but have no understanding how certain key-money concepts like earning money or saving some for future use work.

That children should learn money management skills was an ideal that 98 percent of Filipino parents cited in the survey and compares favorably against the 95 percent of Asian parents, saying the same in the poll.

According to Arthur Tam, head of regional research at Oracle Added Value, Filipino kids and their parents were some of the more advanced in the region in terms of handling money and money concepts although this same facility was not as advanced as that of counterparts in Singapore and Hong Kong.

Tam said if Asian kids and their parents were ranked in terms of financial sophistication, the Indonesians, the Vietnamese and Filipinos would rank lower than the Malaysians and Thais who in turn would be outranked by the citizens of Hong Kong and Singapore.

He also said while 96 percent of Filipino parents said teaching kids money management skills start with them, far more peers in Asia, 98 percent to be exact, said the same.

Eighty percent of Filipino parents also acknowledged giving only advice to their children on money matters and allow their children to decide for themselves in this area, versus 74 percent of Asian parents saying the same.

“When it comes to day-to-day money management, parents take an advisory role,” Tam said of the larger Asian picture.

Significantly also, 99 percent of Filipino parents acknowledged giving their children pocket money on a regular basis and compares with only 96 percent of Asian parents saying the same.

In addition to Filipino parents giving their kids extra money on top of the regular allowance Filipino kids receive, only 92 percent of Filipino parents said their children have to work to earn money versus 93 percent of Asian parents saying so.

Tam also said 76 percent of Filipino parents admit that their children simply ask for more money when they need it versus only 58 percent of Asian parents who acknowledged the same.

“Filipino parents are quite happy giving away money to their kids,” Tam said.

As for kids asking parents for extra money when they need it, 36 percent of Filipino parents give in to the additional demand versus only 26 percent of parents in other Asian countries.

Only 52 percent of Filipinos acknowledged that saving one’s money is already a way of life for children as a whole versus 59 percent of others in Asia, saying kids have gained the habit of saving something for the rainy day.

Nevertheless, 42 percent of Filipino parents said their kids save a sizeable portion of their money versus 41 percent of Asian kids.

Also, the survey found that 81 percent of kids in the Philippines save their money in order to buy something they want, far more than the 59 percent of Asian kids who said the same.

Only 20 percent of Filipino kids also admit saving some money for the future versus 33 percent of their Asian peers.

Tam said the top 20 percent of Filipinos who are rich and the bottom 20 percent of poor Filipinos were excluded from the survey and only the 60- percent majority who have disposable income and capable of saving some money was polled.

This same face-to-face survey was conducted in seven countries in Asia including Hong Kong, Singapore, Malaysia, Thailand, Vietnam, Indonesia and the Philippines.

Half the kids surveyed were between seven to nine years and the other half 10 to 12 years old.

Half of the parents surveyed were males and the other half females.

The Philippine survey that started in March and ended in May this year was conducted in the cities of Cebu, Davao, and Metro Manila, Tam said.