Actively managing family budgets in one of the most gender-equal backgrounds, women have formed the largest group of users of online financing tools in the Philippines. According to the financial holding Robocash Group, female customers prevail both in online and offline channels. In 2019, the share of women there has amounted to 70% and 58%, respectively.
With the clear choice of women to apply and obtain financing online, men have more often preferred to do the same offline. In particular, the share of men in these channels has comprised 30% and 42%, respectively.
At the same time, there is another remarkable feature differentiating online and offline customers. With the average age of users equal to 33 years, the online segment holds a substantial number of Millenials and Gen Z.
Extensively using digital services in daily life, 18-30-year-olds have comprised 40% of the company’s customers taking its services on the Internet in 2019. There is less number of such clients in the offline channel (32%). It is more popular among the generation over 40 even though the average age in this segment is 37 years. The share of Gen X and Baby Boomers has amounted to 34% in offline and only 19% in the online channel.
Based on the findings, the most active user of fintechs providing micro consumer lending on the Internet in the Philippines is a young woman, about 30 years old. From time to time, she may need a relatively small amount of $ 100 to cover some urgent expenses.
The predominance of women in the use of fintech tools distinguishes both the Philippines and other emerging markets where men have broader access to overall financial services. However, the two particular factors have played their part in the Philippines. The country takes the 8th place in the global World Bank ranking as one of the leaders in overcoming the gender gap. It means that Philippine women have almost the same opportunities in all social and economic aspects as men do. Moreover, most family budgets and households in the country are run by women. As a result, that has also advanced their financial inclusion.
According to the World Bank, 35% of women had an account in 2017, while only 28% of men had it. Therefore, the fact that women in the Philippines are very active users of fintech services of any kind is unique on the global scale too.