Thesis - Jenny Rose

LEMERY COLLEGES, INC.
A. Bonifacio St., Bagong Sikat, Lemery, Batangas

COLLEGE DEPARTMENT
SAVING BEHAVIOR DETERMINANTS OF LOCAL GOVERNMENT

EMPLOYEES IN LEMERY, BATANGAS
A Thesis
Presented to the Faculty of
College of Business and Management
Lemery Colleges
Lemery, Batangas
In Partial Fulfillment
of the Requirement for the Degree
Bachelor of Science in Business Administration
Major in Financial Management
By:
Cortiguerra, Mark Dave D.
Enriquez, Lycel D.
Manzanilla, Princes G.
Sanchez, Jenny Rose Y.
Tatoy, Marisol E.
June 2024
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APPROVAL SHEET
This research paper entitled “Saving Behavior Determinants of Local

Government Employees in Lemery, Batangas” prepared and submitted by
Cortiguerra, Mark Dave D., Enriquez, Lycel D., Manzanilla, Princes G.,
Sanchez, Jenny Rose Y., Tatoy, Marisol E. in partial fulfillment of the
requirements for the degree of Bachelor of Science in Business Administration,
has been examined and recommended for acceptance for Oral Examination.
RAQUEL I. CERDENIA, MBA, LPT

Thesis Adviser
Approved by the Committee on Oral Examination with the grade of

____.
PANEL OF EXAMINERS
DR. LYRA CRIZELLE M. HERNANDEZ, LPT

Chairman
ZORCASTRO E. CABELLO, MBA DR. AILEEN A. MATIBAG

Member Member
Accepted and approved in partial fulfillment of the requirements for the degree
of Bachelor of Science in Business Administration.
Date DR. AILEEN A. MATIBAG

Program Head
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ACKNOWLEDGEMENT
The successful completion of this research study was made possible
through the invaluable support and contributions of the following people. The
researchers are deeply grateful to everyone who offered their time, knowledge,
and encouragement throughout this journey.
With humility and sincerity, the researchers would like to express their
heartfelt gratitude to the individuals listed below for their guidance, necessary
insights, and numerous other contributions. Their generosity and commitment
to academic progress helped the researchers overcome the hurdles they
faced. Special mention is given to the following:
First and foremost, to our Almighty God for granting us the wisdom,
inspiration, and strength needed to complete this study, making everything
possible.
To the beloved parents, for their unwavering support and
encouragement throughout the journey of completing this thesis. Their
constant belief in the author’s abilities, along with their sacrifices and patience,
has been instrumental in achieving this milestone.
To the local government employees of Lemery, Batangas, for their
cooperation and willingness to participate as respondents, providing essential
data that contributed significantly to this study.
To their thesis adviser, Mrs. Raquel I. Cerdenia, for dedication and
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patience, which greatly helped improve the quality of this work and supported
the author’s personal and academic development. This thesis would not have
been possible without her valuable help.
To the members of the panel Dr. Lyra Crizelle M. Hernandez, Mr.
Zorcastro E. Cabello, and Dr. Aileen A. Matibag for their valuable time,
insightful feedback, and thoughtful comments. Their contributions were crucial
in refining this research and enhancing the overall quality of the thesis.
To their Industry Expert, Mr. Jeffrey R. Cabral, And Ms. Rosemarie C.
Buelo, who validated the questionnaire and giving some suggestions for the
betterment of the study. To their siblings, classmates and friends, for the
inspiration and for being there every step of the way.
To all the members of the group who stood until the end and extended
their strength to accomplish the task.
Mark Dave
Lycel
Princes
Jenny Rose
Marisol
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DEDICATION
This thesis is dedicated with heartfelt appreciation to the author's loving
and supportive family, whose unwavering encouragement and financial
assistance made this study possible. Their constant belief and understanding
provided the foundation upon which this research was built.
Special thanks are extended to the local government employees in
Lemery, Batangas, whose participation and insights were essential for the
success of this work. Their cooperation and willingness to contribute have
been crucial.
The author also wishes to acknowledge the profound guidance and
support of Mrs. Raquel I. Cerdenia. Her wisdom, encouragement, and
steadfast support from the beginning to the end of this project were crucial to
its completion.
Above all, this study is dedicated to the Almighty God, whose strength,
protection, and guidance throughout this journey have been a source of
inspiration and resilience.
Mark Dave
Lycel
Princes
Jenny Rose
Marisol
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TABLE OF CONTENTS
TITLE PAGE
TITLE PAGE…………………………………………………………………i
APPROVAL SHEET……………………….…….……………..…………. ii
ACKNOWLEDGEMENT…………………….…………………….……… iii
DEDICATION…………………………………………………..……………v
TABLE OF CONTENTS……………………………………………………vi
LIST OF TABLES……………………………….………………………….viii
LIST OF FIGURES………………………………………………………….xi
ABSTRACT………………………………………………………………….xii
CHAPTER
I. THE PROBLEM
Background of the Study................................................. 1

Research Aim.................................................................. 3
Statement of the Problem............................................... 4
Theoretical Framework................................................... 5
Conceptual Framework................................................... 7
Hypothesis of the Study.................................................. 8
Significance of the Study................................................. 9
Scope and Limitations..................................................... 10
Definition of Terms.......................................................... 11
II. REVIEW OF RELATED LITERATURE
Conceptual Literature...................................................... 13
Related studies............................................................... 31
Foreign Synthesis........................................................... 56
Local Synthesis............................................................... 57
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III. RESEARCH METHODOLOGY
Research Environment.................................................... 59
Research Design............................................................. 60
Respondents of the Study............................................... 61
Data Gathering Instrument.............................................. 61
Data Gathering Procedure.............................................. 63
Ethical Consideration...................................................... 64
Statistical Treatment of Data........................................... 65
IV. Presentation, Analysis and interpretation of Data
Statement of the Problem……………………………….....66
V. Summary, Findings of the Study, Conclusions and

Recommendations
Summary…………………………………………………….106
Findings of the Study……………………………………….106
Conclusion…………………………………………………..112
Recommendation………………………………………......115
APPENDICES
BIBLIOGRAPHY
COMMUNICATION LETTER
NOTES
QUESTIONNAIRE
CURRICULUM VITAE
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LIST OF TABLES
TABLE TITLE PAGE
4.1.1 Distribution of Respondents in terms of Age…………..66
4.1.2 Distribution of Respondents in terms of Sex……….….68
4.1.3 Distribution of Respondents in terms of Civil
Status………………………………………………………69
4.1.4 Distribution of Respondents in terms of Highest
Educational Attainment…………………………………..71
4.1.5 Distribution of Respondents in terms of Average
Monthly Income…………………………………………...73
4.1.6 Distribution of Respondents in terms of Length
of Service………………………………………………….74
4.1.7 Distribution of Respondents in terms of Tenure
of Employment……………………………………………76
4.1.8 Distribution of Respondents in terms of Family
Size………………………………………………………...77
4.2.1 Saving Behavior Determinants, the respondents
assessed in terms of Saving Behavior…………………79
assessed in terms of Financial Knowledge……………81
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assessed in terms of Financial Attitude………………..83
assessed in terms of Self-Efficacy……………………...85
4.2.5 Financial Management Practice toward Saving
Behavior……………………………………………………87
4.2.6 Summary of the saving behavior determinants of
local government employees……………………………89
4.3.1 Significant Difference between age and the
saving behavior determinants of local government
employees…………………………………………………90
4.3.2 Significant Difference between sex and the saving
behavior determinants of local government
employees…………………………………………………92
4.3.3 Significant Difference civil status and the saving
Behavior determinants of local government
Employees…………………………………………………94
4.3.4 Significant Difference between highest educational
attainment and the saving behavior determinants of
local government employees……………………………96
4.3.5 Significant Difference between average monthly
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income and the saving behavior determinants of local
government employees………………………………….98
4.3.6 Significant Difference between length of service
and the saving behavior determinants of local
4.3.7 Significant Difference between tenure of employment
and the saving behavior determinants of local
4.3.8 Significant Difference between family size and the
saving behavior determinants of local government
employees…………………………………………………103
4.4.1 Proposed Practices to enhance the knowledge of
Local Government Employees in Lemery, Batangas
about Savings……………………………………………..105
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LIST OF FIGURES
FIGURE TITLE PAGE
1.1 The Theory of Planned Behavior Model adopted
from Ajzen 2005 Saving Behavior Determinants
in Malaysia………………………………………………..6
1.2 Conceptual Paradigm of the Saving Behavior
of Government Employees in Lemery, Batangas…….7
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Title: SAVING BEHAVIOR DETERMINANTS OF LOCAL
GOVERNMENT EMPLOYEES IN LEMERY, BATANGAS
Authors: Cortiguerra, Mark Dave D.
Enriquez, Lycel D.
Manzanilla, Princes G.
Sanchez, Jenny Rose Y.
Tatoy, Marisol E.
Degree: Bachelor of Science in Business Administration major in Financial
Management
Year: 2024
Adviser: Raquel I. Cerdenia, MBA, LPT
ABSTRACT
This study aims to examine the saving behavior determinants of local
government employees in Lemery, Batangas, and to identify the factors that
influence their saving behavior. The researchers selected 245 local
government employees as respondents, using a simple random sampling
technique facilitated by the Raosoft calculator.
The findings revealed that financial literacy plays a significant role in
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shaping positive financial behaviors and attitudes among the respondents.
Specifically, higher levels of financial knowledge, financial attitudes, financial
self-efficacy, and financial management practices are correlated with better
saving behaviors. However, the study also found that demographic factors
such as, sex, average monthly income, length of service, tenure of
employment, and family size did not show significant differences in saving
behavior determinants.
Based on these findings, the researchers propose the distribution of
educational materials, such as printed booklets, to enhance the financial
literacy of local government employees. These materials aim to provide
comprehensive guidance on price considerations, money-saving techniques,
effective budgeting practices, and establishing financial goals for the future.
Keywords: Saving Behavior, Financial Literacy, Local Government Employees,
Lemery Batangas, Financial Management
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Chapter I
THE PROBLEM
This chapter focuses on how the problem is presented. It contains an
introduction, background of the study, statement of the problem, theoretical
and conceptual framework, research hypothesis, scope and limitation,
significance of the study and definition of terms.
Background of the Study
In recent years, the global economy has been increasing rapidly. The
financial management of individuals varies in different aspects, and the most
universal one is saving. Over the past decades, saving has been playing a vital
role in the process of economic growth and development. Savings behavior is
a key need for people to acquire and practice good financial skills in their lives
so that they can solve possible future spending decisions on their own.
Correspondingly, individuals gain control over their spending habits by
saving and learning how to spend wisely (Abdullah et al., 2017). It takes the
social influence of family, friends, and coworkers to show proper saving
behavior. This may be accomplished through nurturing, guiding, and sharing
knowledge on money management techniques. Putting money away for the
future, on the other hand, is a difficult choice that requires excellent saving
habits (Hoffmann et al., 2018).
Furthermore, saving is seen as a way of reducing the risk associated
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with the inability to foresee the future, as well as a precautionary measure. If
people could foresee the future, they would know precisely how much money
might need. However, since individuals are unable to do so, the necessity to
preserve money for the future is essential.
In connection with the aforementioned statements, this study
investigates the factors that affected saving behavior among government
servants and focuses on financial knowledge, financial attitude, financial self-
efficacy, and financial management practice in relation to saving behavior.
Money management is very important for every employee either in the public
or private sector. This is because managing money is more difficult compared
to making or earning money.
Thus, every individual must know how to manage their money in terms
of saving and investment. Saving plays an important role in the economy since
it promotes long-term economic growth. Saving happens when an individual is
able to save some money from their income instead of overspending the
money. Besides that, saving also means sacrifice some current consumption in
order to improve the living standard in the future. If people do not save and fail
in managing their money properly, it can lead to financial problems.
However, according to Alejandro (2024), managing his salary has
always been a challenge as it primarily goes towards covering daily expenses.
With the cost of living constantly rising, it becomes difficult to set aside any
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significant amount of money for savings. As a result, whatever little a person
manages to save from his salary is often barely enough to make a noticeable
difference in his financial situation.
On the other hand, according to Bendaña (2024), despite the constant
rise in the cost of living, the importance of planning for the future is highly
regarded. That is why prioritizing to invest the money in insurance is a must
and need at the same time, because insurance provides a vital safety net that
can protect people and their families from unexpected financial burdens and
uncertainties that may arise in the future.
Henceforth, the proponents of this study aim to explore the saving
behavior determinants of government employees. Moreover, the researchers
strive to address the influence that affects individual saving decisions. The
researchers’ main goal is to investigate the saving behavior determinants of
government employees and determine the program that can be proposed to
help them build healthier financial habits.
Research Aim
The researchers strive to determine the saving behavior of local
government employees at Lemery, Batangas and to identify the factors that
influence their saving behavior. This investigation concentrated on the
respondents’ internal variables, such as their saving habits, cultural and
mentalities surrounding saving. The researchers also aim to analyze the role of
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financial literacy as the main goal that considerably affects one's attitude
toward saving.
Furthermore, this study strives to offer insightful information that can
contribute to the existing literature on financial behavior and saving goals and
to promote positive saving behaviors and enhance financial well-being among
all ages.
Statement of the Problem
This study aimed to determine the saving behavior determinants of
Local Government Employees in Lemery, Batangas. This study ought to
answer the following questions.
1.What is the profile of the respondents in terms of:
1.1 age;
1.2 sex;
1.3 civil status;
1.4 highest educational attainment;
1.5 average monthly income;
1.6 length of service;
1.7 tenure of employment; and
1.8 family size?
2. How may the saving behavior determinants of the respondents be assessed
in terms of:
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2.1 financial knowledge;
2.2 financial attitudes;
2.3 financial self-efficacy; and
2.4 financial management practice?
3. Is there a significant difference on the assessed saving behavior
determinants of the respondents when grouped according to profile?
4. Based on the findings, the researchers proposed booklet guidelines to
enhance the knowledge of local government employees in Lemery, Batangas
about savings.
Theoretical Framework
This study is anchored on the Theory of Planned Behavior by (Ajzen,
1991). According to the theory of Planned Behavior, behaviors are influenced
by intentions, which are determined by three factors: attitudes, subjective
norms, and perceived behavioral control.
Additionally, this study is the first one that attempts to extend the TPB
by accumulating additional predictors such as the financial knowledge,
financial attitude, financial self-efficacy, and financial management practice.
Research in this area aims to uncover these hidden values and ideas that
influence decision-making. There is some controversy about the assumption of
rationality because sometimes humans act emotionally, not rationally.
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Figure 1.1 The Theory of Planned Behavior Model adopted from Ajzen
2005 Saving Behavior Determinants in Malaysia
 Saving behavior: Refers to the actions and decisions individuals make
regarding their savings. It involves the process of setting aside money from
one's income for future use or emergencies.
 Financial knowledge: The objective mastery of financial definitions,
terms and concepts.
 Financial attitude: It is about one’s perception about money. The
attitudes among individuals are different and may influence the perception of
one’s income and the effects on social preferences or self-esteem.
 Financial self-efficacy: It is defined as an individuals’ ability to handle
their financial and it is correlated with self-confidence and could reflect the
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financial skill.
 Financial management: Refers to a set of behaviors that is related to the
management of money, financial planning, investment, insurance and
retirement. Financial management is the determination, acquisition, allocation
and utilization of financial resources.
Conceptual Framework
The purpose of this study was to determine Saving Behavior of
Government Employees in Lemery, Batangas. So, the researchers prepared
their illustration to present their study.

