The Saving Methods of Some Filipinos Aged 21-35 Years Old

Abstract

Recent studies have shown that Millennials are not saving as much for their future, unlike the older generations before them. The usual reason is due to the mentality that they might as well enjoy their hard-earned income by spoiling themselves when payday arrives since life is as hard as it is, but should they be so happy-go-lucky with their money? What about the future? The researchers conducted this study to know if the previous studies’ results are indeed true with Filipino Millennials, and to learn where they spend their money on if they do not save them for the future. The researchers used quantitative design to show a comparison of how Filipinos save cash. The respondents were randomly chosen by the researchers to make the study more accurate and to prevent biases from occurring. Most of the respondents are students, and they are all in the range of what we call Millenial (18-35yearsold). There are more female respondents (16) than male respondents(10), with a total of twenty–six (26) respondents. All respondents are Filipinos. Half of the respondents have a regular source of income, and the majority of them save money. They have varied reasons why they save money such as for something special that I want to buy, for emergencies, to have more money, and parents tell me to do so. Ten respondents have their bank accounts. Some of them have been bank depositors for more than four years while one respondent has deposited money in the bank for less than a year. Seventeen respondents keep a regular check on how much money they have in their saving. Aside from having their own savings account, five of them have private investments, and two invests in a “paluwagan.” Respondents would usually spend their money on clothing and footwear, sweets, chocolate, ice cream, etc., bus and train fees, presents for other people, soft drinks, school equipment, cinema, cosmetics, computer equipment/games, alcoholic beverages, disco bars, etc., and cigarettes. It is recommended that in future studies, more respondents should be included. Allot enough time to research to have a better output. Lastly, prepare a brief questionnaire that it will not be time-consuming for the respondents to answer.