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 (English)

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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