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Saving Motivations of Regular Employees in Panay Island

Danah Mae Adelantar, Uriel Bolivar, Noellene Grace De Nuevo, Jea Angela Endencio,

Jean Ann Abiog

College of Commerce, University of San Agustin

FM412 – Thesis

The Faculty of the Department of Business Administration and Entrepreneurship

December 2022
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Abstract

Savings reflects the economic condition of a particular individual. Money from

these savings are usually use for emergencies and for investments. However, despite this

perks of having savings, statistics shows that the average saving of a family has not

shown a great increase over the years. This is alarming since money that is being saved

can help one saver cover his financial obligations if his finances are insufficient. Thus,

this study was born to understand the saving motivation of regular employees in Panay

Island. This study aims to answer two research questions. It aims to answer the level of

saving motivation of regular employees in Panay Island in terms of security of funds,

income appreciation, wealth accumulation when the respondents grouped according to

monthly salary, age, sex, rank in the organization and location of employer. It also aims

to answer the significant difference in the level of saving motivation of regular

employees in Panay Island in terms of security of funds, income appreciation and wealth

accumulation when the respondents are grouped according to monthly salary, age, sex,

rank in the organization and location of employer. Monthly income earners of P12,3000-

P20,000 and under the age bracket of 18 years old -25 years old had the highest level of

saving motivation when it comes to the saving motivation security of funds, income

appreciation and wealth accumulation. This study recommends to financial institutions to

focus their marketing of their saving products and service to those who receive more than

P20,000 and are 25 years old and above.

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Acknowledgement

We, the researchers would like to acknowledge the following:

To Our Almighty God, who is the source of all knowledge, patience and understanding

that the researchers have embodied throughout the study.

To Our Dear Parents and Guardians, for their moral and financial support to made

this studypossible.

To Our Research Advisers and Course Professor, for extending their time and

expertise in the field of research to assist us in our needs and remind us of our gaps.

To the Previous Researchers who inspired us to do the same study in the local context

To the Future Researchers who motivates us to finish this study to guide them in their

quest for knowledge in the future.

And to All Stakeholders of this study especially the respondents who took time to

respond in our study and make this paper possible.

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TABLE OF CONTENTS

Page

Title Page 1

Approval Sheet 2

Acknowledgement 4

Table of Contents 6

List of Tables 7

List of Figures 8

Abstract 3

INTRODUCTION

Background and Rationale of the Study 9

Statement of the Problem 11

Hypothesis 12

Theoretical Framework 12

Conceptual Framework 13

Significance of the Study 18

Scope and Limitation of the Study 19

METHODOLOGY

Research Design 20

Population and Sample 21

Data Gathering Instrument 21

Data Gathering 23

Reliability 23

Ethical Considerations 25

Data Analysis 30

RESULT 31

DISCUSSION
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Analysis 56

Conclusion 59

Recommendation 59

References 61

Appendices

Appendix A Approval Letter to the Company 65

Appendix B Plagiarism Check Certification 69

Appendix C Grammar Check Certification 70

Appendix D Research Instrument Validity Test Result 71

Appendix E Research Instrument Reliability Test Certificate 74

Appendix F Research Ethics Review Committee Approval 75

Appendix G Letter to the Respondents 77

Appendix H Informed Consent Form 80

Appendix I Data-Gathering Instrument 84

Appendix J Technical Approval Document 88

Appendix K Gantt Chart 89

Appendix L Curriculum Vitae 90

Appendix M Plagiarism Check Certification 96

Appendix N Grammar Check Certification 97

Appendix P Technical Approval Document (Final Paper) 98

Appendix Q And Other Relevant Document 99

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List of Tables

Table Page

1. The Profile of the Respondent 32

2. Level of Motivation of Regular Employees in Panay Island 35

in terms of Security of Funds

3. Level of Motivation of Regular Employees in Panay Island in 38

terms of Income Appreciation

4.Level of Motivation of Regular Employees in 39

Panay Island in terms of Wealth Accumulation

5.Differences in the level of Saving Motivation of Regular 41

Employees in Panay Island in terms of Security of funds when

grouped according to monthly salary.

6. Differences in the level of Saving Motivation of Regular Employees 42

in Panay Island in terms of Security of funds when grouped

according to rank in the organization.