Input Process Output
The profile of the

respondents
•Descriptive study
•age;
•sex;
•civil status;
•Simple Random
•highest educational Sampling Technique
attainment; where the
•average monthly respondents are
Proposed
income; identified by Raosoft
Guidelines to
•length of service; Calculator
Enhance the
•tenure of employment; Knowledge of
and • Gathering of data
Local Government
•family size through the use of
Employees in
questionnaire
Lemery, Batangas
The saving behavior
about savings
determinants of •Statistical
government employees in Treatment of Data
Lemery Batangas
•Financial knowledge •Presentation,
•Financial attitudes Interpretation and
•Financial self-efficacy
•Financial
analysis of data
management
practice
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Figure 1.2 Conceptual Paradigm of the Saving Behavior of Government
Employees in Lemery, Batangas.
Figure 1.2 shows the research paradigm, in which the researchers
constructed an Input -Process- Output model (IPO). The first box represents
the input which contains the profile of the respondents in terms of age, sex,
civil status, highest educational attainment, average monthly income, length of
service, tenure of employment, and family size. The saving behavior of
government employees in Lemery Batangas influenced financial knowledge,
financial attitudes, financial self-efficacy, financial management are also
included in input.
The second box represents the process of how to gather relevant data
and information, including descriptive study. Moreover, Simple Random
Sampling Technique was used to identify the respondents by utilizing Raosoft
Calculator, gathering of data through the use of questionnaire, Statistical
Treatment of Data, Presentation, Interpretation and analysis of data.
The last box corresponds to the output of the study in which it contains
the proposed saving plan and program among government employees that
may educate government employees about saving.
Hypothesis
Ho. There is no significant difference on the profile of the respondents and
saving behavior of local government employees in terms of financial
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knowledge, financial attitudes, financial self-efficacy, financial management are
also including in input.
Significance of the Study
This study was undertaken to find out the saving behaviors of
government employees in Lemery, Batangas. Understanding the saving habits
of government employees can identify areas of improvement in financial
management practices. The outcome of this research would be beneficial to
the following:
To the Local Government Employees, as the researchers’
respondents are from the sectors government employees, this would
give them an idea, explanation, understanding, and can be relatable as an
employee. Employees will be the main source of the study’s findings and
conclusion.
To the Parents, this study should also be significant to the parents
because they are mostly the providers and managers of finances in the family.
It is relatable to the saving habits of employees.
To the Students, the study would give some necessary details to them
about saving behavior that can be used in their future living since weekly, they
spend their money on transportation, necessities, school payment, and other
basic necessities
To the Researchers themselves, this study would enable the
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researchers to understand the government employees’ saving behavior. The
study itself is significant to them, not only it was required to conduct, but also
it would give them awareness and a chance to inform the beneficiaries of the
research.
To the Future Researchers, this study could be useful and would
serve as the future researchers’ references that can support their research
study related to saving behavior of government employees.
Scope and Limitations
The aim of this study is to examine the saving behavior determinants of
government workers within Lemery, Batangas. It examined the patterns and
factors influencing their saving behavior, with a particular emphasis on
understanding how funds are utilized. This study took (6) months to gather all
related information, relevant data and studies up to interpretation and
presentation of data.
Furthermore, the researchers decided to choose the Municipality of
Lemery, Batangas as its research location because of its relative accessibility
and manageable size. Despite its smaller size, Lemery still boasts various
resources relevant to research, such as educational institutions, libraries,
government offices, and community organizations. These resources can
provide valuable information and support for conducting research.
The participants of this study are the local government employees in
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Lemery, Batangas. The researchers chose these respondents because they
have the ability to influence saving behavior among their employees through
policies, incentives, and programs related to financial management and
savings. Moreover, the researchers used simple random sampling to
determine who would be the respondents. The researchers utilized survey
questionnaires as an instrument to gather information from participants.
Definition of Terms
For clarity and thorough understanding of this study, the following terms
were herein defined conceptually and operationally.
Financial Attitude. Conceptually, it refers to an attitude that can shape
the way individuals conduct financial management such as investing, saving,
and even spending money (Mien & Thao, 2015). In this study, it is about the
state of mind of a person about finances which is a resultant of his background
and environment.
Financial Knowledge. This term refers to a person's knowledge of his
financial situation, rather than basic financial concepts (Normawati et al.,
2021). In this particular study, it pertains to the objective mastery of financial
definitions, terms and concepts.
Financial Management Practices. Conceptually, it refers to the
standard operating procedures designed to improve the proper execution of
financial accounting, reporting, budgeting, and other related tasks in order to
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increase a firm's technical efficiency (Sa'eed et al., 2020). In this study, it is
about monitoring all financial resources to achieve ones’ business goals.
Financial self-efficacy. It is defined as a conceptualized confidence of
an individual in his or her ability to acquire information for making effective
financial decisions (Netemeyer et al., 2018). In this particular study, it evokes a
behavior to be disciplined to achieve long-term financial goals.
Local Government Employees. Conceptually, government employees
refer to those employed by the National Government or any of its political
subdivisions (laborlaw.ph, 2024). In this study, Local government units
participated in this study as respondents.
Saving behavior. It is defined as a key need for people to acquire and
practice good financial skills in their lives so that they can solve possible future
spending decisions on their own (Abdullah, 2017). In this particular study, it is
the money set aside for future use and not spent immediately.
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Chapter II
REVIEW OF RELATED LITERATURE
This study discusses the review of related literature in both foreign and
local aspects. To conduct the study, the researchers used books, papers,
magazines, theses, and other related materials as their tools. This study also
represents the synthesis of overall literature review.
Conceptual Literature
Foreign Literature
Financial Knowledge
Primarily, financial knowledge refers to the basic understanding or
knowledge of financial markets with the help of which one can effectively and
efficiently consume or invest their funds to gain profits from various sources.
Having basic finance knowledge helps a person manage their relationship with
money throughout his lifetime. It is very important to have financial knowledge
since it is the most basic way to start being financially independent and
understanding how to manage the funds independently without anybody’s help
(Financial Knowledge - Unacademy, 2022)
Moreover, according to Kakridas-Regan (2019), financial knowledge can
be a significant benefit for both government agencies, the systems they serve,
and especially for the public sector employees. Financial literate employees
are less likely to end up with financial woes. Not only does financial stress
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affect work productivity and absenteeism, but it may also mean fewer requests
for salary advances or hardship withdrawals from company. Financial
knowledge of employees is an investment with easy setup and lasting value.
Many large companies recognize the benefits of offering workers some
financial education, especially online programs. These programs have had
positive results and led to higher employee participation rates in retirement
savings plans.
Both studies highlight the importance of financial literacy for both
individuals and organizations, showing how financial education can improve
employee well-being, reduce stress, and boost productivity. It also
demonstrates that businesses benefit from investing in employee financial
education, leading to increased retirement savings and overall financial
stability.
According to Hussain & Sajjad (2016), they distinguish subjective
financial knowledge from objective financial knowledge, and propose self-
esteem relates to financial behavior both directly as well as indirectly through
subjective financial knowledge. It is the combination of awareness, knowledge,
skills, attitude and behavior to achieve financial being. In most research, young
adults have low financial literacy and possess poor financial related decisions
(Xiao et al., 2015).
This study explores the impact of financial knowledge on confidence
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and financial behavior, particularly among young people who often lack
financial literacy. It shows that both subjective and objective financial
knowledge are crucial for making better financial decisions and improving
financial well-being.
Financial Attitude
Financial attitude means an attitude that is a response in the form of a
statement of "like" or "dislike" or "useful" or "not useful" related to the individual
financial behavior. Financial attitude will likewise shape the manner in which
somebody spends, stores, and go through cash inefficiently, whereas another
author supported that financial attitude is an attitude that can shape the way
individuals conduct financial management such as investing, saving and even
spending money (Poblacion & Manigo, 2022).
This research is relevant to our study because understanding the
financial attitudes of government employees is crucial because it directly
influences how they manage their money.
Moreover, in accordance with the statements of Budiono (2020),
financial attitude is the application of principles finance to create and maintain
value through creating resource decisions and management the best. The
personal financial behavior of an individual is determined by his financial
attitude. Financial attitude Is defined as the state of mind, opinion, and
judgment about his finances applied to attitude. The indicator of financial
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attitude a good and responsibility on each individual can be observed from his
attitude on organizing in and out cash flow, investment or for long-term, and
can handle the financial suitable for his needs.
Financial attitude can be defined as personal inclination towards
financial matters. It is an ability to plan ahead and maintain a savings account
that matters. Bhushan and Medury (2014) concluded that in order to enhance
financial literacy among generations, the focus should be on developing
favorable financial attitudes among the people of the country. Then only, real
benefits of any financial education program can be achieved.
This study on financial attitudes shows how personal views on money
influence saving habits, helping us understand why some government
employees save more effectively than others.
According to Yiing (2017), women play a significant role in budgeting
and saving decisions and have a more positive attitude towards savings
compared to men. In order to enhance financial literacy among generations,
the focus should be on developing favorable financial attitudes among the
people of the country. Then only, real benefits of any financial education
program can be achieved (Bhushan and Medury, 2014).
This research underscores the significance of financial attitudes in
shaping saving behaviors among government employees. Developing positive
attitudes towards budgeting and saving can lead to better financial outcomes.
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Self-efficacy
Financial self-efficacy (FSE) refers to one’s belief in his or her ability to
achieve financial goals. The social cognitive model of wellbeing proposed a
number of mediating paths between self-efficacy which is both general and
domain-specific, and life satisfaction. These paths imply the mediating effect of
domain-specific satisfaction in the association between domain-specific self-
efficacy and life satisfaction. In the finance domain, one potential mechanism
underlying the association between FSE and life satisfaction is investment
satisfaction. Investment satisfaction describes investors’ subjective evaluations
of the quality of their decisions and performance (Hu et al., 2021).
Employees with strong financial self-efficacy feel confident in managing
their finances, leading to higher financial satisfaction and overall life
contentment. Satisfied government employees are more likely to save, creating
a positive cycle of financial behavior and well-being.
Additionally, the role of financial self-efficacy in increasing financial
literacy and financial inclusion is needed, especially at the productive age.
Financial self-efficacy is an individual's belief in managing finances, using
financial services and beliefs about their personal ability to achieve major
financial goals (Asebedo & Payne, 2019).
Financial self-efficacy encourages participation in the formal financial
system, which simplifies and enhances saving practices. It also motivates
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government employees to seek financial knowledge and improve their literacy.
Furthermore, Limbo and Sato (2019) confirmed the mediating role of
financial self-efficacy between credit card literacy and financial well-being
(FWB). They pointed out that adequate credit card literacy fosters confidence
and skills to use credit cards effectively which further delivers increased
financial security. Mindra et al. (2017) find financial self-efficacy as an
important determinant of financial inclusion (demand side) because it provides
the confidence required to avail financial services and thus makes lives better.
This research is closely relevant to our study. As Mindra et al.
emphasize that financial self-efficacy contributes to financial inclusion by
providing the confidence needed to avail financial services. For government
employees, this means they are more likely to utilize savings accounts,
retirement plans, and investment products effectively, thus enhancing their
overall financial security.
Bruggen et al. (2017) have observed that increased financial literacy
leads to financial self-efficacy, and that is an essential factor for financial well-
being. These authors identify financial self-efficacy as being able to control
one’s finance which reflects an individual’s skill and ability to influence his or
her financial matters.
Understanding financial concepts and products is crucial for government
employees to build confidence in managing their finances, leading to better
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decisions in saving, investing, and budgeting.
Accordingly, Farrell et al. (2016) stated that much policy attention has
been placed on enhancing individuals’ financial knowledge and literacy, chiefly
through financial education programs. However, managing one’s personal
finances takes more than financial knowledge and literacy: an individual also
needs a sense of self-assuredness, or self-beliefs, in their own capabilities.
This research was relevant to our present study. Financial self-efficacy
is crucial for the saving behavior of government employees because it
complements financial knowledge and literacy by providing the confidence,
motivation, and resilience needed to apply financial principles effectively.
Financial Management Practice
Financial Management is one of the most important aspects for
individuals and organizations in this rapidly growing world. It is about managing
and growing money. Financial management supports the design and
demonstration of an organization’s financial performance story – from financial
cost to results or consequences (Sajjan, 2022).
According to Rahim et al. (2019), enhancing trend of better financial
management practices is essential, especially for working employees due to
the increased levels of existing personal indebtedness, and increasing focus
on personal responsibility for financial planning among them. Nowadays,
employees’ role in managing their finances is becoming complex due to
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experiencing the complexity of financial commodities in the marketplace. The
main objective of financial management can vary depending on the individual
or organization's goals. However, generally, the main objective is maximizing
profits while minimizing risk. This is often done by strategic planning and
making decisions based on market knowledge and analysis to help ensure the
company's long-term success.
Both studies highlight the significance of good financial management
practices, especially in the context of rising personal debt and complex
financial products. These insights can help identify factors influencing the
saving behaviors of local government employees in Lemery, Batangas.
In addition, financial management has a positive effect on retirement
confidence. Sound financial management is expected to promote higher
pension trust. Then the high financial literacy does not automatically lead to
people having a high level of confidence in the pension. Financial literacy can
encourage individuals to practice sound financial management. Financial
literacy will encourage the appropriate use of financial practices, which can
increase a person's confidence pension (Patrisia & Fauziah, 2019).
This study is related to our study because Patrisia and Fauziah (2019)
show that good financial management and literacy boost retirement
confidence. Understanding how financial practices impact confidence and
saving behavior can help us identify key factors that influence the saving
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behaviors of local government employees in Lemery, Batangas.
The process of managing financial resources is known as financial
management. Nkundabanyanga et al. (2017) operationalized financial
management practices as processes that include planning and controlling,
accounting, cashflow management, capital budgeting or appraisal, and working
capital management. Financial management, specifically control of expenditure
behaviors, had positive effects on both individualistic happiness and
collectivistic happiness. Financial management moderated the relationship
between financial stress and happiness (Jooyung Park, 2015).
Moreover, financial management also involves a variety of decisions
that have a connection with the importance, frequency and the amount of
money. Then, the individuals who neglect money will not practice good
financial management. The financial management in household involved in
budgeting for expenditures, provide funds to meet the budget, evaluate and
controlling the spending (Krah et al., 2014).
Our study on "Saving Behavior Determinants of Local Government
Employees in Lemery, Batangas" relates to financial management practices
such as planning, controlling, and budgeting. Effective financial management
can reduce financial stress and increase happiness, helping us understand
how local government employees' financial habits influence their saving
behaviors and well-being.
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Local Literature
Financial Knowledge
Financial literacy is a driver of financial inclusion. Financially literate
people make informed financial decisions and support life-transforming goals
like saving for education or retirement, using loans responsibly and running a
business. Knowing the positive impact of financial literacy on economic
growth, the Microinsurance MBA Association of the Philippines (MiMAP) held
its first online financial literacy program last Oct. 31. Almost 250 participants
from fifteen (15) microinsurance mutual benefit associations all over the
Philippines attended the program called, “Kaalamang Pinansiyal, Ngayon Na!.”
Accordingly, there is a growing body of literature providing evidence that
financial literacy aids people in making better financial decisions that can lead
to improved financial outcomes such as higher savings, lower debts, and
greater wealth accumulation. It is good that the Bangko Sentral ng Pilipinas is
prioritizing financial literacy and education programs because data from the
2021 Financial Inclusion Survey (FIS) show that when asked basic financial
literacy questions, only two in ten (10) Filipinos gained perfect scores, while
seven in 10 correctly answered at least half of the questions.
This study is relevant to the fact that it shows how The Bangko Sentral
ng Pilipinas is focusing on financial education because many Filipinos lack
basic financial understanding and how financial literacy helps people make
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better financial choices, leading to benefits like more savings and less debt.
Improving financial literacy can help more people achieve better financial
The FIS also indicates that only 42 percent of adult Filipinos correctly
identified inflation’s effect on purchasing power and only 30 percent
understood simple and compound interest. While more Filipinos may be
owning financial accounts, less are saving and availing of insurance compared
to 2019. More adults also reported having outstanding loans. During the
Financial Stakeholders’ Education Expo in November 2022, then BSP
Governor Felipe Medalla said that only 25 percent of adult Filipinos are
knowledgeable on basic financial concepts, according to the World Bank. He
also mentioned a Standard and Poor’s global study showing the Philippines at
the bottom 30 out of 144 countries surveyed on financial literacy (Alip, 2023).
According to Fernando (2023), a strong foundation of financial literacy
can help support various life goals, such as saving for education or retirement,
using debt responsibly, and running a business. Key aspects to financial
literacy include knowing how to create a budget, plan for retirement, manage
debt, and track personal spending.
Fernando's study from 2023 is relevant since it explains how
understanding finances helps people achieve needed life goals like as saving
and debt management.
Achieving financial literacy is crucial in today’s society due to everyday
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facets of life, such as student loans, mortgages, credit cards, investments, and
health insurance (Team, 2023) Financial literacy combines awareness,
knowledge, abilities, attitude, and behavior. A lack of financial knowledge
enables someone to make bad decisions without realizing it. It is in line with
the statement of Lusardi (2014) who highlighted that a lack of financial
knowledge and literacy will limit one's capacity for decision-making. A low level
of financial literacy may result in financial decisions that can have a negative
impact on personal financial circumstances.
This study is useful because it highlights the need of understanding
finances in order to make everyday decisions such as managing loans and
investments. Without financial literacy, people may make poor financial
decisions that have negative effects on their lives.
However, financial education can help people make better decisions
since it increases financial literacy. Better financial decision-making resulted
from greater financial literacy. Financial literacy plays a significant role in
developing the right financial behavior. It means that individuals may have
more success in managing their financial resources if they are financially
literate. Financial behavior is crucial for people because it enables them to be
accountable for their finances, develop for creating plans, effectively manage
their money and solve their financial difficulties (Cayangcang et. al., 2023).
Thus, financial literacy plays a major role in the lives of people,
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particularly the youth towards effective money management decisions. Taking
into consideration the fact that young individuals are a significant factor for the
development of the national economy, substantial improvement of young
