A study on financial literacy and retirement planning of millennials employed in two BPO companies
Date of Publication
4-2018
Document Type
Master's Thesis
Degree Name
Juris Doctor
Subject Categories
Business
College
Ramon V. Del Rosario College of Business
Department/Unit
Business Management
Thesis Adviser
Frances Jeanne Sarmiento
Raymund Jay Gomez
Defense Panel Chair
Denis L. Berino
Defense Panel Member
Maria Paquita Diongon Bonnet
Carlo Bonifacio Alentajan
Abstract/Summary
This study aimed to determine whether Filipino millennials, those aged 26 to 35 years old, and are employed in the Business Processes Outsourcing Industry (BPO) are financially literate and financially prepared, and whether these factors affect their retirement planning. Likewise, it sought to analyze the existence of existing laws, policies, rules and regulations in the Philippines, so as to establish whether these promoted financial literacy, financial planning and retirement planning. A survey of 84 BPO employees from two companies in Makati City was done, along with interviews with 10 representatives from insurance companies and banks, and representatives from the Bangko Sentral ng Pilipinas, Insurance Commission, and Securities and Exchange Commission. They all shed light on the existing practices in business, the status of financial literacy, and retirement practices of millennials, as well as the application of existing laws, and possible changes which may positively impact the country. This study found that those employed in the BPO industry, although they may still be rank and file employees, had high earning capacity. Although, it was unclear why they saved less than 5% of their income, and have no clear retirement plans. Likewise, the variables of age, income, gender and educational attainment were not good predictors of either financial literacy or financial planning. On the other hand, there was a positive relationship between financial planning and retirement planning. On the policy level, it was found that the existing laws will not be able to protect millennials at the time of retirement, and their spending patterns will make it difficult for them to sustain themselves through retirement. Thus, it was recommended that the State and private entities join partnerships to strengthen their existing programs. Likewise, different government entities should be mandated to expand their financial literacy programs to ensure that not just a particular sector of society is served, rather, that a bigger population will benefit with the programs.
Abstract Format
html
Language
English
Format
Electronic
Accession Number
CDTG007521
Shelf Location
Archives, The Learning Common's, 12F Henry Sy Sr. Hall
Physical Description
1 computer optical disc; 4 3/4 in.
Keywords
Financial literacy--Philippines; Retirement—Planning; Contracting out--Philippines
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Recommended Citation
Lotilla, M. L. (2018). A study on financial literacy and retirement planning of millennials employed in two BPO companies. Retrieved from https://animorepository.dlsu.edu.ph/etd_masteral/7225
Embargo Period
11-27-2024
Note
Master’s Thesis Proposal on the title page