7. Differences in the level of Saving Motivation of 43

Regular Employees in Panay Island in terms of Security of funds

when grouped according to rank in the organization

8. Differences in the level of Saving Motivation of 44

Regular Employees in Panay Island in terms of Security of funds

when grouped according to rank in the organization.

9.Differences in the level of Saving Motivation of 45

Regular Employees in Panay Island in terms of Security of funds

when grouped according to age.

10. Differences in the level of Saving Motivation of 46

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Regular Employees in Panay Island in terms of Security of funds

when grouped according to sex.

11. Differences in the level of Saving Motivation of 47

Regular Employees in Panay Island in terms of Security of funds

when grouped according to location of employer

List of figure

Figure Page

1. The Saving Motivations of Regular Employees in Panay Island 17

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Saving Motivations of Regular Employees in Panay Island

Background of the Study

Savings is viewed differently from different perspectives. Likewise, it is defined

differently by different people. According to Karlan (2014), savings is the money in

excess after buying the needed goods and services that help households attain smooth

consumption. Savings finance productive investments in human and business capital.

Onthe other hand, Keynes (1936) has a more practical definition of savings

which he defined as the income earned in a particular period less than the consumption

in the sameperiod. Different behavior arises in this field of finance. Financial managers

and economist through the years have keep their eyes on this vital facet of our economy

particularly on the motivations of people in saving.

There were a lot of studies both from other countries and here in the Philippines

that explain the saving motivations of people.In the study of Furnham (1999), he found

out that for college students in the United States, the more income they receive, the less

income they consume for goods and services resulting to more excess money for their

savings. In a different study conducted by Phillips and Katherine (2014), the researchers

found out that women are motivated to save because of the growing inflation rate. Two

local studies conducted in Metro Manila show that Filipino savers are in contrast with the

Life Cycle Hypothesis theory.

The Life Cycle Hypothesis theory assumes that people save at their young age

and spend these savings when they are cannot earn for an income. In the study of Alba et

al (2006) and Romualdez (2017), it shows that Filipinos does not apply the principle of

Life Cycle Hypothesis theory.

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In the study of Romualdez (2017), it shows that Filipinos consume more than

saving while they are in their young age and save when they have limited finances while

on the study of Alba et al. (2016), it shows that regular employees that aged from 22

years old to 26 years old with an average income of P20,000 per month consume more

than saving. Thou most of the respondents shows that they have savings monthly, its

allocation has the least percentage compared to other spending in the budget pie.

Economist John Meynard Keynes, also known as the father of modern

macroeconomics, identified eight motivations why people save which could be summed

up to six motivations. In the study of Browning and Lusardi (2010), Keynes stressed out

that people save for contingencies, to provide for their needs, to enjoy interest and its

appreciation, to enjoy a gradually increasing expenditure, to experience financial freedom

and to carry out business projects.

These studies inspired the researchers to conduct a more localized study focusing

only on respondents in Panay Island particularly regular employees’ motivations towards

savings focusing on motivation factors on the security of funds, income appreciation and

wealth accumulation.

The researchers recognize the need for this study to fill in the gaps in research and

development particularly in the area of finance. The researchers felt that if there is a study

that will reflect motivations of people in saving, financial institutions can design a more

flexible and better financial products and services that can entice savers and even non-

savers to save more money. This study was also conceptualized for the researchers, as

financial management students, in order for the researchers to be aware on factors that

affect the financial decision of people, particularly the saving motivations of regular
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employees in Panay Island. Through this study, the researchers will be aware of the

influences that affect their decisions to come up with better plans and strategies in the

future.

And lastly, this study was born in order to have a localized study on saving

motivation which will be the pioneer study in Panay Island. Results can suggest to

regional economic managers to amend the existing economic plan, fiscal policies and the

likes if the results say to.

Statement of the Problem

This study aims to know the level saving motivations of regular employees of

Panay Island. Specifically, it sought answers to the following questions:

1. What is the level of saving motivation of regular employees in Panay Island

in terms of security of funds, income appreciation, wealth accumulation when

the respondents are grouped according to monthly salary, rank in the

organization, age, sex and location of employer?

2. Is there a significant difference in the level of saving motivation of regular

employees in Panay Island in terms of security of funds, income appreciation

and wealth accumulation when the respondents are grouped according to

monthly salary, rank in the organization, age, sex and location of employer?
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Hypothesis

Based on the aforementioned statement of the problem, the following hypothesis

are employed at 0.05 level of significance.