people's financial literacy is essential. Young people with a high level of
financial literacy would be those who could make a greater contribution to the
state economy, so it is important to research the level of financial literacy
among young people. Some of the factors involved in the financial literacy of
the youth are their saving and spending habits which greatly affect their current
and future lives (Fernandez et al., 2021).
This study focuses on how financial literacy helps young people make
better money management decisions. Improving young people's financial skills
can boost the national economy. By understanding their saving and spending
habits, we can enhance their financial well-being and future prospects.
Financial Attitude
Villagonzalo and Mibato (2020) stated that positive financial attitude
begets wise decision-making on the part of the individuals to handle their
financial resources well, while unhealthy and poor financial attitudes toward
money lead individuals to poor financial decisions.
The individual intention is influenced by individual behavior and attitude.
If the individual considers that saving behavior is important and he or she has
positive attitude towards such behavior, it is more likely to increase the
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intention to act on saving (Khalid et al., 2019). Spending is heavily influenced
by the family system. Parents have a significant influence not only on their
children's money management attitudes, but also on their children's overall life
attitudes (Bona, 2018).
This research aligns with our study on saving behavior among
government employees by examining how personal attitudes towards money
influence financial decisions. Positive attitudes, like valuing saving, contribute
to better financial management.
Furthermore, Haque and Zulfiqar (2016) stated that financial attitude
deals with the ability to manage finances, the interest of the individual in
increasing financial knowledge, spending versus saving attitude and attitude
toward taking risk while making an investment.
Financial attitude affects financial well-being, as the financial attitude of
women resulted in better financial well-being. There are strong and positive
relationships that exist between the parameters of financial literacy. Financial
attitude can be defined as personal inclination towards financial matters. It is
an ability to plan ahead and maintain a savings account that matters.
This ties into our research by highlighting key aspects such as effective
financial management, the pursuit of financial knowledge, and attitudes
towards spending and saving. These factors significantly impact financial well-
being and can guide strategies to encourage positive financial behaviors.
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Self-efficacy
According to Sabri and Vosloo (2023), financial self-efficacy predicts
successful well-being outcomes, such as mental health, physical health, and
quality of life, financial self-efficacy is positively associated with positive
financial behaviors, such as investing and (retirement) saving. Some studies
also showed that financial self-efficacy is positively related to financial well-
being.
In line with the statements of Netemeyer et al. (2018), financial self-
efficacy is conceptualized as the confidence of an individual in his/her ability to
acquire information for making effective financial decisions.
This research is directly relevant to our present study because it
highlights the understanding that confidence in acquiring and using financial
information allows individuals to better assess and manage financial risks.
Government employees who feel capable of evaluating different savings
options are more likely to choose and maintain effective savings strategies.
The greater one's belief in one's financial capacity, the more favorable
future results accumulate (Bruggen et al., 2017). Moreover, financial self-
efficacy helps in avoiding adverse financial behavior, and consequently, the
financial anxiety accompanying that behavior. Therefore, financial self-efficacy
should have a positive association with financial well-being.
Additionally, Bruggen et al. (2017) have observed that increased
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financial literacy leads to financial self-efficacy, and that is an essential factor
for financial well-being. These authors identify financial self-efficacy as being
able to control one’s finance which reflects an individual’s skill and ability to
influence his or her financial matters. Thus, financial self-efficacy can be
understood as the confidence of an individual stemming from his or her
financial knowledge which eventually results in financial well-being. Therefore,
the greater one's belief in one's financial capacity, the more favorable future
results accumulate.
This study’s focus on the belief in one’s financial capabilities shows that
confidence in financial management reduces stress and impulsive behavior.
Government employees who are confident in their financial skills are better
positioned to prioritize long-term savings.
Correspondingly, Amatucci and Crawley (2014) proved that women
entrepreneurs were less confident than their male counterparts, and Fatoki and
Oni (2016) found that spaza-shop owners did not have sufficient financial self-
efficacy to manage some financial management functions. Self-efficacy can be
manifested through various elements of personal behavior, such as how well a
person perseveres in the face of adversity, whether they have an optimistic or
pessimistic attitude about their future, and whether they think in self-enhancing
or self-debilitating ways.
This research was closely relevant to our study as it highlights the
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importance of financial self-efficacy in personal behavior. High financial self-
efficacy equips employees to handle financial adversity effectively.
Financial Management Practice
According to Piñeda (2023), things like income, lifestyle, a person’s
psychology about money, priorities, and other aspects vary from one person to
the next and these significantly affect how each of us manages our finances.
Most of Filipino netizens (62.5%) follow a tight monthly budget for various
recurring expenses. Only about a quarter of the respondents (24.8%) shared
having a debt amounting to more than P20,000. 31.3% revealed having
investments through various financial instruments such as stocks, mutual
funds, and real estate.
The individuals’ ability to save plays a crucial role in managing their
finances and building their wealth. Financial management is a managerial
process which is concerned with the planning and control of financial
resources. Financial management was started as a separate subject of
study in the 20th century.
Our study "Saving Behavior Determinants of Local Government
Employees in Lemery, Batangas" is related to factors identified by Piñeda
(2023), such as income, lifestyle, and money attitudes, which significantly
influence financial management. Understanding that most Filipinos follow a
tight budget, with some having debts and others investing, helps us explore
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how these factors impact the saving behaviors of local government
employees.
In the initial years of its development, financial management was
concerned only with collection of funds for business. But according to the
modern viewpoint, not only collection of funds but also their proper
utilization are the basic functions of financial management. In present
times, financial management analyses all financial problems of a business
(P, 2022).
Our study aligns with the modern view of financial management, which
involves not just collecting funds but also their proper utilization. This
approach, as noted by P (2022), emphasizes analyzing all financial problems,
helping us understand how effective financial management influences the
saving behaviors of local government employees.
According to Banks (2018), some business owners begin their operation
with a wave of optimism and enthusiasm but without a well thought out budget
they find it is not possible to create a successful action plan. When running a
business, it is easy to get bogged down with day-to-day problems and miss the
bigger picture. Successful businesses allocate time to create and manage
budgets, prepare, and review business plans and regularly monitor their
financial situation and business performance. Financial management identifies
current available capital, provides an estimate of expenditure and anticipates
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incoming revenue.
Subsequently, the financial management services implemented by the
City Government of Cotabato based on the record from the Government
Services Office include centralized payment, collection and reporting services,
oversight of a daily cash flow, disbursement, issuance of tax refunds and other
payments, collection of annual payments to the government through financial
institutions, and collection of delinquent debts owed to the government.
Our study relates to the principles outlined by Banks (2018). Successful
financial management, including budgeting and monitoring finances, is crucial
for creating effective action plans and ensuring long-term success. This
approach helps us understand how these financial practices influence the
saving behaviors and financial well-being of local government employees.
Related Studies
Foreign Studies
Financial Knowledge
In the study entitled Financial Literacy, Investment and Savings
Decisions Among Government Institutions’ Workers in Mwanza, Tanzania, the
study focused on examining how financial literacy influences the savings and
investment decisions of government worker. The findings of this study revealed
that both financial attitude and financial knowledge were significant at a 5%
level and had an impact on making sound investment and savings decisions
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among government workers. The study also revealed that attitude and
knowledge are the determinants of savings and investment decisions of
government employees (Mbwambo et al., 2022).
Mbwambo et al., 2022 investigate how financial literacy influences
government workers' decisions to save and invest. It discovered that a positive
financial mindset and excellent financial knowledge had a substantial impact
on making sound financial decisions. This shows the importance of financial
education for government employees who want to make wise savings and
investment decisions.
Based on the study of Tang & Baker (2016), the economic impact of
deficiencies has received increasing attention in public policy arenas. In an
effort to seek remedy for individual financial behavior inefficiency, numerous
studies have investigated the determinants of individual financial decision-
making. Early economics literature tended to focus investigations on the link
between objective financial knowledge disseminated by financial education and
individual financial behavior.
Tang and Baker's (2016) study focus on how limits in financial literacy
effect individual financial habits as well as the economy. The study also
demonstrates how financial education can help people make better decisions
by offering objective financial information. This emphasizes the importance of
financial knowledge in creating positive financial behaviors and outcomes.
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Furthermore, in the study conducted by Harya et al., (2021) that aims to
determine whether financial attitude and financial knowledge partially and
simultaneously affect the interest in saving, it is found that the aforementioned
indicators have a positive and significant effect on the interest in saving.
Individuals require a greater degree of financial literacy to understand and
explore these sophisticated and emerging financial markets and products.
Consequently, financial literacy is found to influence individual saving
behavior. This could be due to their educational level too. The findings showed
a high level of financial illiteracy among the respondents. Besides, parents play
an important role in affecting their children in the conduct of saving.
Furthermore, peer influence can have a great impact on the saving behavior of
embassy staffs due to their close relationship other than parents. Lastly, no
one can affect another easily. In other words, self-control plays an important
role for staff to practice saving.
This study by Harya et al., (2021) is significant to our study since it
demonstrates that both financial attitude and financial knowledge have a major
effect on persons' interest in saving. It emphasizes the value of financial
literacy in encouraging saving habits.
Thus, financial literacy is the most important influencing factors to save
money. This study has positive social change implications in that it could lead
to improvement in the financial well-being of employees as well as the nation’s
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economy. Therefore, to enhance knowledge of the advantages of saving,
financial institutions like banks should do activities to encourage of financial
literacy (Naing, 2019).
In the study entitled by Nay Min Aye (2018), financial literacy of
individuals is an important ingredient for economic development of the country
through their informed financial decisions like savings which can trigger the
investments for the corporations. Thus, the study found that there is a
significant positive relationship between financial literacy and individual saving
behavior among the staff. Also, the finding addresses the financial literacy
training program on individual saving for employees in the universities.
Both studies likely connect financial knowledge with saving behavior
since knowing around accounts makes a difference individuals make superior
choices with their cash. When individuals get it how to manage cash, they are
more likely to spare and contribute wisely. This may lead to more investment
funds, which in turn can be utilized for investments, boosting the economy.
Based on the study of Greeman (2017), savings are a critical
component in financial management. A variety of social psychological factors
underlie financial saving practices, impacting asset accrual. Using an
experimental design, this study examined the impact exposure to an
incremental financial saving orientation, future financial-self, and basic financial
literacy training have on the transtheoretical level of saving behavior and intent
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to save. Future financial-self intervention exposes individuals to how they can
become more cognizant of their future financial self and plan accordingly.
The study by Greeman (2017) is related to the study on saving behavior
determinants of local government units in terms of financial knowledge
because both explore factors that influence saving behavior. Greeman’s study
highlights the importance of financial literacy and future planning, which are
crucial for making informed financial decisions.
In addition, in the study entitled, the effects of perceived and actual
financial knowledge on regular personal savings: Case of Vietnam, the results
showed that perceived and actual financial literacy have separate effects on
regular personal saving. Particularly, actual financial knowledge has a
statistically significant positive relationship with regular personal saving.
However, perceived financial knowledge and financial risk tolerance factor are
not statistically significant with regular personal saving (Nguyen et al., 2017).
This study is actual financial literacy over perceived information in
affecting saving behavior. Understanding that genuine monetary information
positively impacts standard individual saving can direct local government units
to focus on upgrading the genuine budgetary proficiency of their workers. By
doing so, they can move forward the saving behaviors of their staff, driving to
better monetary stability and asset administration inside the local government.
Financial Attitude
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According to Hailu (2023) in the study entitled Factors Affecting the
Attitude of Government Employees towards Monetary Saving, the study
analyzes monetary saving factors that are mostly affecting the attitude of
government employees towards monetary saving. Almost above half percent of
the participants of the study did not know how much of their money spent and
for what purposes. Above half of the subjects of the study announce their
monthly income to their partners but they did not discuss and plan how to use it
consistently. Only 35% of them are saving at least 10% of their monthly salary.
Moreover, most of them do not feel saving is their usual part of life. The
respondents also perceived that saving is essential for reaching goals. From
this it was concluded that despite the knowledge and information they have,
only 35% participants of the study can still save 10% of their monthly salary.
This study about factors affecting the attitude of government employees
towards monetary saving is highly relevant to our research on saving behavior
determinants among government employees. It reveals critical insights into the
current saving habits and attitudes among government workers.
Accordingly, the study entitled Financial Attitude and Spiritual
Intelligence as Predictors of Financial Management Behavior in Employees by
Amri et al. (2023), the results showed that financial attitude and spiritual
intelligence have a positive and significant effect on financial management
behavior. This shows that if the employees of the center have a high financial
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attitude, the level of financial management is also high and is getting better.
This study on financial attitude and spiritual intelligence influencing
financial management behavior is directly related to our research. It highlights
that having a positive financial attitude, such as responsible financial decision-
making and effective management of finances, leads to better financial
management behaviors among employees.
Furthermore, a study conducted by Syarif et al. (2022) found that
financial attitude and financial knowledge are important factors that influence
personal financial management behavior. While personal income does not
affect personal financial management behavior. However, these indicators
remain important in improving personal financial management behavior,
especially by paying attention to indicators of financial attitude, financial
knowledge and personal income. Financial attitude has a positive effect on
personal financial management behavior. To improve personal financial
management behavior, one can monitor spending in financial attitude because
this has proven to be significant. It was found that financial attitude and
financial knowledge have a positive and significant effect on personal financial
management behavior.
The study you mentioned by Syarif et al. (2022) emphasizes the
importance of financial attitude and financial knowledge in influencing how
people manage their personal finances. It suggests that these factors are more
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critical than personal income when it comes to improving financial
management behaviors.
Additionally, the study entitled The Influence of Financial Attitude,
Financial Behavior, and Self-Belief towards Financial Vulnerability among
Public Employees indicated that employees with good financial behaviors such
as investing and budgeting are less likely to indulge in risky credit card conduct
and less susceptible to compulsive purchases, thus significantly reducing the
financial risk leading to financial vulnerability. Therefore, organizing financial
management programs geared towards directly improving the employee’s well-
being is highly recommended to strengthen their positive financial behavior
(Magli et al., 2020).
According to the results of the study by Kamini et al. (2019), the three
main factors, namely financial knowledge, financial behavior and financial
attitude were recognized as very important factors to examine financial literacy.
The outcome of the research work explains that financial attitude of working
women is highly associated with financial literacy level. It concluded that
financial education is not the only determinant to examine financial literacy, but
financial attitude and behavior are also important and have positive impact on
financial literacy of women. The findings also revealed that financial attitude
and financial behavior have strong association with financial literacy of working
women than financial knowledge.
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This research highlights the importance of understanding employees'
financial attitudes and behaviors in promoting effective saving habits. Like the
working women in the study, government employees' financial literacy and
saving practices are influenced by their financial attitudes and habits. Our
study can explore how these factors interact to encourage better saving
behaviors among government employees.
Financial self-efficacy
According to the study of Hatta et al. (2024), there is a positive
relationship between the availability of heuristics and financial efficacy partially
influencing performance, then financial self-efficacy influencing investment
decisions; financial self-efficacy influences small and medium enterprises
(SME's) performance. The implications of this research show that SMEs need
to have a good strategy to be able to gain profits from an investment.
The study mentioned by Hatta et al. was closely relevant to our present
study. Just as SMEs need good strategies to gain profits, local government
employees with high financial self-efficacy tend to develop sound financial
strategies.
The study about savings behavior of bottom income group investigates
financial self-efficacy by applying psychometric instruments, risk preference
and demography characteristics towards saving decision behavior. The results
showed that financial self-efficacy is one of the critical factors that explain
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individual saving decision behavior. Also, risk preference, gender, and area
(rural or urban) determine the saving decision behavior (Muhamad & Zamri,
2021).
In the study about saving behavior of bottom income group also relevant
to our study, for instance, female employees with high financial self-efficacy
might show different saving patterns compared to their male counterparts due
to varying financial goals and responsibilities.
In accordance with the study of Ali & Marwat (2021), it was indicated
that financial literacy is positively associated with saving behavior. It is also
observed that financial literacy positively impacts self-efficacy and increases an
individual’s confidence in taking financial decisions. In line with social cognitive
theory, results of the study showed that self-efficacy positively affects saving
behavior. It is also found that self-efficacy mediates the link between financial
literacy and saving behavior.
The study mentioned above was directly related to our study because it
emphasizes that financial self-efficacy, bolstered by financial literacy,
enhances government employees' ability to make informed financial decisions,
manage risks, utilize available resources, and maintain disciplined saving
practices.
Dew (2008) in his study entitled Personal Financial Management
Practices of Young Married Couples stated that married couples are likely to
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pool their income and savings; whereas cohabiting couples keep it separate.
This study entitled the personal financial management practices of young
married couples, after marriage, couples usually show less risky behaviors,
strive to spend their money wisely and increase their financial well-being Thus,
an individual’s relationship with finances changes extensively after marriage.
The study of Dew (2008) was relevant to our study as it highlights
personal management practices. Government employees who are married
may become more conservative in their financial decisions, prioritizing saving
and investing for future security.
The study entitled Financial Self-Efficacy and Retirement Preparation
found that both income and the FSE latent variable had significant positive
relationships with retirement preparation. Financial planners should not
assume that higher income alone will prompt saving for retirement. Instead,
clients would benefit from a financial planner’s effort to enhance the client’s
FSE. Fostering FSE in clients can be an indirect avenue to enhance retirement
preparation (Sturr et al., 2021).
This research was relevant to the present study because it highlights
that financial self-efficacy positively influences retirement preparation. For
government employees, increasing their financial self-efficacy can lead to
better retirement planning and saving behaviors, ensuring they are adequately
prepared for their post-employment years.
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According to the study of Palmer et al. (2021), it showed that general
