The Kapwa Approach to Financial Planning: Lessons from Filipino Heritage Month
How Filipino Values Can Transform Your Financial Future in Canada
TL;DR: This June, as we celebrate Filipino Heritage Month in Canada, discover how traditional Filipino values like kapwa (shared identity), pakikisama (harmony), and malasakit (deep care) can revolutionize your approach to financial planning and family protection. Learn practical strategies rooted in community-centred thinking that could strengthen your financial foundation. 8-10 minute read
At Greatway Financial, we have observed a fascinating pattern in how different communities approach financial planning. Our journey began with our Filipino-Canadian founders, who recognized that traditional Filipino financial advice often missed something crucial: the power of future preparation and that money and life insurance topics are not taboo—they're actually incredibly important for a family's financially secure future.
Founded by a Filipino couple, Marlon and Elsa Antonio, who understood both the strengths and limitations of traditional cultural approaches to money, Greatway Financial has been uniquely positioned to witness how cultural values intersect with financial outcomes.
As Marlon Antonio, Lead Mentor and Co-founder, often reflects: "Filipinos are hard-working, industrious, resourceful, but when they come here, it seems like they don't take advantage of these gifts. We needed something to bring these talents out. That's Greatway." (Translated)
This article is for educational and informational purposes only and does not constitute financial, legal, or tax advice. Individual circumstances vary significantly, and strategies mentioned may not be suitable for everyone. Insurance products and investment strategies should be evaluated based on your specific situation, risk tolerance, and financial goals.
The Cultural Reality Check: What We've Learned from Our Filipino Community
Through our work with countless Filipino-Canadian families, we've observed a complex relationship between cultural values and financial behaviours that deserves honest examination.
While these patterns reflect common experiences we've observed in our Filipino-Canadian community, we recognize that every family's relationship with money and cultural values is unique. These insights are shared as conversation starters, not universal truths.
The Silence Around Money Conversations
Our community observations reveal that traditional Filipino families often navigate financial discussions differently than mainstream Canadian financial planning assumes:
Money conversations are frequently considered inappropriate for family gatherings
Financial struggles are often hidden to preserve family dignity (family/name honour)
Life insurance discussions are avoided due to cultural beliefs about inviting misfortune
Parents commonly bear financial stress silently rather than involving family members
These patterns, while rooted in respect and protection, can create financial vulnerabilities that our founders recognized needed addressing.
The Life Insurance Paradox
Our founders identified a particularly challenging cultural barrier: the relationship between Filipino families and life insurance. Despite being a culture deeply committed to family protection, many Filipino families avoided money and life insurance conversations entirely.
Common concerns we've encountered include:
"Huwag mo ngang banggitin yan" (Don't even mention that)
"Baka mapahamak pa" (Something bad might happen t you)
"Napamalas mo tuloy" (You might have jinxed it)
This cultural tension inspired our founders to develop approaches that honour cultural sensitivity while providing essential family protection.
Greatway's Cultural Bridge: Evolving Values for Financial Security
What if we could honour the deepest Filipino values—love, family, community care—through enhanced financial practices?
Traditional Beliefs vs. Evolved Financial Values
Through our work within the community, we've helped families transition from limiting beliefs to empowering approaches:
From Avoidance to Engagement:
Old approach: "Hindi dapat pag-usapan ang pera sa hapag-kainan" (Money shouldn't be discussed at the dinner table)
New approach: Regular family financial conversations as acts of long-lasting love and protection
From Fear to Protection:
Old approach: "Mag-insurance? Parang iniisip mo nang mamamatay ka!" (Getting insurance? It seems like you’re thinking about death!)