1. There is no significant difference in the level of saving motivation of regular

employees in Panay Island in terms of security of funds, income appreciation

and wealth accumulation when the respondents are grouped according to

monthly salary, rank in the organization, age ,sex and location of employer.

Theoretical Framework

This study is anchored from two theories, the Life Cycle Hypothesis theory and

the Psychological Law theory.

According to Modigliani and Brumberg (1950), Life- Cycle hypothesis is an

economic theory that explains the spending and saving motivations of people as they age.

This theory explains that people plan their spending and their saving activity.

According to this theory, young people apply for debt assuming that they generate

income to pay for it. At middle age, they start to save, looking forward to their retirement

where most probably they will not receive any income. The Life-Cycle Hypothesis theory

assumes that people are motivated to save for future expenses or for expenses during the

time they can’t earn an income.

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On the other hand, Psychological Law gives more attention on the role of income

than psychological factors in saving motivation. This theory assumes that when people

have more income, they save more and consume more, yet the money they spend on

consumption is more than the money they place for their savings.

Subho (2021) stressed that Psychological Law therefor explains that an increase

in income is always bifurcated into spending and saving. According to Modigliani (2022),

there is a permanent component for saving out of the income received by the savers. This

proves that there is permanency in saving out from the increase income of these savers.

Conceptual Framework

To attain a conceptual framework for this study, the researchers have checked the

current theories.

For the Life- Cycle Hypothesis theory, this brought the researchers to identify that

security of funds and income appreciation are two of the motivations on saving since this

economic theory explains that people plan their spending and saving for the future.

On the other hand, the Psychological law theory brought the researchers to

identify that wealth accumulation is one of the factors that motivates people to save

because this theory assume that when people have more income they save more in hope

to accumulate more wealth.

In this study, the sociodemographic profile are monthly salary, age, sex, rank in

the organization and location of the employee.

The monthly salary is comprised of the following salary brackets: P12,300-

P20,000, P20,001-P27,700, P27,701-P35,400 and P35,401 and above.

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The Department of Budget and Management of the Philippines determines the

salary of regular employees in LGUs. The Salary Grade 1 is the lowest among all

salaries. Thus, the minimum as of the conduct of this study, Salary Grade 1 is equivalent

to P12,517 pay. This is the gross’ for government regular employees.

On the other hand, age is comprised of the following brackets: 18 years old-25

years old, 26 years old -33 years old, 34 years old – 41 years old, 42 years old- 49 years

old and 50 years old – 57 years old, 58 years old to 65 years old. The age bracket is

clustered according to generation. We made this way of clustering to know which

generation do most of the savers belong. The Pew Research Center and the US Census

Bureau defined the following generations: Gen Z, Millennials, Gen X and Boomers II.

The Gen Z generation are people born in 1997-2012.This year, the age bracket of

Gen Z is from 10-25 years old. On the other hand, Millennials are individuals born

between 1981-1996. This year, the age bracket of Millennials is from 26-41 years old.

Third, Gen X generation are those born between 1965-1980. The age bracket of Gen X is

42-57 yearsold while individuals who belong to Boomers II are born from the year 1955-

1964 and this year they age from 58-67 years old. In the questionnaire, we can observe

that we started at the age bracket years in 18 years old (Generation Z) and the maximum

age is 65years old. The researchers decided this bracketing because the minimum age

requirementto be employed in a Local Government Unit in the Philippines is 18 years old

based on the existing Labor Code of the Philippines while 65 years old is the mandatory

retirementfor employees in the government sector which Local Government Units are

included.

Sex refers to the sex at birth of the respondent which is comprised of Male and

Female choices.
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The rank of employee in the organization is comprised of the Top-level manager,

Middle Manager, and Frontline employee. Spacey in 2018 defined employees under top-

level managerial positions as employees that usually have the final say on crucial

decision making such as Department Heads, Head of Office and the likes. On the other

hand, employees belonging to middle manager rank of employee are those involve in

directing and controlling functions and usually responsible in the performance of their

subordinates which is under the staff rank of employees such as office supervisors. Lastly,

frontline employees are those who produce outputs in the frontline of the organization

including support staff.

Lastly, the location of the employer variable is composed of the four provinces:

Aklan, Antique, Capiz and Iloilo.

The dependent variable in this study are the saving motivation on security of

funds, income appreciation and wealth accumulation.

