Date of Publication


Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Management of Financial Institutions

Subject Categories

Finance | Finance and Financial Management


Ramon V. Del Rosario College of Business


Financial Management Department

Thesis Advisor

Tommy S. Tiu

Defense Panel Chair

Edralin C. Lim

Defense Panel Member

Dioscoro P. Baylon, Jr.
Arwin Layson


There is a profound growth in the increase of financial institutions that are integrating Environmental, Social, and Governance metrics into their capital allocation and stewardship criteria. The objective of this study is to examine how Environmental, Social, and Governance considerations influence investment attitudes and behaviors of Millennial and Generation Z demographics in the Philippines. The researchers conducted an online survey with 372 respondents residing throughout specific cities in the National Capital Region complimented by Cronbach’s Alpha to test its reliability. The data gathered from the survey were analyzed through conducting statistical tests such as descriptive statistics, Mann-Whitney U Test, Analysis of Variance, and Structural Equations Modeling. The findings of this study indicate that the younger generation is proactive in engaging in sustainable finance in the Philippines. Through this study, institutions are acquainted with the role they play in the arbitration of investment decisions of millennials & generation Z with regard to ESG. The study found that for every unit increase in governance concerns, the likelihood that a respondent invests into ESG increased by 92 percent and for every unit increase in environmental concerns, a respondent becomes 56 percent more likely to invest into ESG. Our research highlights that while demographic characteristics prove to be a significant factor in understanding the behavior and attitudes of millennials and generation z investors, it is their morals, ESG issues, awareness, and financial return considerations that are significantly associated with their investment decisions.

Abstract Format






Physical Description

229 leaves, color illustrations


Saving and investment; Generation Y--Finance, Personal; Generation Z--Finance, Personal

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