New approach: Life insurance as the ultimate expression of malasakit (deep-rooted care)—ensuring loved ones are protected
From Silence to Transparency:
Old approach: "Huwag na kaming galitin sa mga financial problems na yan" (Don't make us mad with financial problems)
New approach: Transparency about financial challenges creates family resilience and brings each other closer
The Greatway Evolution: Making Cultural Values Work for Financial Success
Individual Foundation
Core Individual Values to Cultivate:
Personal Kapwa Awareness - Recognize that your financial decisions affect your broader network. Develop individual financial literacy with the understanding that this knowledge becomes a shared resource.
Self-Malasakit - Apply caring concern to your own financial security through comprehensive insurance, emergency funds, and skill development that protects both you and those who depend on you.
Individual Planning Over Bahala Na - Replace fatalistic attitudes with strategic financial planning while maintaining emotional resilience. Create automatic systems that remove daily decision-making burdens.
Values Requiring Individual Reframing:
Colonial Mentality: Develop critical evaluation skills for products, beliefs, etc. based on objective criteria, not origin
Crab Mentality: Reframe personal success as community asset creation rather than individual achievement
Family Integration
Family-Centred Financial Values:
Familism as Multi-Generational Strategy - Leverage close family ties to create comprehensive financial plans addressing children, parents, and grandparents simultaneously through trusts, education funds, and distributed financial responsibilities.
Utang na Loob Networks - Build sustainable family financial reciprocity focused on capacity building and opportunity creation rather than ongoing dependency. Structure assistance around business training, job referrals, and investment education.
Pakikisama Communication - Establish family financial governance with transparent communication frameworks, harmonious decision-making processes, and conflict resolution that preserves relationships while addressing disagreements.
Family-Level Transformations:
Move from individual financial secrecy to collective transparency and problem-solving
Transform family financial obligations from burden to strategic collaboration
Establish rotating leadership and shared responsibility systems
Community Expansion
Community-Oriented Financial Values:
Bayanihan Collaborative Systems - Create community-based structures including but not limited to learning sessions, cooperative business ventures, etc.
Community Malasakit - Develop comprehensive financial protection that extends beyond immediate family to include community emergency support, collective insurance strategies, and shared business development.
Collective Knowledge Sharing - Implement community-based financial education where families take turns hosting workshops, sharing expertise, and bringing in expert resources for collective benefit.
Community-Level Value Transformations:
Replace individual competition with collaborative abundance-building
Create mentorship programs where success generates community opportunities
Establish cultural norms celebrating financial achievement as community asset
In conclusion with this part, we can't ask families to abandon their culture. Instead, we asked to express cultural values through stronger financial practices:
Evolved Kapwa: Your financial security strengthens the entire family network through strategic knowledge and resource sharing
Evolved Pakikisama: True harmony comes through honest financial communication in safe, supportive environments
Evolved Malasakit: Deep care expressed through comprehensive financial protection and planning to take on whatever life throws at our family
Evolved Bayanihan (Communal Cooperation): for financial empowerment—where families pool resources, share skills, provide childcare, offer business mentorship, and create mutual support networks that extend beyond just monetary exchange.
Evolved Utang na Loob (Responsibility to Give Back): Your deep-rooted responsibility to share to the community what you learned through successes, mistakes, experiences, so the family/community can apply it to their unique situations
New Adapted Value - Pamamaraan/Diskarte (Resourceful Way of Doing Things): Smart resourcefulness applied to navigating Canadian financial systems, looking at all the products and strategies that’s applicable to our individual and family’s situation
Practical Implementation: Filipino-Inspired Strategies for Canadian Families
Helping families integrate cultural values with Canadian financial planning, we've developed practical approaches that work within regulatory frameworks:
All insurance applications are subject to underwriting approval. Coverage amounts, premiums, and policy features depend on individual health, age, and other underwriting factors. Consult with licensed insurance professionals and qualified tax professionals before implementing any financial strategies. Past performance of investment or financial strategies does not guarantee future results. All investments carry risk of loss. The statistics and examples provided are for illustrative purposes and may not reflect typical outcomes.