First, security of funds pertains to having contingency funds in case of unforeseen

expenses. In this study, security of funds refers to the idea that regular employees of

Panay Island are motivated to save because they desire extra money for future expenses.

This saving motivation was from the Life Cycle Hypothesis introduced by Franco

Modigliani and Richard Brumberg where it explains that individuals save to have enough

income when they get old or the time when they are unable to produce any income.

Second, income appreciation is the appreciation of value of a financial asset. In

this study, income appreciation refers to the saving motivation of regular employees

because they are enticed of the appreciation of their savings out of the interest that it
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gains and other benefits that they can avail from their savings. This saving motivation

likewise is from Life Cycle Hypothesis theory of Modigliani and Brumberg.

And lastly, wealth accumulation refers to additional wealth or asset that can be

use and transferable in the future. In this study, wealth accumulation is a saving

motivation that entices regular employees in Panay Island to save because they desire

additional wealth which they can use when their finances deplete. This saving motivation

is from John Meynard Keynes’s Psychological law that explains that people save more

than consume when they have enough income.

Figure 1

The Saving Motivations of Regular Employees in Panay Island.

Independent Variables Dependent Variables

SAVING MOTIVATIONS OF
REGULAR EMPLOYEES IN
Monthly Salary PANAY ISLAND
Rank in the Organization
Age
Security of Funds
Sex
Income Appreciation
Location of Employee
WealthAccumulation

Age. Age is the number of years since our birth (Laz,1998).

In this study, age pertains to the number of years since the birth of the respondents.

Location. Location is a place where something happens or situated

(Gabszewicz and Thisse, 1992).

In this study, location is the place where the respondent works.

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Monthly Salary. A salary is a form of payment from an employer to an

employee – a remuneration in exchange for the service of the employee in a

month or in a year (Asaari et al, 1999)

In this study, monthly salary is the cash payments that the respondents

received from their respective Local Government Units (LGU) as a form of

payment from the service they rendered in their LGU.

Rank in the Organization. Rank in the organization is defined as the

association of an employee to the institution that he is serving to achieve a well-

defined limited results or outcome (Beckmann, 1983)

In this study, rank in the organization refers to the employees’ degree of

work, if the employee belong to the frontline employee group, to the middle

managers group or to the top-level managers.

Regular Employee. Regular employees are those employees engaged to

perform activities which are usually necessary or desirable in the usual business

or trade of the employer (Loares,2022)

In this study, the regular employees are those employees working in the

Local Government Unit of Iloilo City, Roxas, Kalibo and San Jose de Buenavista

who are respondents of our study.

Saving Motivations. Motivation describes why a person does something.

It is the driving force behind every human actions or endevour. Motivation is the

process that initiates, guides, and maintains goal-oriented behaviors. Thus, saving

motivation is the driving force for people to save.

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In this study, the saving motivation pertains to the saving motivation

onsecurity of funds, income appreciation and wealth accumulation.

Sex. Sex refers to the determinants between a man and a woman.

In this study, sex is the sex at birth of the respondents in the study.

Significant of the Study

The finding of this study will be beneficial to the following sector:

Regular Employee - The key results of this study will aid the regular

employee’s in understanding the factors affecting their motivations in saving.

Financial Institutions- The outcome of this study could be the basis

for financial Institutions in designing their products and services particularly

on bank savings.

National Economic and Development Authority- This will help the

National Economic and Development Authority (NEDA) to assess the motivations

of regular employees in Panay Island in saving. Results can be their basis on crafting

programs to fulfill the Institutional mandate.

Researcher- This study will help the researchers in such a way that they

will be aware on the motivations of people in saving. This will help the researchers

they gear up for their work as future financial managers

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The Community- This study will help the community in such a way that

results of this study can create results such as better marketing for products and

services on savings. With more savings placed in banks or even in other depository

material, more money can be mobilized for the community.

Future Researchers- This study will help the future researchers in such a way

that this study can be their backbone in their research. Concepts, theories and results

will help them craft a better research.

Scope and Limitation of the Study

This study aims to determine the saving motivations of regular employees in

Panay Island. The researchers conducted this study from October 24-31, 2022.

This studywas participated by 357 participants. However, the researchers only

tabulated 271 responses since 86 questionnaires were not completely answered.

Our statistician advised us to exclude these questionnaires in the tabulation.