self-regulation and financial self-efficacy were positively associated with
financial management behaviors and that general self-regulation was indirectly
associated with financial management behaviors through financial self-efficacy.
Implications of this study suggest that by coupling financial education,
counseling, and coaching interventions with broad-based self-regulation
programming, such as mindfulness or relationship training, clients will realize
more significant improvements in financial management behaviors.
The study mentioned by Palmer et al. is directly relevant to the present
study because it emphasizes general self-regulation skills, which include the
ability to control impulses, manage stress, and set goals, directly impact
financial behaviors.
In the study of Anvari-Clark & Ansong (2022) entitled Meaning of
Financial Well-Being Changes with Age, middle-aged and older consumers
benefit from tools and programs that allow them to plan and save for the
freedom to choose whatever purchases or activities are appropriate for their
life stage. They may benefit from saving and investing products that are
tailored for specific goals, such as a child’s education or funeral fund. These
institutions can assist all consumers in developing confidence in their financial
knowledge and taking deliberate action to secure financial well-being.
The findings are closely aligned with our study on the saving behavior of
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government employees, suggesting that middle-aged and older workers may
have specific financial goals, such as funding education or preparing for
retirement. Tailored programs, like retirement savings plans and pension
funds, could help them achieve these objectives.
Financial Management Practices
In the study entitled Factors Affecting to Personal Financial
Management Behaviors of Government Employees in Sri Lanka, effective
financial management behavior should improve financial well-being positively
and failure to manage personal finances can lead to serious long term,
negative social and societal consequences. Thus, financial management is
mainly concerned with effective fund management. A number of research has
proved that financial attitudes as an important factor determining a person’s
financial behaviors. Financial attitudes shape the way people spend, save,
hoard, and waste money (Senadheera, 2020).
Our study aligns with Senadheera's (2020) findings that effective
financial management and attitudes significantly impact financial well-being.
Understanding these attitudes helps us explore how local government
employees manage their money, including their saving behaviors.
In the study conducted by Amad et al. (2014), one factor that affects the
sales and profitability of the business in an inverse way is the aggressiveness
of the firm in terms of investment decision which also has a positive risk on
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how sales and profit varies. As for individuals, people need money to allocate
their day-to-day household obligations. Evidence available demonstrates that
financial management behaviors of households do not only foster cohesion
and mutuality within the household but also influence their savings and
investment behaviors (Krah et al., 2014).
Furthermore, Krah et al. (2014) used four (4) financial practices within
the household to explore the pattern of financial management practices and
these include cash-flow management, credit management, savings, and
investments. Financial management is also an essential practice that assists
people to save for a better tomorrow and serves as emergency fund during
rainy days.
Our study is related to findings by Krah et al. (2014), which show that
effective financial management in households fosters cohesion and influences
savings and investment behaviors. Understanding these behaviors helps us
explore how local government employees manage their finances and savings.
In accordance with the statement of Umeora et. al (2019), people's
socioeconomic standing shapes their expectations and influences their housing
decisions, based in their average monthly incomes, which affects their degree
of satisfaction. Interest in residents' satisfaction studies has grown mostly as a
result of increased consumer protection knowledge over the years;
consequently, housing interests have switched from production to marketing,
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and subsequently to adapting housing output to residents' needs.
Ng et al. (2013) stated in their study that there are two opposing
theoretical viewpoints on how work longevity may influence job performance.
According to human capital theory, as knowledge and skill rise over time, so
will work performance. In contrast, research on job design indicates that as job
tenure increases, individuals are more likely to get bored and unmotivated at
work. As a result, advantages from human capital acquisition may be
countered by loss of motivation.
These insights are relevant to our study on the saving behavior
determinants of local government employees, as they shed light on the
possible impact of job longevity on saving habits and financial decisions.
According to Njeja (2014). financial management is a managerial activity
that is concerned with the planning and controlling of a firm’s financial
resources. The resources considered here include assets both tangible and
intangible assets. As individuals become literate, they increase their financial
sophistication, and it is assumed that this also means that an individual has
become more competent. The financial management system underpins good
government. It does so by ensuring that internal and external environments
can understand and control how well an agency plans for and implement good
financial management.
This insight is relevant to our study on the saving behavior determinants
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of local government employees, as it emphasizes the importance of financial
expertise and management in achieving good financial outcomes within an
organization.
Local Studies
Financial Knowledge
In the study entitled Financial Literacy and Financial Well-Being of
Public Health Nurses in a First Class Province in the Philippines, financial
decisions have short-and long-term consequences; thus, financial literacy
plays an important role. More so, solid personal financial literacy is a building
block of one’s financial well-being. The ratings in terms of financial knowledge
that older nurses with higher monthly income and with two or more dependents
have a very high level of financial knowledge indicate that as the individual
grows older, he tends to learn from previous financial mistakes, and as income
rises, the individual is motivated to acquire more financial knowledge and with
two or more dependents, the higher sense of responsibility in terms savings,
budgeting management, investments, and loans or debts.
Understanding financial concepts, budget, and debt management goes
a long way to help and improve nurses’ financial security in the present and
future. Also, being cognizant of the value of having savings, the benefit of
insurance, and understanding the need for various investments will strengthen
the nurses’ financial resilience in times of economic downturn (Gerzon et al.,
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2023).
The study by Gerzon et al. (2023) on nurses’ financial security is
relevant in local government units, both emphasize the crucial role of financial
literacy in achieving financial stability and resilience. Understanding financial
concepts, budgeting, and debt management helps individuals make informed
decisions, which is important for both nurses and local government employees.
A study on Financial Literacy and Financial Behavior of Young
Professionals in Metro Manila by Cabauatan et al. (2022) emphasized that
nowadays, finance is necessary, especially in occasions where progressively
complex financial products are easily accessible knowledge, skill, attitude, and
behavior to make financial decisions in their interests, short and long term at its
best. It was then concluded that financial literacy has a significant influence on
financial development and financial well-being. Moreover, capability and
utilization of money are two determinants that influence financial literacy of
young professionals. Financial literacy has been considered a life skill
necessary for making sound financial decisions. Yet numerous studies around
the globe have documented low levels of financial knowledge among different
populations and socio-demographic groups.
Financial literacy makes a difference individuals make great monetary
choices both presently and within the future. The think about highlights that
being capable with cash and utilizing it admirably are key variables in money-
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related education. It also focuses out that many individuals around the world
still need financial knowledge, making monetary instruction significant. By
Cabauatan et al. (2022) interfaces to monetary information since it appears
how critical understanding finance is in today's world, where complex
budgetary items are common.
Correspondingly, a study entitled An Analysis of the Knowledge
Dimension of Financial Literacy among Basic Education Teachers in Southern
Antique, Philippines showed and identified aggregate variances in financial
knowledge scores and underscored vulnerabilities within the population.
Therefore, in terms of targeting, financial education programs must explicitly
focus on demographic groups with low average scores. These are the teachers
with low family income, those without graduate education, with few or no
dependents, and those teaching at elementary level (Panaguiton, 2022).
It shows the differences in financial understanding among teachers. It
demonstrates that teachers with lower income, less education, and fewer
dependents often have lower financial literacy. This suggests that financial
education programs should target these specific groups to improve their
financial skills. Addressing these gaps can help these teachers make better
financial decisions and improve their financial well-being.
Moreover, in accordance with the study of Galapon and Bool (2022), it
was found that most of the teachers generally experience moderate financial
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security rather than financial stress. They were assessed with excellent scores
on their financial literacy, and most were found to have good financial behavior.
It was determined that their financial behavior affected their financial well-
being. On the other hand, their financial literacy did not significantly affect their
financial well-being. Hence, this study recommends that a financial wellness
program tailored for the respondents should focus more on behavior-changing
financial coaching rather than financial concepts learning.
According to study of Casingao and Ancho (2021), the results showed
that the majority of the public-school teachers are struggling financially. That
results in a controlled and limited financial lifestyle. Moreover, teachers
unconsciously practice informal debt, which causes uncontrolled debt. Without
proper knowledge and education to financial literacy, borrowing money
becomes a lifestyle of every teacher in the country.
The study by Casingao and Ancho (2021) is related to the thinking
about saving behavior determinants of local government units because it
highlights how a lack of financial literacy leads to poor budgetary habits and
struggles.
Financial Attitude
In the study entitled Factors Affecting Financial Well-being of Filipino
Basic Education Teachers by Manalo et al. (2023), it was revealed that
teachers have a high level of financial literacy, attitude, behavior, and well-
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being. Structural equation modeling showed that financial literacy is
significantly related to both financial behavior and financial well-being, while
financial attitude is significantly related only to financial behavior but not to
financial well-being. The study also revealed that financial behavior has the
strongest effect on teachers' financial well-being, which also played a
significant mediating role in the relationship of financial literacy and financial
attitude to financial wellbeing.
The study provides valuable insights into the impact of financial literacy
and behavior on financial well-being. Similar to teachers, the saving behaviors
and financial well-being of local government employees are likely influenced by
their financial literacy and how they apply their financial knowledge.
A study entitled Predictors of Financial Management Behavior of Public
Secondary School Teachers in a Municipality of Davao de Oro by Remis
(2023) revealed that financial knowledge was evident, financial attitude and
financial management behavior were favorable, while the locus of control was
manifested. The results showed that the majority of the public-school teachers
are struggling financially. That results in a controlled and limited financial
lifestyle. Without proper knowledge and education to financial literacy,
borrowing money becomes a lifestyle of every teacher in the country.
This study is related to our study because Remis' (2023) research on
public school teachers' financial management behaviors highlights the
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importance of financial knowledge and attitudes. It shows that poor financial
literacy leads to financial struggles, underscoring the need for financial
education to improve saving behaviors among local government employees in
Lemery, Batangas.
In line with the findings of the study conducted by Co and Centeno
(2023), encouraging financial behaviors depends primarily on how Filipinos
think about the ability and controllability to save. The attitude towards the gains
of proper financial management such as those manifested in banking
behavioral intentions can be directed towards the benefit frame. These findings
also have substantial implications on public policy and private companies in
enabling Filipinos to be more favorable in their financial behaviors. For policy
makers such as the BSP, programs enabled, and the strategies employed
should deeply understand individuals in their attitudes, social norms and
perceived behavioral control.
A study entitled financial attitude towards budgeting, saving, borrowing,
and investing among students of a private higher education institution revealed
that students had favorable attitude towards budgeting, saving, borrowing, and
investing but the t-test computations revealed that a significant difference was
noted when respondents were grouped according to sex (Encio et al., 2022).
This study is related to our study because Encio et al.'s (2022) research
on students' financial attitudes toward budgeting, saving, borrowing, and
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investing highlights the significant differences based on sex. Understanding
these variations can inform our investigation of saving behavior determinants
among local government employees in Lemery, Batangas, emphasizing the
role of demographic factors in financial attitudes and practices.
In addition, according to the study of Villagonzalo and Mibato (2020), it
was presumed that there are factors that affect the individuals’ financial
attitude; however, said presumptions had been proven otherwise because age,
sex, civil status, educational attainment, family income, and location of
residents do not influence their financial attitudes. Regardless of
demographics, all need to have the right attitude towards handling financial
resources. The areas of financial attitudes, such as financial discipline,
financial planning, and financial implementation, are not dependent on the
demographics of the individuals. Findings were used for a financial literacy
program that seeks to improve the financial attitude and financial management
of the said teachers.
This finding supports our focus on understanding the intrinsic factors
influencing saving behaviors among local government employees in Lemery,
Batangas, highlighting the importance of cultivating the right financial attitudes
through financial literacy programs.
Financial self-efficacy
The study entitled, The Mediating Effect of Financial Self-Efficacy on
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Financial Behavior and Financial Well-Being of College Students in Region XI
found that significant direct effects exist in the paths between financial behavior
& financial well-being, financial behavior & financial self-efficacy, and financial
self-efficacy & financial well-being. Moreover, financial self-efficacy was found
to partially mediate the relationship between financial behavior and financial
well-being of college students (Nacua et al., 2024).
The relevance of this research lies in its finding that financial self-
efficacy mediates the relationship between financial behavior and well-being, a
concept that also applies to local government employees.
Moreover, according to the study conducted by Sandico et al. (2023),
the findings revealed that DepEd teachers showed moderate levels of FSE and
FWB, and high level of FMB. Moreover, it was found that significant direct
effects exist to each path in the hypothesized mediation model, as well as
significant indirect and total effects. Thus, the teachers’ FSE partially mediated
the relationship between FMB and FWB.
Accordingly, the study entitled Recreating Financial Literacy of Private
Secondary School Teachers, examined the personal financial activities of
private secondary school teachers in selected municipalities of the 4th
congressional district of Quezon in the Philippines. The theories of human
capital, self-efficacy, goal setting, and financial literacy modelled this study.
The majority of respondents are female-married, young professionals teaching
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either English or Social Sciences holding a permanent position as Teacher I
with less than five years of service. An increase in saving found an association
in the field of specialization (Pinawin, 2022).
Both was directly relevant to the present study as it emphasizes the
importance of clear financial goals and understanding financial concepts.
Government employees can improve their saving behavior by setting specific
financial goals and enhancing their financial literacy, similar to the teachers in
the study.
Additionally, the study entitled Financial Self-Efficacy and Motivation
among Young Entrepreneur was conducted to determine which domain of
financial self-efficacy best predicts motivation of young professionals in Davao
City, Philippines. Moreover, there is a significant relationship between financial
self-efficacy and motivation of young professionals. Furthermore, the selection
process as domain of financial self-efficacy best predicts motivation of young
professionals (Ciocon, 2019).
This research is closely related to our study as it explores the link
between financial self-efficacy and motivation among young entrepreneurs,
offering insights that could enhance the saving behavior of government
employees.
Financial Management Practices
In the study entitled Employees’ Financial Management Practices of a
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Private University in The New Normal, it was emphasized that good financial
management practices are very important for the growth and performance of
every organization. Financial management is distinct for every individual. For
some, it means earning money from work, taking control of it, and adequately
sustaining the standard of living. While for others, it is allotting a portion of
earnings for saving to become secure in the future in times of uncertainties.
Thus, it is a practice that concerns every individual who can earn and take
control of his or her earnings (Manuel, 2022).
This aligns with our study on the "saving behavior determinants of local
government employees," as it underscores the role of financial management
practices in individual financial stability and long-term security.
Financial Management is one of the critical areas of business and one
of the common causes of business failure. Lack of proper management of
finances can hamper and lead to the poor financial performance of the
business. In the study entitled The Effects of Business Management Practices
on Financial Performance: Evidence from Freight Forwarders in the Philippines
by Matias (2021), it was highlighted that the primary goals of a business are to
maximize profit and growth, and highly efficient financial resource management
has a significant impact on firm profitability and sales growth. Working capital
and its impact on profitability are two areas of finance that should be
investigated.
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This aligns with our research on the determinants of saving behavior
among local government employees, as it underscores the significance of
managing finances effectively to achieve financial stability and long-term
security.
Empirically, there are significant and positive effects when the inventory
conversion period is evaluated in terms of the profit margin of the business
(Samilogl & Akgün, 2016). Furthermore, effective working capital management
has a significant effect on the profitability of the business, and it will not create
any liquidity problem.
This study by Samiloglu and Akgün (2016) highlights how managing
inventory and working capital effectively can positively impact a business's
profitability. By understanding how these factors affect profit margins and
liquidity, local government employees can apply similar principles to improve
their saving behavior and financial stability.
Subsequently, profile variables were significantly correlated with
financial management practices. Age, number of years in service, employment
status, monthly income, and other sources of income were significantly
associated with money management practices. Similarly, a number of years in
service were correlated considerably with savings management practices.
Finally, age, employment status, and other sources of income were
significantly associated with investment management practices. Further, there
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is a significant difference in the respondents' assessment in all indicators of
financial management practices (Castillo et al., 2021).
The study by Castillo et al. (2021) found that profile variables such as
age, years of service, employment status, income level, and additional income
sources were linked to financial management practices among local
government employees. Specifically, age, years of service, and alternative
income sources were notably related to savings and investment management
practices.
Foreign Synthesis
The above collection of the researchers in foreign literature provided
information that was relevant and had similarities to this research study, titled
“Saving Behavior Determinants of Government Employees in Lemery,
Batangas."
In the study titled "Factors Affecting the Attitude of Government
Employees towards Monetary Saving," which was provided by Hailu (2023),
the study examined the factors related to monetary saving that have the
greatest impact on government employees' attitudes toward saving money.
Specifically, the study aims to determine the relationship between income,
consumption, interest rate, current investment level, and inflation.
Financial issues are becoming more common among young adults.
They have to make difficult financial decisions at a young age due to their lack
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of financial experience, especially when they are just starting their jobs. This
has a direct bearing on the study because the researcher also wants to find out
how respondents' demographic profiles and the saving behaviors of
government employees correlate.
The study conducted by the researchers differs from comparable
studies as it used distinct variables under saving behavior, different regions,
and different respondents. Rather, the literature mentioned above has a
significant impact on the current study.
Local Synthesis
The researchers’ gathering of local literature supplied relevant and
related material to this research study, titled "Saving Behavior Determinants of
Government Employees in Lemery, Batangas."
In a study titled "Determinants of Saving Behavior of Working
Professionals: An Intergenerational Perspective," conducted in 2023, Bayona
found that the majority of working professionals save money, enabling them to
have cash on hand in an emergency. The study demonstrated that various
generations have distinct goals in mind when it comes to saving. According to
the report, the focus of financial educators should be on enhancing the
financial literacy of individuals of all ages and motivating them to save
responsibly.
According to Casingao and Inero’s (2021) study, the majority of public-
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school teachers have financial difficulties. As a result, one's financial lifestyle is
controlled and limited. Borrowing money has become a way of life for every
