Date of Publication

8-2025

Document Type

Master's Thesis

Degree Name

Master of Arts in Behavioral Sciences with a track in Organizational and Social Systems Development

Subject Categories

Organization Development

College

College of Liberal Arts

Department/Unit

Behavioral Sciences

Thesis Advisor

Myla M. Arcinas

Defense Panel Chair

Zaldy C. Collado

Defense Panel Member

Bubbles Beverly N. Asor
Czarina Labayo Prieto

Abstract/Summary

This study examines how millennial bank employees in the Philippines navigated investment decisions during the COVID-19 pandemic, applying behavioral finance to assess personal traits, pandemic anxiety, and investment perceptions. A cross-sectional survey of 306 participants showed demographic factors (age, gender, financial literacy) and psychological variables (economic/health anxiety, risk perceptions) shaped investment behaviors (choice, amount, frequency, horizon). Findings revealed a “barbell strategy”: cash reserves (64.1%), bonds (68.6%), and alternative investments (86.3%). High financial literacy (M = 5.97/7) predicted longer horizons (β = 0.323, p = 0.001), while perceived risk drove riskier stocks (β = 0.273, p = 0.001), aligning with prospect theory’s loss-domain risk-seeking. Financial anxiety reduced investment amounts (β = -0.050, p = 0.023) but increased monitoring (β = 0.045, p = 0.048); health anxiety spurred risk-taking (β = 0.069, p = 0.004). Moderate asset exposure optimized satisfaction (M = 64.98). This study advances behavioral finance by showing crisis-driven biases persist among experts, advocating hybrid financial products and policies addressing psychosocial stressors to enhance resilience in emerging markets.

Abstract Format

html

Language

English

Format

Electronic

Keywords

Investments—Decision making; COVID-19 Pandemic, 2020-2023--Philippines; Generation Y--Philippines; Bank employees--Philippines

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Embargo Period

8-13-2025

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