The respondents of this study are regular employees from the Local

GovernmentUnits (LGUs) of the four provincial capitals of Panay Island. Thus, these

employees areemployed in LGU Iloilo City, Iloilo, LGU Kalibo, Aklan, LGU Roxas

City, Capiz and LGU San Jose De Buenavista, Antique.

The monthly salary of the respondents is P12, 300 or more.

The age of the respondents must be 18 years old to 65 years old. The rank of the

employees should range from the top level manager rank, middle manager rank and

frontline employees rank.

On the other hand, the location of the respondents are Iloilo City, Iloilo, Kalibo,

Aklan, Roxas City, Capiz and San Jose De Buenavista, Antique.

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For the exclusion criteria of this study, the researchers will not accept responses

from respondents who are not regular employees and currently not employed in Local

Government Unit (LGU) other than LGU Iloilo City, Kalibo, Aklan,Roxas City, Capiz

and San Jose de Buenavista, Antique.

Furthermore, the respondents will not accept response from regular employees

having a salary lower that P12, 300, younger than 18 years old and older than 65 years

old.

The research method that we employ in this study is survey and the research

design is descriptive research design.

Lastly, the statistical tool that we used is mean, standard deviation and Kruskal

Wallis Test and Mann-Whitney U test.

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METHODOLOGY

Research Design

This study aims to know the level of saving motivations of regular employees in

Panay Island. The researchers used the descriptive research design and the method used

in this study is survey.

Descriptive research design is a type of research design that aims to collect

information from a group of people to describe with certainty facts and characteristics of

a population and phenomena (Dunlock, 1993)

On the other hand, survey are collection of information from individual’s

responses who participated in the survey (Ponto, 2015)

Population and Sample

This study had 271 participants. These participants are regular employees from

the Local Government Units (LGUs) of the four provincial capitals of Panay Island, has a

monthly salary of P12, 300 or more, must be 18 years old to 65 years old and employed

either in the top level manager rank, middle manager rank and frontline employees rank

in the organization that he is employed and living in the provinces of Aklan, Antique,

Capiz and Iloilo.

The researchers didn’t include respondents who are who are not regular

employees and currently not employed in Local Government Unit (LGU) other than LGU

Iloilo City, Kalibo, Aklan, Roxas City, Capiz and San Jose de Buenavista, Antique and

regular employees having a salary lower that P12, 300, younger than 18 years old and

older than 65 years old.

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The sampling technique that the researchers used is non-probability sampling is

selecting a sample from a population using a subjective method where in not all members of

the population have an equal chance to participate in the study. Convenience sampling, on

the other hand, is under nonprobability sampling in which the researchers conveniently pick

the sample to participate in the study. The researchers will use this sampling technique

because by using this technique, we can still get a sample that can describe a population

conveniently. After the researchers were given the permission to conduct the study, the

researchers ask permission from the four LGU Mayors which this study was conducted. We

were assisted by the Human Resource Officer in identifying our respondents.

Data Gathering Instrument

The researchers utilized the questionnaire data gathering instrument. The

instrument is made of two (2) parts:

Part I, the Demographic Characteristics, contains the monthly salary, age, sex,

rank in the organization and location of the respondents employer.

Part II, the Questionnaire. This questionnaire is composed of thirty (30) items that

determine the saving motivations of regular employees in Panay Island.

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The researchers used a five-point Likert scale and the participants were given five

(5) choices. Each of the responses were scored as follows:

Response Score

Highly Motivated 5

Motivated 4

Moderately Motivated 3

Slightly Motivated 2

Not Motivated 1

To interpret the mean scores, the following scale of means and

correspondinginterpretations are indicated as follows:

Scale of Means Interpretation

4.21-5.00 Highly Motivated

3.41-4.20 Motivated

2.61-3.40 Moderately Motivated

1.81-2.60 Slightly Motivated

1.00-1.80 Not Motivated

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Data Gathering

This study was conducted in October 2022. In this study, the data collection

procedure observed the following stages:

First, the validation process of the questionnaire. The questionnaire were

validated by one faculty member from the College of Commerce, the research adviser

and a validator from the industry particularly from a financial institution that offers

depository product. The validators will then rate the instrument based on their findings.

All suggestions of the validators were taken into consideration by the researchers.