teacher in the country due to a lack of financial literacy, understanding and
instruction. This study is pertinent to the current study since the proponents
want to know what kind of program they may suggest educating government
employees about saving.
Nevertheless, the researchers’ study is not a replication of any similar
studies since it differed in another way; the researchers employed other factors
for saving behavior, different locales, and different respondents. Instead, the
aforementioned literature contributed a significant contribution to the current
investigation.
Chapter III
RESEARCH METHODOLOGY
This chapter provides a discussion on the methods that the researchers
used in gathering data. This represents all detailed information about the
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methodological choice and research design process of the researchers. This
chapter includes the research environment, research design, respondents of
the study, data gathering instruments, data gathering procedure and statistical
treatment of data.
Research Environment
The locale of the study is the Municipal Hall of Lemery, Batangas. The
Municipal Hall of Lemery is a magnificent structure that serves as the seat of
local government in the town. Located in Batangas province in the Philippines,
it stands in the center of Lemery, a vibrant and bustling town. The building
houses various government offices and departments and serves as a hub for
administrative and civic functions, ensuring the smooth governance of the
municipality. The Municipal Hall of Lemery is not only a functional government
institution but also a symbol of pride and identity for the local community.
The distance between the Municipal Hall of Lemery and Taal Volcano
varies depending on the specific route taken, but it is approximately 14
kilometers. The Municipal Hall of Lemery serves as a gateway to Taal Volcano,
offering visitors a starting point to explore and appreciate the natural beauty
and cultural significance of this iconic Philippine landmark.
Research Design
The study used a quantitative type of research. Quantitative research is
the process of collecting and analyzing numerical data. It can be used to find
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patterns and averages, make predictions, test causal relationships, and
generalize results to wider populations (Bhandari, 2023). The researchers
utilized this method to gather more reliable information and to come up with
more precise conclusions that would be helpful in the study.
Furthermore, the researchers used a descriptive research method to
determine the Saving Behavior Determinants of Local Government Employees
in Lemery, Batangas. Descriptive research method is a purposive process of
data gathering, classifying, analyzing and tabulating the data that can help in
every quantitative research. This design allows the researchers to obtain a
comprehensive understanding of the saving habits and other relevant factors
that influence the behavior of government employees in terms of saving.
In addition, comparative research design is a methodology that involves
analyzing different variables or cases to identify similarities and differences
among them. By comparing the saving behaviors of local government units in
Lemery, individuals can identify similarities and differences that may help them
understand the factors that contribute to saving behavior.
Respondents of the Study
The researchers have come up to conduct their survey with government
employees, particularly the local governments units with the total number of
674 employees. A local government unit is suitable for studying saving
behavior because it serves as an important governing body that directly
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impacts the lives of its employees. Local government employees often play a
significant role in personnel management, including salary structure, benefits,
and other financial considerations.
As such, they have the ability to influence saving behavior among their
employees through policies, incentives, and programs related to financial
management and savings. This can help inform the development of targeted
strategies and interventions to promote better saving habits among this specific
group, ultimately leading to improved financial well-being and stability. To
determine the sample size, the researchers used Raosoft calculator with 5%
margin of error and 95% level of confidence and they came up with a total of
245 respondents.
Data Gathering Instrument
The main instrument used by the researchers in this study was self-
made questionnaire checklist to gather the needed data for the respondents’
profiles. The draft of the questionnaire was based on professional-related
literature researchers' readings, previous studies, and published and
unpublished journals. The researchers utilized a closed-ended questionnaire
where the respondents had different options for answering each question. In
the end, the questionnaire prepared by the researchers was validated by the
chosen industry experts and advisers before being distributed.
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Construction of Questionnaire. The questionnaire used in this study is
self-made questionnaire. The researchers used the questionnaire in the study
entitled Saving Behavior Determinants in Malaysia: An empirical study by
Ismail et al. (2019) as reference. It is a closed-ended questionnaire; therefore,
the respondents have different options for answering the questions. The first
part contains the respondents’ profiles, while the second part of the question
consists of composing a statement with a corresponding scale that assess the
saving behavior determinants of local government employees in Lemery,
Batangas.
Validation of Questionnaire. Through the help of the adviser and two
industry experts who are master’s in business administration and Licensed
Professional Teachers in the field of financial management and a financial
advisor in Sun Life of Canada, and a licensed financial advisor in Manulife
Palanas, Lemery, Batangas, the questionnaire was validated before its
dissemination.
Administration & Retrieval of Questionnaire. Once the questionnaire
was validated by the adviser, the researchers distributed it to the respondents.
They anticipated that retrieving the completed questionnaires would require
three days. They collected the completed questionnaires in person, ensuring
all responses were fully answered. The researchers assured that all participant
responses would be utilized solely for research purposes and kept confidential.
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Scoring of Responses. To determine how the respondents rate the
saving behavior and to gather the result, the researchers utilized the Likert
Scale System. Here are the following criteria: 5-Always with a scale range of
4.20-5.00, 4-Often with a scale range of 3.40-4.19, 3-Sometimes with a scale
range of 2.60-3.39, 2-Rarely with a scale range of 1.80-2.59, 1-Never with a
scale range of 1.00-1.79.
Data Gathering Procedure
The researchers constructed a questionnaire and submitted it to the
advisers and industry experts. Subsequently, the researchers submitted a
request letter to the registration office to get a list of the total number of Local
Government Unit (LGU) employees in Lemery, Batangas. Through the help of
the adviser and the industry experts, the questionnaires were validated before
the distribution.
After validating the questionnaire, the researchers provided a letter of
request to give the consent of the respondents to answer the questionnaire.
Upon the approval of the respondents, the questionnaires were disseminated.
It took a couple of days to collect and complete all the survey questionnaires.
After answering the questionnaires, the researchers directly recorded
the information and proceeded to the interpretation of the collected data and
information. The researchers tallied, tabulated, analyzed, and interpreted all
the relevant and necessary data gathered. All the answers provided would be
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used for research purposes only and would be treated with confidentiality.
Ethical Considerations in Research
Informed Consent. Prior to the start of the dissemination of
questionnaires, the researchers obtained consent from the subjects.
Respondents are free to stop answering questions at any time before, during,
or after their involvement in this study.
Voluntary Participation. The research participants are never subjected
to any form of pressure or coercion in order to participate.
Confidentiality. The researchers of the study ensured that any
information or data provided, including their name and address, were kept
confidential.
Reliability. For the reliability of the questionnaire, the students
conducted pilot testing to evaluate if the questionnaire was reliable or not. So,
the proponents of the study look for 30 respondents to conduct their pilot
testing or dry run in Municipality of Agoncillo, Batangas. The composite
reliability and Cronbach’s alpha value are greater than 0.7 which indicate that
the variables are valid.
Statistical Treatment of Data
The data collected through survey were tallied by the researchers to
quickly assess the overall number of responses for each item. The gathered
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information was then analyzed and interpreted using statistical software such
as Microsoft Office Excel and IBM-SPSS. The following test statistics were
used:
Frequency and Percentages. This was used to determine the
frequency of profile of the respondents in terms of age, sex, average monthly
income, highest educational attainment, length of service, tenure of
employment, and family size.
Mean. This was utilized to quantify the average value of a dataset,
serving as the pivotal point for analysis and interpretation.
Composite Mean. This was used to determine the spending behavior in
terms of financial knowledge, financial self-efficacy, financial attitude and
financial management practice.
T-test. This was utilized to compare the means of two groups and
determine is the observed differences were statistically significant.
Analysis of Variance (Anova). This was used to determine if there is a
significant difference between the profile of the respondents and their saving
behavior.
Chapter IV
PRESENTATION, INTERPRETATION, AND ANAYSIS OF DATA
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This chapter covers the presentation, analysis, and interpretation of data
gathered by the researchers through the use of survey questionnaire. It
included the results of the statistics, the analysis, and the interpretation of the
findings, which were presented in tables.
4.1 Profile of the Respondents
The personal and background information included the following sub
variables: the age, gender, civil status, highest educational attainment, average
monthly income, length of service, tenure of employment, and family size.
4.1.1 Age
Table 4.1.1
Age Frequency Percentage
Below 21 3 1.22
21-30 67 27.35
31-40 86 35.10
41-50 58 23.67
Above 50 31 12.65
Total 245 100.00
Distribution of Respondents in terms of Age
Table 4.1.1 shows the age distribution of the respondents, with the
highest percentage being 31-40 years old (35.10 percent), followed by 21-30
years old (27.35 percent). It was then succeeded by the respondents who
belong to the age bracket of 41 to 50 years old (23.67 percent), followed by
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above 50 years old (12.65 percent) and lastly are the respondents from the
age range of below 21 years old (1.22 percent). Therefore, most of the
employees of the Municipality Hall of Lemery are in the age bracket of 31 to 40
years old.
Henceforth, the researchers concluded that based on the respondents’
answers, the age and the position in the life cycle are great determinants of
how individuals choose to save. Granted, the subjects in the age group of 31 to
40 years old tend to have the greatest propensity to save. This is because they
tend to think about families before spending and are mindful about spending in
the case of emergency. In addition, as a person gets older, they are also more
responsible for their finances.
This finding is closely related to the study of Anvari-Clark & Ansong
(2022), in the study entitled, Meaning of Financial Well-Being Changes with
Age, middle-aged and older consumers benefit from tools and programs that
allow them to plan and save for the freedom to choose whatever purchases or
activities are appropriate for their life stage. They may benefit from saving and
investing in products that are tailored for specific goals, such as a child’s
education or funeral fund. These institutions can assist all consumers in
developing confidence in their financial knowledge and taking deliberate action
to secure financial well-being.
4.1.2 Sex
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Table 4.1.2
Gender Frequency Percentage
Male 112 45.71
Female 133 54.29
Total 245 100.00
Distribution of Respondents in terms of Sex
Table 4.1.2 presents the gender of the respondents. Female
respondents have the highest response rate with 54.29 percent, while male
respondents have the lowest response rate with a percentage of 45.71. As a
result, the table revealed that females made up the majority of the respondents
among Local Government Unit of Lemery.
The researchers found that gender can also affect saving behavior. The
existence of sex differences results in different levels of managing money. It
was revealed that females are most likely to have learned about saving
behavior. Female subjects tend to have greater saving behaviors, saving types
and purposes of savings. Given the information that women are the decision
makers in major spending activities in families as major part of income is spent
in household activities.
The present study is related to the study of Nyhus (2022) in his study
entitled, Study of Determinants of Spending and Saving Behaviors of Non-
Working Women, the precautionary saving motive is the most important saving
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motive. He also suggested that women regarded saving as more important
than men, with an overall higher level of reported importance of the different
saving motives than men. If women are believed to be more impatient than
men, it is expected to find that women will be saving more by paying down debt
than what men does.
4.1.3 Civil Status
Table 4.1.3
Distribution of Respondents in terms of Civil Status
Civil Status Frequency Percentage
Single 88 35.92
Married 138 56.33
Divorced 4 1.63
Separated 6 2.45
Widowed 9 3.67
Total 245 100.00
Table 4.1.3 exhibits the respondents’ civil status. This shows that
employees with married status have the highest percentage of responses with
56.33 percent, followed by single status with a percentage of 35.92.
Subsequently, it is preceded by the respondents with widowed status which
corresponds to 3.67 percent, succeeded by employees with separated status
that is equivalent to 2.45%, and followed lastly by participants with divorced
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status that corresponds to 1.63 percent. Therefore, married employees have
the highest percentage of response for the respondents’ civil status.
As the researchers found out, the majority of respondents' civil status
was married. During this time, money is an important area of discussion,
regardless of whether couples are rich or poor. The management of finances is
more crucial point in marriage than the amounts of money couples earn.
Married households provide risk sharing opportunities, expecting these
households to hold riskier portfolios.
This result is related to the study of Dew (2008) who highlighted that
married couples are likely to pool their income and savings; whereas
cohabiting couples keep it separate. This study entitled the personal financial
management practices of young married couples, after marriage, couples
usually show less risky behaviors, strive to spend their money wisely and
increase their financial well-being Thus, an individual’s relationship with
finances changes extensively after marriage.
4.1.4 Highest Educational Attainment
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Table 4.1.4
Distribution of Respondents in terms of Highest Educational Attainment
Highest Educational Attainment Frequency Percentage
High school graduate 24 9.80
College undergraduate 74 30.20
College graduate 138 56.33
With post graduate units 4 1.63
Post-graduate 5 2.04
Total 245 100.00
Table 4.1.4 displays the respondents’ educational level. This shows that
college graduates have the highest percentage of responses with 56.33
percent and corresponds to a frequency of 138, followed by college
undergraduates with a percentage of 30.20. It was then succeeded by high
school graduates with a frequency of 24 and equivalent to 9.80 percent,
followed by postgraduates with 2.04 percent. Lastly, it is succeeded by post
graduate units with a percentage of 1.63. Therefore, the majority of the
respondents’ educational level is reported having completed college graduate
and lowest response with post graduate units.
Henceforth, the researchers concluded that based on the respondents’
answers, education is very important because it is at this age that people
would undergo a transitional phase and a major life-changing experience, and
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it is also crucial to ensure financial well-being. Higher levels of education may
increase productivity of individuals resulting in higher earnings. Therefore,
teaching college students the fundamentals of personal finance through the
school system would seem to be a successful strategy for preparing them to be
ethical and sensible individuals.
This finding is closely related to the study entitled, Financial Literacy and
Demographic Factors: Evidence from Emerging Markets by Ananda et al.
(2024) who found a positive correlation between higher education levels and
improved financial decision-making and saving behaviors. These findings
support the notion that higher education equips individuals with the knowledge
and skills necessary for effective financial planning and saving.
4.1.5 Average Monthly Income
Table 4.1.5
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Distribution of Respondents in terms of Average Monthly Income
Average Monthly Income Frequency Percentage
Below P10,957 117 47.76
P10,957- P21,914 91 37.14
P21,915-P43,828 28 11.43
P43,829 and Above 9 3.67
Total 245 100.00
Table 4.1.5 presents the respondents’ average monthly income. This
shows that the employees receive below P10,957 as a salary with the highest
percentage of responses that is equivalent to 47.76 percent), followed by
P10,957- P21, 914 which corresponds to 37.14 percent. It was then succeeded
by the employees who receive an average monthly income of P21, 915 - P43,
828 with a percentage of 11.43, and followed lastly by P43, 829 and above
with 3.67 percent. Therefore, the respondents with below P10, 957 average
monthly income have the highest percentage of response for respondents’
average monthly income.
As the researchers found out, the majority of respondents' average
monthly income is below P10,957. Currently, money is an important area of
discussion, and budgeting through the average monthly income. Mostly the
respondents show that their average monthly income is below P10, 957.
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This result is closely related to the statement of Umeora et. al (2019)
who emphasized that people's socioeconomic standing shapes their
expectations and influences their housing decisions, based in their average
monthly incomes, which affects their degree of satisfaction. Interest in
residents' satisfaction studies has grown mostly as a result of increased
consumer protection knowledge over the years; consequently, housing
interests have switched from production to marketing, and subsequently to
adapting housing output to residents' needs.
4.1.6 Length of Service
Table 4.1.6
Distribution of Respondents in terms of Length of Service
Length of Service Frequency Percentage
Below 2years 36 14.69
2-5 years 100 40.82
6-10 years 71 28.98
11 years and above 38 15.51
Total 245 100.00
Table 4.1.6 exhibits the respondents’ length of service. This shows that
the employees who have been working for two to five years have the highest
percentage of responses with 40.82 percent, followed by respondents who
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have six to ten years of service with a percentage of 28.98. It is then
succeeded by the employees who have been working for 11 years and above
with 15.51 percent, and lastly followed by below two years with a percentage of
14.69. Therefore, employees with two to five years of service have the highest
percentage of response for respondents’ length of service.
As the researchers found out, the majority of respondents have been
working for two to five years already. Currently, the length of service is an
important matter as it shows how long an individual has been with an
organization. To find the length of service, divide the entire employment time
by the number of employees.
According to Oshagbemi (2020), the term length of service refers to the
number of years an individual has worked. There is few research that
investigates whether job satisfaction rises with duration of service. Several
previous researches have suggested that the duration of service in a job could
be used to assess workers' job satisfaction rates. The assumption is that
dissatisfied employees resign, whereas satisfied employees stay on the job.
Several researchers have reported a negative link between work satisfaction
and turnover, which is consistent with this hypothesis.
4.1.7 Tenure of Employment
Table 4.1.7
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Distribution of Respondents in terms of Tenure of Employment
Tenure of Employment Frequency Percentage
Permanent 83 33.88
Coterminous 4 1.63
Elected 3 1.22
Job Order 155 63.27
Total 245 100.00
Table 4.1.7 displays the respondent's tenure of employment. This
signifies that the respondents with job order have the highest percentage of
responses with 63.27 percent, followed by the employees who are permanent
with a percentage of 33.88. It is then succeeded by coterminous employees
with 1.63 percent and followed lastly by elected with a percentage of 1.22
percent. Therefore, employees with job orders have the highest percentage of
response for respondents’ tenure of employment.
As the researchers found out, the majority of respondents' employment
based on job order. Today, employees who have been with their company for a
long time are promised some level of job security. In this sense, tenured
employees demonstrate a level of commitment and devotion to the
organization, which reduces the need to hire and train new staff.
Ng et al. (2013) stated in their study that there are two opposing
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theoretical viewpoints on how work longevity may influence job performance.
According to human capital theory, as knowledge and skill rise over time, so
will work performance. In contrast, research on job design indicates that as job
tenure increases, individuals are more likely to get bored and unmotivated at
work. As a result, advantages from human capital acquisition may be
countered by loss of motivation.
4.1.8 Family Size
Table 4.1.8
Distribution of Respondents in terms of Family Size
Family Size Frequency Percentage
2-4 members (small) 119 48.57
5-10 members (medium) 124 50.61
greater than 10 members (large) 2 0.82
Total 245 100.00
Table 4.1.8 displays the respondents’ family size. This signifies that the
employees with five to ten members (medium) in their family have the highest
percentage of responses with 50.61 percent, followed by two to four members
or small family with a percentage of 48.57 percent. It was then lastly
succeeded by more than ten members or large family with 0.82 percent.
Therefore, employees with five to ten members (medium) in the family have
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the highest percentage of response for respondents’ family size.
Based on the findings of the researchers, the majority of respondents'
family size ranges from five to ten members. In this matter, family size refers to
the number of people in the family. An economic family is a group of two or
more people who reside in the same house and are linked to one another
through blood, marriage, common-law union, adoption, or foster care.
According to Cools et. al (2017), an increasing amount of work has
revealed the significant effects of parenthood and family size on female labor
supply. If the lag in female income is due to family-related career pauses and
shorter work hours, children should also have an impact on career measures.
However, the work on career effects has generally relied on cross-sectional
correlations or panel data estimates.
4.2.1 Saving Behavior Determinants of local government employees in
Lemery, Batangas
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4.2.1 Saving Behavior
Table 4.2.1
Saving Behavior Determinant of the Respondents in terms of

