The savings behavior of the iGeneration
Abstract
The primary objective of this study was to look at the factors influencing the savings behavior of the iGeneration/Gen Z or post-millennials in Cantilan, Surigao del Sur, Philippines. Factors include financial literacy, parental socialization, peer influence, and self-control. The descriptive survey method was used in the study. A researcher-made questionnaire was used as the main instrument for data collection. Interviews were also conducted to answer clarifications, verify the answers of the respondents, and to solicit additional information. Findings revealed that as to financial literacy, they strongly agree that they know the importance of saving money and they have a better understanding of how to manage their finances or allowance through budgeting. As to how peer influence affects the savings behavior of the iGeneration or post-millennials, they agree that some of their friends regularly do save money in a savings account and they discuss money management issues, particularly savings. IGeneration has a sense of responsibility. They have the vision of helping the global economy sustainable through helping create jobs or owning a small business. Among the factors that affect savings behavior, parental socialization is the most influential. The post-millennials see their parents as financial role models. Parental teachings on managing money help increase financial awareness. Clearly, if parents could educate their children on personal finance, children would develop good savings habits. In the long run, this will enable them to be financially responsible. Thus, making a positive impact on the economic growth and development of our country.
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References
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