The researchers used Good and States validation measurement form to measure

the validity of the research study with the 5 points scale (5-Strongly Agree, 4- Agree, 3-

Undecided, 2- Disagree and 1- Strongly Disagree) An average score from the evaluation

was computed to check whether the instrument is valid or not. Validator one has an

average score of 4 (Agree) while validator 2 has an average score of 4.46 (Agree) and

validator 3 has an average score of 4.46 (Agree) too. Over all, the instrument prepared by

the researchers got an average score of 4.30 (Agree) out of 5. Thus, the instrument is

valid.

Second, the questionnaire undergone a reliability test. The reliability process

checked whether the results from the instrument are consistent. The Process was

conducted to 30 respondents. These respondents are not part of the sample. Research

questionnaire were sent through the use of google forms.

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The researchers use Cronbach’s Alpha to measure its level of reliability.

According to Taber (2017), a Cronbach Alpha result can give you 1-0 but

can give anegative result too. A result of 0.70 and above means the instrument is

reliable. Our instrument yields a result of 0.96. Thus, the instrument is reliable.

Third, the data for this study were gathered after the approval of the Research

Ethics and Review Committee (RERC) of the University of San Agustin.

Fourth, after the manuscript was approved for data collection, the researchers

conducted the study. The process begins through asking permission from the Local Chief

Executive (LCE) or the Mayor of the Local Government Unit (LGU) that is understudy if

they will allow the researchers to conduct study among the selected regular employees.

After the LCE gave his permission, the researchers went to the Human Resource Officer

of the LGU. The Human Resource Officers helped the researchers in identifying the

respondents of the study.

Fifth, the RERC approval is a requirement before conducting the actual study.

Requirements such as the grammar check, manuscript and endorsement letter are required

before the RERC reviews the paper for data gathering approval.

Finally, after the data were gathered from the respondents, it was encoded by the

researchers, analyze through the use of statistical tools mean, standard deviation,

Kruskal-Wallis test and Mann-Whitney U Test.

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Ethical Considerations

Purpose of this Research

The purpose of this study is to know the level of saving motivations of regular

employees in Panay Island.

Eligibility

The respondents of this study are regular employees from the Local Government

Units (LGUs) of the four provincial capitals of Panay Island. Thus, these employees are

employed in LGU Iloilo City, Iloilo, LGU Kalibo, Aklan, LGU Roxas City, Capiz and

LGU San Jose De Buenavista, Antique.

The monthly salary of the respondents are P12, 300 or more.

The age of the respondents must be 18 years old to 65 years old. The rank of the

employees should range from the top level manager rank, middle manager rank and

frontline employees rank.

On the other hand, the location of the respondents are Iloilo City, Iloilo, Kalibo,

Aklan, Roxas City, Capiz and San Jose De Buenavista, Antique.

For the exclusion criteria of this study, the researchers will not accept responses

from respondents who are not regular employees and currently not employed in Local

Government Unit (LGU) other than LGU Iloilo City, Kalibo, Aklan,Roxas City, Capiz

and San Jose de Buenavista, Antique.

Furthermore, the respondents will not accept response from regular employees

having a salary lower that P12, 300, younger than 18 years old and older than 65 years

old.
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What will you do in this study.

This study will be use as a reference for government and private institutions to

fulfill their mandates. For instance, results of this study can be used by the National

Economic and Development Authority to design their economic plans. Also private

financial institutions such as private banks can use the results of this study on how to

effectively market their product.

Duration of the Study

This study runs from September 2022 to December 2022. And expected to benefit

the local community in such a way that this this study can create outcomes such as better

marketing for products and services on savings of banks. With more savings placed in

banks or in other depository product, more money can be mobilized for the community’s

development.

Benefits to local communities

This study will benefit the local communities in such a way that this will broaden

the knowledge and fill in the gaps as far as saving motivations of the local regular

employees is concerned. Secondly, this study will benefit the community in such a way

that it will allow local economist to plan out how these motivations can be used to

address socioeconomic problems of the local community.

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Conflict of Interest

Participants were selected at random with target groups. Thus, there is no bias in

the selection. There were no monetary transactions involve in this study that can affect

thereliability and integrity of the study. This study will not also share confidential

information which the participants trusted the researchers with.

Protection of vulnerable participants

The researchers assure all participants that includes the vulnerable participants the

protection that is anchored in the participation of this study. It will ensure that no rights

of the respondents or participants were stepped down and all confidential information

will not be disclosing to anyone except for academic purpose and with the consent of the

participants.