Saving Behavior
VERBAL
STATEMENTS MEAN SD RANK
INTERPRETATION
1. I put money aside regularly for
3.75 1.02 Often 4
the future to save.
2. I plan to save first before
3.58 1.16 Often 6
spending for necessities.
3. I compare prices before I make a
4.00 1.05 Often 1
purchase to save.
4. I follow a careful monthly budget. 3.60 1.11 Often 5
5. I save funds for emergency

3.99 1.03 Often 2
purposes.
6. I save to achieve specific goals. 3.96 0.99 Often 3

Composite Mean 3.81 Often
The table above demonstrates the assessment of saving behavior
determinants in terms of Saving Behavior. First, the statement which says that
the respondents often compare prices before they make a purchase to save
has the highest composite mean of 4.00. Second in the rank is the indicator
which corresponds to saving funds for emergency purposes which has a
composite mean of 3.99 with a qualitative value of often. Third, the
respondents save to achieve specific goals with a composite mean of 3.96 and
verbally interpreted as often. The indicator which ranks fourth states that
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putting money aside regularly for the future to save has a computed mean of
3.75 with a qualitative value of often. The fifth rank, which corresponds to the
indicator that says follow a careful monthly budget has a computed mean of
3.60 with a verbal interpretation of qualitative value. Lastly, the employees
often plan to save first before spending on necessities with the lowest weighted
mean of 3.58.
In conclusion, the researchers have found out that those residents of a
local government, when it comes to saving behavior, looks at the variables that
impact how LGUs oversee their funds and save funds for future needs and
create procedures to advance prudent saving behavior of a budgetary.
Based on the study of Greeman (2017), savings are a critical
component in financial management. A variety of social psychological factors
underlie financial saving practices, impacting asset accrual. Using an
experimental design, this study examined the impact exposure to an
incremental financial saving orientation, future financial-self, and basic financial
literacy training have on the transtheoretical level of saving behavior and intent
to save. Future financial-self intervention exposes individuals to how they can
become more cognizant of their future financial self and plan accordingly.
4.2.2 Financial Knowledge
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Table 4.2.2
Saving Behavior Determinants of the Respondents in terms of

Financial Knowledge
VERBAL
STATEMENTS MEAN SD INTERPRETATIO RANK
N
1. I have a better
understanding about 3.41 0.97 Often 2
investment.
2. I have a better
understanding of how to 3.39 1.01 Sometimes 3
manage my credit use.
3. I can prepare my weekly
3.42 0.99 Often 1
or monthly budget.
4. I have little or no difficulty
3.27 0.79 Sometimes 5
managing my money.
5. I can maintain financial
4
records for my income and 3.31 1.01 Sometimes
expenditure.
Composite Mean 3.36 Sometimes
Table 4.2.2 presents the weighted mean and qualitative value of the
respondents about their financial knowledge. First, the indicator which states
that the employees can prepare their weekly or monthly budget has a
qualitative value of often with the highest weighted mean of 3.42. Second,
interpreted often is the statement which says that respondents have a better
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understanding about investment with the composite mean of 3.41.
Third, with a verbal interpretation of sometimes and a composite mean
of 3.39, the indicator which ranks third states that the respondents have a
better understanding of how to manage their credit use. The fourth rank
corresponds to the indicator which states that the employees can maintain
financial records for their income and expenditure has the weighted mean of
3.31 and is verbally interpreted as sometimes. Lastly, the statement that says
the employees have little or no difficulty managing their money is interpreted as
sometimes, having the lowest mean of 3.27.
Briefly, the respondents with financial knowledge are sometimes or
often likely to make more informed decisions regarding saving. Some of these
may have to know more about financial strategy when it comes to their saving
and encouraging improvement in financial knowledge practices.
Based on the study of Tang & Baker (2016), the economic impact of
deficiencies has received increasing attention in public policy arenas. In an
effort to seek remedy for individual financial behavior inefficiency, numerous
studies have investigated the determinants of individual financial decision-
making. Early economics literature tended to focus investigations on the link
between objective financial knowledge disseminated by financial education and
individual financial behavior.
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4.2.3 Financial Attitude
Table 4.2.3
Financial Attitude
VERBAL
N
1. I can control my monthly
expenses.
2. I can establish financial
3.62 1.01 Often 1
target plan for the future.
3. I follow my monthly
expenses plan.
4. I pay full credit card
balance.
5. I can stay within my 2
3.50 1.02 Often
budget.
6. I invest regularly. 3.27 0.91 Sometimes 4
Table 4.2.3 demonstrates the saving behavior determinants wherein the
respondents were assessed in terms of Financial Attitude. The first highest
composite mean of 3.62 corresponds to the indicator which states that the
employees can establish financial target plan for the future. Second, it is
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interpreted as often wherein the respondents can stay within their budget with
the composite mean of 3.50. The indicator which ranked third states that the
employees can sometimes control their monthly expenses has a computed
mean of 3.37. The statement which has a computed mean of 3.27 corresponds
to the indicator which states that the respondents invest regularly, and they pay
full credit card balance both interpreted as sometimes. Additionally, the lowest
rank corresponds to the indicator which states that the employees follow their
monthly expenses plan has a computed mean of 3.21.
In the study, the researchers found that most of the respondents
choose the simplest and most common structure of saving behavior
determinants that can establish financial target plan for the future. In this type
of result, the employees are too focused on their future for a better life. This is
often important for them in case of inevitable cash issues, they can get
something as emergency funds.
However, a study conducted by Xiao (2015) has different results
wherein financial attitude has a negative effect on financial satisfaction,
because individuals who have better financial attitudes do not necessarily
produce better financial satisfaction but there are other factors such as
financial literacy and demographic factors which can create greater financial
satisfaction.
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4.2.4 Financial Self-Efficacy
Table 4.2.4
Self-Efficacy
VERBAL
N
1. I can stick to spending
plan if unexpected expenses 3.23 0.92 Sometimes 5
arise.
2. I can make progress
3.70 0.96 Often 1
towards my financial goal.
3. I do not use credit loans
even unexpected expenses 3.13 1.03 Sometimes 6
occur.
4. I can easily figure out
solution when facing 3.31 0.82 Sometimes 4
financial challenges.
5. I am confident on my
3.52 0.91 Often 2
financial management.
6. I do not worry about 3.38 0.91 Sometimes 3
running out of money after
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retirement age.
Table 4.2.4 shows the distribution of the respondents in terms of self-
efficacy as a saving determinant. The highest weighted mean is 3.70 which
means that the employees can often make progress towards their financial
goal. Subsequently, the second rank has a composite mean of 3.52 which
corresponds to the indicator which states that the employees are often
confident on their financial management.
Consequently, the statement which ranks third says that the employees
do not worry about running out of money after retirement age with a weighted
mean of 3.38. The fourth rank has a total composite mean of 3.31 and it states
that the employees can sometimes easily figure out solutions when facing
financial challenges. The second to the last has a 3.23 composite mean and is
interpreted as sometimes which means that the respondents can stick to a
spending plan if unexpected expenses arise. Lastly, the lowest composite
mean of 3.13 corresponds to the statement which says that the employees do
not use credit loans even in unexpected expenses occur.
As a whole, it shows that the determinants in terms of financial efficacy
of the respondents are actively concentrating their efforts on particular
budgetary goals to create an important advance toward their objectives. By
prioritizing their financial focus and attention, they are illustrating a commitment
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to upgrading their money-related situation and achieving success.
In addition, Bruggen et al. (2017) have observed that increased financial
literacy leads to financial self-efficacy, and that is an essential factor for
financial well-being. These authors identify financial self-efficacy as being able
to control one’s finance which reflects an individual’s skill and ability to
influence his/her financial matters.
4.2.5 Financial Management Practice
Table 4.2.5
Financial Management Practice toward Saving Behavior
VERBAL
N
1.I have my own personal
3.84 1.29 Often 4
saving account.
2. I am saving money for
4.01 1.05 Often 1
emergency fund.
3. I am preparing long-term
3.93 1.06 Often 2
savings for my future.
4. I have my own retirement
3.46 1.37 Often 5
savings.
5. I have divided my income 6
3.35 1.35 Sometimes
for my retirement.
6. I have my own life and
3.89 1.30 Often 3
health insurance plans.
Composite Mean 3.75 Often
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Table 4.2.1 exhibits the saving behavior determinants the respondents
assess in terms of financial management practice. The first rank
correspondents to the indicator which states that the employees are saving
money for an emergency fund, with a composite mean of 4.01. The second
rank is "I am preparing long-term savings for my future," with a 3.93 composite
mean. Interpreted as often, "I have my own life and health insurance plans"
received a computed mean of 3.89 and found itself as a third in the rank.
Additionally, the statement "I have my own personal saving account"
received a computed mean of 3.84. Next statement, "I have my own retirement
savings," has a mean of 3.46. Lastly, "I have divided my income for my
retirement" has a computed mean of 3.35.
Thus, the table reveals that local government units in Lemery, Batangas,
always practice the indicated saving behavior in terms of financial
management practices, except for dividing their income for retirement, maybe
because they have no financial plan. Henceforth, the researchers believe that
they need to have a savings plan for them to have a secure future.
This result is closely related to the study entitled "How knowledge and
financial self-efficacy moderate the relationship between money attitudes and
personal financial management behavior" by Allam & Khalil (2023) as this
study, money attitudes and financial knowledge have a significant positive
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impact on the personal financial management behavior of young adults. This
study helps individuals to recognize a different way of thinking about the
relationship between money attitude and personal financial behavior among
young people.
4.2.6 Summary of Tables
Table 4.2.6
Summary of the Saving Behavior Determinants of Local
Government Employees
Saving Behavior Composite Verbal

