P120k monthly needed to live the aspired ‘comfortable life’ – NEDA study

  • A NEDA study shows that a family of four needs a monthly income of P120,000 to be able to live the life they aspire for
  • NEDA says that based on the survey, families aspire for middle-class type of living
  • This entails being able to afford a car, a house and lot, and money available to pay bills

Given the current prices of goods, it seems a regular-sized family of four would need a monthly cash flow of more than P100,000 to be able to afford a “simple and comfortable life.”

It was found out in a study released by the National Economic and Development Authority (NEDA) that a monthly income of P120,000 is needed to be able to buy a house and lot, a car and pay for bills and other miscellaneous expenses. These things are regarded by families surveyed as necessary in living a comfortable life.

“At first, we thought we were just getting modest aspiration goals but these are actually middle class aspirations,” PhilStar quoted NEDA as it referred to the Ambisyon Natin 20140 survey.

According to the respondents of the survey, a “simple and comfortable life” is a life “free from worry and hardships” with families.

But it seems earning this amount is a far-fetched dream for average Filipinos.

Recently World Bank released a study that showed Filipinos remain poor even if they are employed and working hard at that.

“This new report shows that contrary to some perceptions, economic growth in the last 10 years has created enough jobs to absorb the growing labor force. Still, many workers remain underemployed,” World Bank country director Mara Warwick said as she presented the latest Labor Market Review last June 17.

According to a Rappler story by Mara Cepeda, unemployment rate declined from last year but underemployment rose by 1% this year based on the recent data of the Philippine Statistics Authority.

Underemployment refers to workers who juggles a sideline job apart from his or her regular work.

World Bank economist Jan Rutkowski previously said during the launch of the Labor Market Review that the problem lies in the quality of jobs available.

“The problem has been that the jobs that are available are not meeting the aspirations of the young people entering the labor market. It’s the quality of jobs that matters,” he said; adding that “There are still a lot of informal jobs, still a lot of informal jobs, precarious jobs, and low-paying jobs.”