Sharing of study results

The study once published will be open for all who ask and seek for it. However, a

copy of the results will be given to important stakeholders identified in this study. A copy

of the results will be given to the respondents in appreciation of their time to answer our

research instrument. Results will also be given to other stakeholders such as the National

Economic and Development Authority Region 6, the future researchers and the likes.

Risk

Risk are always part of every endeavor. For this study, the risk is logistics

centered such as the risk on data collection- that data might not be collected in time
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because of unforeseen circumstances. Thus, researchers must have contingency plans to

take mitigate this risk.

Benefits

Along with this risk, benefits can be yield from this study. The following are the

stakeholders that will benefit from this study:

Regular Employee – The key results of this study will aid the regular employees

in understanding the factors affecting their motivations on saving.

Financial Institutions- The outcome of this study could be the basis for financial

institutions in designing their products and services particularly on bank savings.

National Economic and Development Authority- This will help the National

Economic and Development Authority (NEDA) to assess the motivations of regular

employees in Panay Island in saving. Results can be their basis on crafting programs to

fulfill their institutional mandate.

Researcher- This study will help the researchers in such a way that they will be

aware of the motivations of people in saving. This will help the researchers as they gear

up for their work as future financial managers.

The Community- This study will help the community in such a way that results of

this study can create results such as better marketing for products and services on savings.

With more savings placed in banks l, more money can be mobilized for the community’s

development.
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Future Researchers- This study will help future researchers in such a way that this

study can be their backbone in their research. Concepts, theories and results will help

them craft better research.

Voluntary Participation

Participation in this study is voluntary in nature. The participants had the right to

refuse if he doesn’t want to participate in the study. No monetary compensations were

given to the participant nor to the HR officer of the LGU understudied.

Confidentiality, anonymity, and privacy.

The researchers guarantee the anonymity of the participants of this study.

Information regarding the participants will not be published nor be shared to other parties

and will be treated with high confidentiality and anonymity. All data gathered in this

study will be taken with prudence. Respondents’ identities will be anonymous at all times.

The researchers will strictly observe all provisions of the Data Privacy law at all times in

the conduct of this study.

 31

Who to Contact

Those who wish to ask further questions on this study titled Saving Motivation of

Regular Employees in Panay Island, they may contact the researchers on their email

address and contact number.

Name Email Address Contact Number

Abiog, Jean Ann jaabiog@usa.edu.ph 09076798917

Adelantar, Danah Mae dadelantar@usa.edu.ph 09484970677

Bolivar, Uriel ubolivar@usa.edu.ph 09338109059

De Nuevo, Noellene ngdenuevo@usa.edu.ph 09186927505

Grace

Endencio, Jea Angela jaendencio@usa.edu.ph 09751867924

Data Analysis

Statistical Tool. This research employed four statistical tools Mean, Standard

Deviation, Kruskal Wallis test and Mann-Whitney U Test.

For the first statement of the problem, the researchers used the mean statistical

tool to get how motivated the respondents are in the saving motivation that is provided in

this study.
 32

For the second statement of the problem, the researchers used three statistical

tools: Standard Deviation, Kruskal Wallis test and Mann-Whitney U Test. If the sig

value (Standard Deviation) is less than 0.05, there is a significant difference. But if the

sig value is greater than or equal 0.05, there is no significant difference. If there is a

significant difference, we use the Kruskal Wallis test and Mann-Whitney U Test. Mann-

Whitney u test is used to variables with one to two elements. Kruskal Wallis test is used

to variables with more than two elements.

The 0.05 significant level served as the criterion for the acceptance or rejection of

null hypothesis.
 33

RESULTS

Profile of the Respondents

Table 1 shows the profile of participants. In total, 271 participants answered the

questionnaire. In terms of monthly salary, 159 participants belong to P12, 300-P20, 000

with 84.1%, followed by 41 participants belong to P20,001-P27,700 with 15.1%, 37

participants belong P35,401 and Above with 13.7%, and 34 participants belong to

P27,701-P35,400 with 12.5%. Whilein rank organization, 206 participants are majority

in Staff (Clerk, Teller, Information Officer, etc.) with 76.0%, 58 participants in Niddle

Level Manager (Office Supervisors, etc.) with 21.4% while 7 is in the Executive

Management (Department Heads, Office Head, etc.) with 2.6%. In terms of age, 59

participants belong to 26-33 years old with 25.5%, 55 participants belong to 50-57 years

old with 20.3%, 45 participants belong to 34-41 years old with 16.6%, 44 participants

belong to 42-49 years old with 16.2%, 34 participants 58-65 years old with 12.5%, and

24 participants for 18-25 years old with 8.9%. While in sex, the majority of the

participants are Female, which adds up 72.3% and 27.7% wereMale. Lastly, in terms of

location out of 271 respondents there are 178 participants with 65.7% were in Iloilo, 38

participants belong to Aklan with 14.0%, 33 participants from Capiz with 12.2% and 22

participants with 8.1% from Antique.