Rank
Determinants Mean Interpretation
Saving Behavior 3.81 Often 1
Financial Knowledge 3.36 Sometimes 5
Financial Attitude 3.37 Sometimes 4
Financial Self-efficacy 3.38 Sometimes 3
Financial Management Practice 3.75 Often 2
GRAND MEAN 3.53 Often
Table 4.2.6 demonstrates the summary of saving behavior determinants
of local government employees which garnered the grand mean of 3.53, as
interpreted as very often. Additionally, saving behavior got the highest mean of
3.81, followed by financial management practice with 3.75, financial self-
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efficacy with a composite mean of 3.38, and up-financial attitude with a
composite mean of 3.37, which is all interpreted as sometimes, and lastly,
financial knowledge with a composite mean of 3.36.
3. Significant difference between the profile of the respondents and
saving behavior determinants
4.3.1 Age
Table 4.3.1
Significant Difference between age and the saving behavior determinants
of local government employees
Factor F p-value Decision on H0 Interpretation

Saving Behavior 4.011 0.004 Rejected Significant
Financial Knowledge 2.286 0.061 Failed to Reject Not Significant
Financial Attitude 2.448 0.047 Rejected Significant
Financial Self-efficacy 1.777 0.134 Failed to Reject Not Significant
Financial
3.189 0.014 Rejected Significant
Management Practice
As depicted in Table 4.3.1, there is a significant difference between the
age range and the saving behavior determinants of local government
employees. The table shows that age has a significant relationship with saving
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behavior, financial management practice, and financial attitude, with p-values
of 0.004, 0.047, and 0.014. While financial knowledge and financial self-
efficacy have p-values of 0.061 and 0.134, which is considered to have no
significant relationship.
It can be seen that age has no significant relationship with financial
knowledge and financial self-efficacy, but it has significant difference on the
saving behavior, financial attitude, and financial management practice. Age
significantly affects saving behavior due to different financial priorities and
stability at various life stages. Younger adults often save less due to expenses
like education and housing. Middle-aged individuals typically save more as
their income stabilizes and they plan for retirement and children's education.
Older adults prioritize preserving wealth and covering healthcare costs,
focusing on financial security in retirement.
These varying goals and challenges result in significant differences in
saving behavior across age groups. In the study of Lone and Bhat (2024), the
study found a significantly positive impact of financial literacy as well as its
dimensions on financial self-efficacy and financial well-being. It was also found
that financial self-efficacy partially mediates the effect of financial literacy on
financial well-being. Moreover, it is generally observed that salaried people pay
less attention to long-term financial planning for retirement, which makes the
present study more relevant. Therefore, this study will prove beneficial to all
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employees in understanding the importance of financial literacy and its
subsequent effect on financial well-being.
4.3.2 Sex
Table 4.3.2
Significant Difference between sex and the saving behavior determinants

-
Saving Behavior 0.95 Failed to Reject Not Significant
0.06
Financial Attitude 0.63 0.53 Failed to Reject Not Significant
Financial Management
0.17 0.86 Failed to Reject Not Significant
Practice
As shown in Table 4.3.2, the saving behavior has no significant
difference with the saving behavior determinant of the respondents, which has
a p-value of 0.95. On the other hand, financial knowledge, financial attitude,
financial self-efficacy, and financial management practice, which have p-values
of 0.59, 0.53, 0.39, and 0.86, have no significant difference in their saving
behavior.
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Thus, the researchers conclude that all the variables listed above have
no significant difference on the gender or sex of the employees. Sex has no
significant difference in saving behavior, financial attitude, financial knowledge,
financial self-efficacy, and financial management practice because these
financial behaviors and skills are influenced more by individual experiences,
education, socio-economic status, and personal values than by gender. Both
men and women are equally capable of acquiring financial knowledge,
developing effective financial habits, and demonstrating self-efficacy in
managing finances, suggesting that gender does not inherently determine
financial competence or behavior.
This is related to the study of Jamal et al. (2017), which states that the
total household savings remained low, and there is a high risk that Malaysians
will not have sufficient savings for their retirement. Even more worrying is that
young adults are reportedly the main group trapped in this financial difficulty.
The issue has raised concern about the need to educate young Malaysian
adults on the fundamental importance of savings in order to ensure financial
sufficiency for their retirement. With regards to savings behavior, the needs for
savings are different among individuals due to different mindsets, behaviors,
knowledge, and social environments.
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4.3.3 Civil Status
Table 4.3.3
Significant Difference civil status and the saving behavior determinants

Saving Behavior 3.11 0.02 Rejected Significant
Financial Knowledge 3.08 0.02 Rejected Significant
Financial Attitude 2.51 0.04 Rejected Significant
Practice
As shown in table 4.3.3, the saving behavior, financial knowledge, and
financial attitude have a significant difference on the civil status of the
employees which has 0.02, 0.02, and 0.04 p-value. On the other hand, the
financial self-efficacy and financial management practice which have 0.31 and
0.09 p-values have no significant difference on the civil status.
It can be seen that civil status has no significant relationship to financial
self-efficacy and financial management practice, but it has significant
difference on the saving behavior, financial knowledge, and financial attitude.
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Civil status significantly impacts saving behavior because marital and family
responsibilities directly influence financial priorities and obligations. Married
individuals or those with dependents typically save more to ensure financial
security for their families, cover future expenses such as education and
healthcare, and prepare for unforeseen events. In contrast, single individuals
might have fewer immediate financial responsibilities, leading to different
saving patterns. These differences in financial commitments and goals based
on civil status create distinct saving behaviors across various groups.
This finding is related to the study of Jamal et. al. (2015) which found
that both family and peer have a positive and significant influence in shaping
the young adults’ savings behavior. Equally important is financial literacy that
would affect savings behavior and retirement planning. The findings suggest
that financial education should be given even at primary and secondary levels
so the students who later would become adults will have sufficient financial
knowledge that enable them to manage their income and debt efficiently as
well as planning for their retirement.
It is therefore important for the authorities to ensure that any financial
education program that aimed to enhance financial knowledge must not be
limited to printing materials or other forms of general media, but a more
structured approach to financial education should be considered to enhance
the people understanding on personal financial management.
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4.3.4 Highest Educational Attainment
Table 4.3.4
Significant Difference between highest educational attainment and the
saving behavior determinants of local government employees

Saving Behavior 2.04 0.09 Failed to Reject Not Significant
Financial Knowledge 4.23 0.00 Rejected Significant
Financial Self-efficacy 3.15 0.02 Rejected Significant
Practice
Table 4.3.4 exhibits the significant difference between the highest
educational attainment and the saving behavior determinants of local
government employees. The table shows that the highest educational
attainment has a significant difference with financial knowledge and financial
self-efficacy which has the p-value of 0.00 and 0.02. While the saving behavior,
financial attitude, and financial management practice with p-value of 0.09, 0.07,
and 0.10 which is considered as no significant difference.
It can be seen that highest educational attainment has no significant
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difference on the saving behavior, financial attitude, and financial management
practice but has a significant relationship in terms of financial knowledge and
financial self-efficacy. Highest educational attainment significantly impacts
financial knowledge because higher levels of education often provide greater
exposure to financial concepts, critical thinking skills, and resources for
learning about financial management.
Educated individuals are more likely to access information about
budgeting, investing, and saving, and they typically have better opportunities
for learning through formal education and professional networks. This
increased access and understanding lead to higher financial literacy among
those with higher educational attainment, resulting in significant differences in
financial knowledge across education levels.
In the study of Aydemir (2021), it was found that education has positive
effects on financial market participation and formal financial inclusion.
Education may enhance cognitive skills, enable access to better information
about the financial market that affects financial decisions. This has some
implications for promoting greater financial inclusion. Making financial
decisions, in a world with an increasing number and complexity of financial
products, may be strenuous. Devising a savings plan, choosing between
various financial instruments requires a considerable number of skills, time and
effort to process the inherent information.
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4.3.5 Average Monthly Income
Table 4.3.5

Practice
Significant Difference between average monthly income and the saving
behavior determinants of local government employees
As shown in table 4.3.5, the average monthly income has no significant
difference on the saving behavior, financial knowledge, financial attitude,
financial self-efficacy, and financial management practice with the p-value of
0.24, 0.72, 0.63, 0.86, and 3.15.
Thus, the researchers conclude that all the variables listed above have
no significant difference on the average monthly income. Average monthly
income has no significant difference in saving behavior, financial attitude,
financial knowledge, financial self-efficacy, and financial management practice
because these financial behaviors and skills are influenced more by individual
habits, education, and personal discipline than by income level. Thus, average
monthly income does not influence the saving behavior determinants.
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This is related to the study of Dema et al., (2021) wherein the study
found that there is no significant mean differences between the gender, age
and family monthly income of the respondents.
4.3.6 Length of Service
Table 4.3.6

Practice
Significant Difference between length of service and the saving behavior
determinants of local government employees
As depicted on table 4.3.6, it shows the significant difference between
the length of service and saving behavior determinants. The table reveals the
correlation coefficient of p-value of 0.32, 0.16, 0.23, 0.64, and 0.22 for saving
behavior, financial knowledge, financial attitude, financial self-efficacy and
financial management practice has no significant difference on the length of
service.
Hence, the researchers conclude that all the variables listed above have
no significant difference on the length of service. Financial aspects are more
influenced by individual financial literacy, personal habits, and proactive
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financial planning than by the duration of employment. Regardless of how long
someone has been in service, their financial behavior and skills are shaped by
their education, personal discipline, and access to financial information and
resources. Consequently, the length of service does not inherently determine
one’s financial competence or practices. Thus, length of service doesn't
influence the saving behavior determinants.
In the study of Sabri and McDonald (2014), it was suggested that the
role of work, parents and education on financial literacy had a positive,
significant effect on savings behavior. However, their study did not highlight
whether the role of work, parents and education could trigger attitude towards
individuals’ savings behavior or not. Therefore, it is important to have the
knowledge on factors influencing individuals’ saving behavior as it is essential
in maintaining the economic growth as it will give benefits to the entities
involved such as households, financial authorities, government and other
related stakeholders.
4.3.7 Tenure of Employment
Table 4.3.7

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Practice
Significant Difference between tenure of employment and the saving
behavior determinants of local government employees
Table 4.3.7 reveals the correlation coefficient of p-values of 0.49, 0.34,
0.23, 0.78, and 0.53 for saving behavior, financial knowledge, financial attitude,
financial self-efficacy, and financial management practice has no significant
difference on the tenure of employment.
This concludes that all variables have no significant difference in their
saving behavior. Regardless of employment duration, individuals can develop
strong financial literacy, effective saving strategies, and positive financial
attitudes through learning and personal discipline. Thus, the length of time
someone has been employed does not inherently affect their financial skills or
behaviors. This only means that the extent of the saving behavior determinants
of the local government unit in Lemery, Batangas, does not depend on their
tenure of employment.
In the study of Sakaew (2020), low-income informal workers do not
participate in any compulsory saving schemes and have no other fringe
benefits that help reduce the cost of living, unlike formal workers. Informal
workers, therefore, have to save their own uncertainty for old age. The reason
102
COLLEGE DEPARTMENT
that employees save more is to prevent the emergence of sickness because
the social security benefit does not cover all medical care expenditures.
Moreover, the pension benefit for private employees is relatively low compared
to that of government employees. For instance, the total individual income,
educational attainment, consistently saving behavior, and saving motive for
retirement and precautionary saving are crucial factors in determining savings.
4.3.8 Family Size

Table 4.3.8

Practice
Significant Difference between family size and the saving behavior
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COLLEGE DEPARTMENT
determinants of local government employees
In table 4.3.8, it shows the significant difference between the Family
Size and the Saving Behavior determinants. The above table highlights the p-
value of saving behavior, financial knowledge, financial attitude, financial self-
efficacy, and financial management practice which are 0.48, 0.34, 0.23, 0.30,
and the last is 0.65.
The table therefore signifies that there is no significant difference
between the family sizes. Family size has no significant difference to saving
behavior, financial attitude, financial knowledge, financial self-efficacy, and
financial management practice because these financial behaviors and attitudes
are more influenced by individual education, personal experiences,
socioeconomic status, and cultural factors than by the number of family
members. While family size can impact household financial resources and
expenditures, the personal financial habits and attitudes of individuals are
shaped by broader educational and societal influences that operate
independently of family composition. It appears that the saving behavior
determinants are not influenced in the family size.
In the study of Niyaz and Siddiq (2020), income is necessary for
consumption and savings activities of the people but depends on family size or
number of dependent in a family. Spending habits of people are reflected
through various indicators. Economic theory tells us that saving represents the
104
Table 4.4.1. Proposed Guidelines to Enhance the Knowledge of Local Government
FINDINGS PLAN OF ACTION OBJECTIVES BENEFICIARIES COORDINATOR BUDGET
Local Government The objective of

Employees the researchers is
compare prices to provide
before they
comprehensive
purchase to save.
materials through
producing that income.
Propose a guideline to a Manual Booklet

enhance the knowledge that will educate
Local Government of LGU employees recipients on
Employees save about: price
money for considerations
emergency fund.
Price before Pinted

consideration purchasing, Researchers booklet
before various money- Government with the (Php
purchasing saving employees guidance of 20.00x245
105
Local Government Different ways to techniques, particularly local Financial people)

