THE IMPACT OF PSYCHOLOGICAL, ECONOMIC, SOCIAL ASPECTS, AND INTEREST RATE VARIATIONS ON WORKING MILLENNIALS' SAVING PATTERNS THROUGH DIGITAL BANKING

Christopher Ataza; Mary Porcel; Ladylyn Resabal; Andy Sandoval; Cresilda Bragas

doi:10.55955/330001

Authors

Mr. Christopher M. Ataza Polytechnic University of the Philippines https://orcid.org/0009-0005-4219-272X
Ms. Mary Ann B. Porcel Polytechnic University of the Philippines https://orcid.org/0009-0002-2081-1807
Ms. Ladylyn F. Resabal Polytechnic University of the Philippines https://orcid.org/0009-0006-5320-9168
Mr. Andy Evans G. Sandoval Polytechnic University of the Philippines https://orcid.org/0009-0000-2988-7328
Assoc. Prof. Cresilda M. Bragas Polytechnic University of the Philippines https://orcid.org/0000-0002-4095-1738

DOI:

https://doi.org/10.55955/330001

Keywords:

Digital Banking, Economic, Financial Literacy, Interest Rates, Millennials, Psychological, Savings, Social

Abstract

The objective of this research is to determine the significance of various factors including, psychological aspects, economic aspects, social aspects, and interest rate variations, that influence the saving patterns of working millennials through digital banking. The research was conducted using survey questionnaires from a stratified random sample of 51 working millennials who have bank accounts in Metro Manila, Philippines. Results showed that psychological aspects (Bet a= 0.430, p-value = 0.006 < 0.05) and interest rate variations (Beta = 0.878, p-value = 0.000 < 0.05) were statistically has significant and had a positive effect on the saving patterns of working millennials through digital banking. However, social aspects (Beta = -0.182, p-value = 0.016 < 0.05) had a negative effect. To where the values of many factors that has been discover, this will be served as the foundation in creating the regression model to be represented as of the y= (0.430)P +(−0.130)E +(−0.182)S +(0.878) +(−0.01), which will assist the bank managers in optimizing their personalized offers for the saving patterns of working millennials.

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