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Compare and contrast the UK and the Philippines

It's always interesting to compare and contrast financial markets and issues, and this was easily illustrated yesterday when I received a nudge of two videos.

The first is from the UK and talks about debt; the second is from the Philippines and talks about using mobile payments to get food.

The UK thinks it's impoverished … think again.

Worth watching both if you're interested in how financial markets have created extremes: on the one hand debt that can cripple a nation, whilst addressing poverty using innovation in another.

If you're unable to view this video, it lasts for just under two and a half minutes and has some interesting stats:

  • Last year the UK owed £759 billion, this year it’s £909 billion.
  • That’s £15,000 for every person in the UK
  • According to the Payments Council, there are as many credit cards as people in the UK
  • An average of £4,150 is spent on cards every second
  • 65% of these don’t get paid at the end of the month
  • Giving a total outstanding balance of £60 billion
  • £123 million of personal interest was accumulated
  • Government national debt increased by£174,650
  • £821,000 of purchases were made on credit cards
  • Someone was made redundant

The second video is about the Philippines, and how technology is addressing poverty particularly as the country is regularly affected by typhoons that can displace citizens and leave them homeless:

It's from the UN World Food Program, and talks about how Philippino workers can earn cash through mobile wallets in exchange for food.

And we think we're poor?


About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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