Employees can save money for effective government units Management Total: Php
make progress emergency fund budgeting Professors 4,900
towards their
Budgeting practices, and
financial goal.
Establishing establishing
 
Financial Target financial target
Plans for the plans for the
Local Government Future future. The
Employees can How to reach researchers also
COLLEGE DEPARTMENT

establish financial financial goals aim to ensure
target plan for the
future.
readers
(the guidelines will be understand these
distributed through concepts and can

booklet) apply them
Local Government practically, with a
Employees can focus on helping
prepare their individuals reach
weekly and
monthly budget.
their financial
goals by providing
difference between income and consumption expenditure and income includes
earnings from all sources during a year and is net of costs incurred in
actionable steps.
COLLEGE DEPARTMENT
Employees in
Financial Attitude
Saving behavior
Financial Self-
Management
Batangas
CONCERS
Knowledge
Lemery,
AREA OF
Financial
Financial
Practice
efficacy
Chapter V
SUMMARY, FINDINGS OF THE STUDY, CONCLUSIONS AND
RECOMMENDATIONS
This chapter presents the overall assessment of the study conducted.
The findings of the study are based on the data gathered through the primary
instrument which is the survey questionnaire. The findings were followed with
the conclusions and recommendations.
Summary
This study mainly focused on the saving behavior determinants of local
government employees, which is supported by the Theory of Planned Behavior
by Icek Ajzen (1991). It includes saving behavior, financial knowledge, financial
attitude, financial self-efficacy, and financial management practices.
Moreover, this study was conducted from September 2023 to June
2024. The researchers employed a quantitative research design which utilized
the descriptive and comparative analysis. Through self-made questionnaire,
the study was administered to 245 local government employees selected
through the use of Raosoft Calculator with 5% margin of error and 95%
confidence level and performed simple random sampling.
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COLLEGE DEPARTMENT
Findings of the Study
The investigation shows the following major findings after analyzing the
acquired data.
1. Profile of the Respondents
1.1 Age
From the information gathered in the study, it reveals that in
terms
of age, the highest number of responses were Local Government Unit(LGU)
employees who are in the age range of 31 to 40 years old with the percentage
of 35.10, while the least percentage 1.22 of responses are LGU employees
who are below 21 years old.
1.2 Sex
In terms of sex, the researchers found that the majority of
the LGU employees in Lemery, Batangas are female with 54.29 percent while
45.71 percent are male.
1.3 Civil Status
The overall result shows that most of the respondents’ civil status
were married with 56.33 percent. Meanwhile, as there were seven (7)
responses recorded for divorced status, the said item was the last in rank with
1.63 percent.
1.4 Highest Educational Attainment
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COLLEGE DEPARTMENT
The highest number of responses for LGU employees highest
educational attainment fell under college graduate with 56.33 percent.
Meanwhile, as there were four (4) responses recorded for with post graduate
units, the said items were the last in rank with 1.63 percent.
1.5 Average Monthly Income
The result showed that most of the LGUs has an average
monthly income below P10,957 with 47.76 percent. Meanwhile, an LGUs with
average monthly income of P43,829 and above were the last in rank with 3.67
percent.
1.6 Length of Service
The highest number of responses for LGU employee’s length of
service fell under 2-5 years with 40.82 percent. Meanwhile, as there were
thirty-six (36) responses recorded for with below 2 years the said items were
the last in rank with 14.69 percent.
1.7 Tenure of Employment
It was clearly showed that with regards on the tenure of
employment, majority of the LGU employees are classified as Job order with
the frequency of 155 or 63.27 percent.
1.8 Family Size
From the data collected in the study, it was revealed that in terms
of family size the highest frequency is one hundred twenty-four (124) or 50.61
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COLLEGE DEPARTMENT
percent. While only two (2) of the respondents has a family size greater than
10 members.
2. Saving Behavior Determinants of Local Government Employees in
Lemery, Batangas
2.1 Saving Behavior
The findings revealed that the majority of the respondents in
terms
of saving often compare prices before they make a purchase to save with the
highest composite mean of 4.00. Meanwhile, the employees plan to save first
before spending on necessities findings revealed that it had a mean of 3.58,
the lowest composite mean in saving behavior.
2.2 Financial Knowledge
It was discovered that in terms of financial knowledge, the
highest
mean with 3.42 corresponds to the indicator which states that the employees
can prepare their weekly or monthly budget. However, the respondents
sometimes have little or no difficulty managing their money and has the lowest
mean of 3.27.
2.3 Financial Attitude
It was found that in terms of financial attitudes, the employees
can establish a financial target plan for the future, has the highest composite
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COLLEGE DEPARTMENT
mean of 3.62. On the other hand, the lowest mean of 3.21 was I follow my
monthly expenses plan.
2.4 Financial Self-Efficacy
In terms of financial Self-Efficacy, it is shown that the highest
mean with 3.70 corresponds to the indicator which states that the respondents
can make progress towards their financial goals. While the statement which
says that the employees do not use credit loans even unexpected expenses
occur got the lowest mean of 3.13.
2.5 Financial Management Practice
It was revealed that in terms of Financial Management Practice,
employees save money for emergency funds got the highest composite mean
of 4.01 and the lowest mean of 3.35 corresponds to the indicator which states
that the employees have divided their income for their retirement.
3. Significant difference between the profile of the respondents and
saving behavior determinants of Local Government Units
3.1 Age
The result shows that the Age of the respondents has no significant
relationship between the financial knowledge, and financial self-efficacy with
the p-value of 0.061 and 0.134 wherein the null hypothesis is accepted while
the saving behavior, financial attitude and financial management practice has a
significant different with the p-value of 0.004, 0.047 and 0.014 and null
110
COLLEGE DEPARTMENT
hypothesis is rejected.
3.2 Sex
In terms of sex, it has no significant difference between saving behavior,
financial knowledge, financial attitude, financial self-efficacy and financial
management practice with the p-value of 0.95, 0.59, 0.53, 0.39 and 0.86, and
affirms that the null hypothesis is accepted.
3.3 Civil Status
As shown in the result, the civil status has no significant difference in
saving behavior determinants in terms of financial efficacy and financial
management practice with the p-value of 0.31 and 0.09 that the null hypothesis
is accepted while the saving behavior, financial knowledge, and financial
attitude which has 0.02, 0.02, and 0.04 p-value has a significant difference and
null hypothesis is rejected.
3.4 Highest Educational Attainment
On the other hand, the highest educational attainment the saving
behavior, financial attitude, and financial management practice has a p-value
of 0.09, 0.07, and 0.10 which has no significant difference that the null
hypothesis is accepted while the financial knowledge and financial self-efficacy
have a 0.00 and 0.02 p-value which has a significant difference in highest
educational attainment and the null hypothesis is rejected.
3.5 Average Monthly Income
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COLLEGE DEPARTMENT
In this study, it shows that the average monthly income has no
significant difference on the saving behavior, financial knowledge, financial
attitude, financial self-efficacy and financial management practices which have
0.24, 0.72, 0.63, 0.86 and 3.15 p-values and the null hypothesis is accepted.
3.6 Length of Service
In the length of service, it demonstrates that the saving behavior,
financial knowledge, financial attitude, financial self-efficacy and financial
management practice has p-values of 0.32, 0.16, 0.23, 0.64 and 0.22 which
have no significant difference and null hypothesis is accepted.
3.7 Tenure of Employment
The result shows that the tenure of employment has also no significant
difference in terms of saving behavior, financial knowledge, financial attitude,
financial self-efficacy and financial management practice with the p-value of
0.49, 0.34, 0.23, 0.78 and 0.53 and null hypothesis is also accepted.
3.8 Family Size
Lastly, family size shows that the saving behavior, financial knowledge,
financial attitude, financial self-efficacy and financial management practices
have 0.48, 0.34, 0.23, 0.30 and 0.65 p-values, and it also has no significant
difference with the null hypothesis accepted.
Conclusions
These are the main conclusions drawn and formulated from the study’s
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COLLEGE DEPARTMENT
findings:
1. Most of the local government unit employees in Lemery, Batangas
are in the age range of 31 to 40 years old, and the majority of them are female.
Regarding the average monthly income of the respondents, the majority of the
respondents receive Php 10,957 and below. Whereas most of the respondents
are currently on job orders in the Municipality of Lemery. Furthermore, the
majority of the employees are college graduates. In terms of length of service,
most of the local government employees in the municipality of Lemery,
Batangas have been working for two to five years already. Lastly, majority of
respondents’ families have five to ten members.
2. In conclusion, in terms of saving behavior, least of the respondents
plan to save first before spending for necessities. Then, with financial
knowledge, least of the respondents have a little or no difficulty managing their
money. Moreover, in terms of financial attitude, only few respondents are able
to follow their monthly expenses.
When it comes to financial self-efficacy, only few respondents do not
use credit loans even unexpected expenses occur. Lastly, in terms of financial
management practice, least of the respondents have divided income for
retirement.
3. The researchers found out that the age has no relationship with
financial knowledge and financial self-efficacy and null hypotheses are
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COLLEGE DEPARTMENT
accepted while regards to saving behavior, financial attitude, and financial
management practice it has a significant relationship and null hypotheses are
rejected. Nevertheless, in terms of sex, it has no significant difference on
saving behavior, financial knowledge, financial attitude, financial self-efficacy,
and financial management practices and null hypotheses are accepted.
However, in terms of civil status, it has no significant difference on
financial self-efficacy and financial management practices and null hypotheses
are accepted. While it has a significant difference on saving behavior, financial
knowledge, and financial attitude and null hypotheses are rejected. In terms of
highest educational attainment, it has no significant difference on saving
behavior, financial attitude, and financial management practice and null
hypothesis are accepted. While it has a significant difference on financial
knowledge and financial self- efficacy and null hypotheses are rejected.
On one hand, average monthly income has no significant difference on
saving behavior, financial knowledge, financial attitude, financial self-efficacy,
and financial management practices and null hypothesis are accepted. While,
in terms of length of service it has no significant difference on saving behavior,
financial knowledge, financial attitude, financial self-efficacy, and financial
management practices and null hypotheses are accepted.
On the other hand, tenure of employment has no significant difference
on saving behavior, financial knowledge, financial attitude, financial self-
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COLLEGE DEPARTMENT
efficacy, and financial management practices and null hypotheses are
accepted. Lastly, family size has no significant difference on saving behavior,
financial knowledge, financial attitude, financial self-efficacy, and financial
management practices and null hypotheses are accepted.
4. Based on the findings of the study, the researchers recommend a
booklet of manual guides on credit management and educating the local
government employees in Lemery, Batangas. The researchers conclude that
the local government unit needs to enhance their knowledge of reducing
impulse buying and also have different types of savings, especially by having
the right investment path.
Recommendations
The following recommendations were drawn based on the findings and
conclusions of the study:
1. To improve the financial status of the local government unit in Lemery,
Batangas, it is advisable for them to regularly review and adjust their financial
plans to ensure they are staying on track with their goals. They should focus on
reducing unnecessary expenses and redirecting those funds toward savings
and retirement.
2 This study recommends that respondents automate savings, it is a system
where money is automatically transferred from your checking account to a
savings account or investment account on a regular basis, to ensure they save
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COLLEGE DEPARTMENT
before spending, simplifying money management. To manage money with little
difficulty, adopting a detailed budgeting system and regularly reviewing
finances can provide better control. Following a monthly expense plan can be
reinforced by using budgeting apps that track spending in real-time. To avoid
using credit for unexpected expenses, respondents should build an emergency
fund that covers 3-6 months of living costs. Lastly, to ensure income is
allocated for retirement, setting up automatic contributions to retirement
accounts will help secure long-term financial goals.
3. The study showed that age and civil status have a significant difference in
Saving behavior and financial knowledge. Therefore, it is recommended that
targeted financial education programs be developed to address the specific
needs of different age groups and civil statuses among the respondents. For
younger individuals, focus on the basics of saving and the benefits of starting
early, while for older individuals, emphasize retirement planning and future
security. Workshops should cater to married individuals by emphasizing joint
financial planning and to single individuals by highlighting personal savings and
long-term planning. Additionally, promoting positive financial attitudes through
motivational seminars and peer support groups, as well as providing age-
appropriate financial counseling, can help foster a community of support and
improve overall saving behavior.
4. The researchers created a booklet or manual guides on credit management
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COLLEGE DEPARTMENT
tailored for local government employees in Lemery, Batangas. Providing
education on reducing impulse buying and promoting various savings options,
including the right investment path, can help employees make informed
financial decisions and secure their financial future.
5. To the future researchers, in addition to the existing questionnaire,
incorporating in-depth interviews or focus group discussions can provide
valuable insights into the underlying factors influencing saving behavior, such
as individual attitudes, beliefs, and experiences.
117

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LEMERY COLLEGES, INC.

A. Bonifacio St., Bagong Sikat, Lemery, Batangas

SAVING BEHAVIOR DETERMINANTS OF LOCAL GOVERNMENT

This research paper entitled “Saving Behavior Determinants of Local

RAQUEL I. CERDENIA, MBA, LPT

Approved by the Committee on Oral Examination with the grade of

DR. LYRA CRIZELLE M. HERNANDEZ, LPT

ZORCASTRO E. CABELLO, MBA DR. AILEEN A. MATIBAG

Date DR. AILEEN A. MATIBAG

The successful completion of this research study was made possible

and encouragement throughout this journey.

insights, and numerous other contributions. Their generosity and commitment

to academic progress helped the researchers overcome the hurdles they

faced. Special mention is given to the following:

inspiration, and strength needed to complete this study, making everything

To the beloved parents, for their unwavering support and

encouragement throughout the journey of completing this thesis. Their

has been instrumental in achieving this milestone.

To the local government employees of Lemery, Batangas, for their

cooperation and willingness to participate as respondents, providing essential

data that contributed significantly to this study.

To their thesis adviser, Mrs. Raquel I. Cerdenia, for dedication and

been possible without her valuable help.

To the members of the panel Dr. Lyra Crizelle M. Hernandez, Mr.

insightful feedback, and thoughtful comments. Their contributions were crucial

To their Industry Expert, Mr. Jeffrey R. Cabral, And Ms. Rosemarie C.

inspiration and for being there every step of the way.

their strength to accomplish the task.

This thesis is dedicated with heartfelt appreciation to the author's loving

and supportive family, whose unwavering encouragement and financial

provided the foundation upon which this research was built.

Special thanks are extended to the local government employees in

success of this work. Their cooperation and willingness to contribute have

The author also wishes to acknowledge the profound guidance and

support of Mrs. Raquel I. Cerdenia. Her wisdom, encouragement, and

protection, and guidance throughout this journey have been a source of

inspiration and resilience.

Background of the Study................................................. 1

II. REVIEW OF RELATED LITERATURE

III. RESEARCH METHODOLOGY

IV. Presentation, Analysis and interpretation of Data

Statement of the Problem……………………………….....66

V. Summary, Findings of the Study, Conclusions and

TABLE TITLE PAGE

4.1.1 Distribution of Respondents in terms of Age…………..66

4.1.2 Distribution of Respondents in terms of Sex……….….68

4.1.3 Distribution of Respondents in terms of Civil

4.1.4 Distribution of Respondents in terms of Highest

4.1.5 Distribution of Respondents in terms of Average

4.1.6 Distribution of Respondents in terms of Length

4.1.7 Distribution of Respondents in terms of Tenure

4.1.8 Distribution of Respondents in terms of Family

4.2.1 Saving Behavior Determinants, the respondents

assessed in terms of Saving Behavior…………………79

4.2.2 Saving Behavior Determinants, the respondents

assessed in terms of Financial Knowledge……………81

4.2.3 Saving Behavior Determinants, the respondents

assessed in terms of Financial Attitude………………..83

4.2.4 Saving Behavior Determinants, the respondents