The Future Family Financial Framework
Create comprehensive financial constitutions that outline:
Procedures for handling financial emergencies collectively
Agreements about education funding, elderly care, and major purchases
Regular review schedules to adapt to changing circumstances
Coordinated Insurance Portfolio Design
For Young Families:
Parents carry appropriate life coverage during child-rearing years
Children receive coverage under family policies until independence
Grandparents may maintain policies specifically for grandchildren's education
For Established Families:
Coordinate permanent life insurance with estate planning objectives
Consider joint policies for married couples to maximize efficiency, at least to start
Utilize insurance strategies for tax optimization across generations
Community Asset Sharing Approaches
We support families talking in groups that provide:
Accountability: Regular meetings maintain focus on financial goals
Education: Shared learning reduces individual research costs
Risk Management: Group decision-making prevents emotional investment mistakes
Access: Pooled resources may be able to reach for opportunities unavailable individually
Building Your Financial Community
Whether Filipino-Canadian or from any cultural background, consider these community-centred approaches:
Identifying Your Financial Network
Determine who you truly trust with financial information
Identify people you would support during financial difficulties
Establish mutual aid agreements for crisis situations
Creating Regular Financial Dialogue
Schedule annual/quarterly family financial conversations
Share financial education opportunities
Develop transparent communication about goals and challenges
Professional Integration
Work with financial professionals who understand:
Community-centred planning approaches
Cultural sensitivity in financial discussions
Multi-generational wealth transfer strategies
Looking Forward: Lessons for All Canadian Families
As we celebrate Filipino Heritage Month this June, the wisdom embedded in Filipino cultural values offers profound insights for strengthening financial foundations across all communities.
The values of kapwa, pakikisama, and malasakit represent sophisticated financial strategies expressed through love, community, and mutual care rather than individual accumulation alone.
Consider these questions for your own financial planning:
Who comprises your financial and community support network?
How might community-centred asset sharing enhance your individual goals?
What would your financial life look like designed around care and community?
Your Next Steps
Assess Your Current Approach: Evaluate whether you're planning individually or as part of a broader community
Identify Your Support Network: List people who would help in financial crises and whom you would support
Review Your Insurance Strategy: Ensure coverage reflects your broader web of care and responsibility
Consider Professional Guidance: Work with agents who understand community-centred planning within Canadian regulations
Greatway's Takeaways
Community-centred financial planning may produce better outcomes when families work together strategically
Traditional Filipino values can translate into practical financial strategies that work within Canadian regulatory frameworks
Insurance positioned as family protection rather than death planning changes how families approach coverage decisions
Coordinated family financial strategies may provide superior risk management and resource optimization compared to individual planning
Regular family financial meetings create transparency and early warning systems preventing common financial disasters
Multi-generational wealth transfer planning aligns with Canadian tax advantages while creating stronger family foundations
Ready to explore how community-centred financial planning might strengthen your family's financial foundation?
Connect with our licensed insurance professionals who understand both traditional financial planning and community-oriented approaches. At Greatway Financial, we believe the strongest financial plans honour both personal goals and the relationships that matter most.
Sources and References
Jeff Menguin - 30 Filipino Values: Cultural Beliefs that Shape Our Behaviors: https://jefmenguin.com/filipino-values/
Filipino Heritage Month Canada: https://www.canada.ca/en/canadian-heritage/news/2022/05/statement-by-minister-hussen-on-filipino-heritage-month.html
Canadian Life and Health Insurance Association: https://www.clhia.ca/
Kapwa Pilipinas: https://kapwapilipinas.org/kapwa
The Culture Trip: 11 Things about Filipino Culture: https://theculturetrip.com/asia/philippines/articles/11-things-you-should-know-about-the-filipino-culture
Filipinos in the Six - Crab Mentality: https://filipinosinthe6ix.com/crab-mentality-in-filipino-culture/
Maria is Quixotic - The Impact of Colonial Mentality on Toxic Traits in Filipino Society: https://mariaisquixotic.com/impact-of-colonial-mentality/