 34

Table 1 the profile of the respondents classified according to Monthly Salary, Rank

in the Organization, Age, Sex and Location

Table 1

The Profile of the Respondent

Category f %
A. Entire Group 271 100%
B. Monthly Salary
P12,300-P20,0000 159 58.7%
P20,001-P27,700 41 15.1%
P27,701-P35,400 34 12.5%
P35,401 and Above 37 13.7%
C. Rank in the Organization
Frontline Employee
(Clerk, Teller, 206 76.0%
InformationOfficer,
etc.)
Middle Level Manager
(OfficeSupervisors, etc.) 58 21.4%
Top-Level Manager (Department
Heads,Office Head, etc.) 7 2.6%

D. Age
18-25 y/o 24 8.9%
26-33 y/o 59 25.5%
34-41 y/o 45 16.6%
42-49 y/o 44 16.2%
50-57 y/o 55 20.3%
58-65 y/o 34 12.5%
E. Sex
Male 75 27.7%
Female 196 72.3%
F. Location of Employee
Aklan 38 14.0%
Antique 22 8.1%
Capiz 33 12.2%
Iloilo 178 55.7%
 35

Level of Motivation of Regular Employees in Panay Island in terms of Security of

Funds

Table 2 presents the tabulated data on the motivation of regular employees in terms

of the security of funds. For regular employees' monthly salary, salary that ranges from

₱12,000 to ₱20,000 with the mean of 3.73, ₱20,001 to ₱ 27,700 with the mean of 3.50, ₱

27,701 to ₱ 35,400 with the mean of 3.55 and ₱35,401 and above with the mean of 3.37

are interpreted as motivated based on our scaling provided above.

For the rank in the organization, the frontline employees with the mean of 3.65,

middle managers with the mean of 3.54 are interpreted as motivated and top-level with

the mean of 3.40 is interpreted as moderately motivated.

In the age range of 18 years to 25 years old with a mean of 4.02 employees, 26

years old to 33 years old with the of mean of 3.75, 32 years old to 41years old with a

mean of 3.68, 42 years old to 49 years old with the mean of 3.60, and 50 years old to 57

years old with the mean of 3.43 are interpreted as motivated. The of 58 years old to 65

years old with the mean of 3.34 is interpreted as moderately motivated.

In terms of sex, female with the mean of 3.64 and male with the mean of 3.58 are

interpreted as motivated.

For the location of regular employees, the level of motivation of regular

employees in Aklan in terms of saving motivation security of funds with the mean of 3.79,

for Antique with the mean of 3.46, and Capiz with the mean of 3.68 are interpreted as

motivated. Iloilo with the mean of 3.25 is interpreted as moderately motivated.

 36
Table 2

Level of Motivation of Regular Employees in Panay Island in terms of Security of Funds

Category N f M SD Description
Monthly Salary
P12,300-P20,000 159 3.73 .73497 Motivated
P20,001-P27,700 271 41 3.50 .83889 Moderately
Motivated
P27,701-P35,400 34 3.55 .68190 Motivated
P35,401 and Above 37 3.37 .66159 Moderately
Motivated
Rank in the
Organization
Frontline Employee 3.65 .75609 Motivated
(Clerk, Teller, 206
Information Officer,
etc.) 271

Middle Level 3.54 .72688 Motivated

Manager
(Office Supervisors, 58
etc.)

Top-Level Manager 3.40 .45092 Moderately Motivated

(Department Heads, 7
Office Head, etc.)
Age
18-25 y/o 24 4.02 .62761 Motivated
26-33 y/o 69 3.75 .67401 Motivated
34-41 y/o 271 45 3.68 .66645 Motivated
42-49 y/o 44 3.60 .59533 Motivated
50-57 y/o 55 3.43 .90018 Moderately Motivated
58-65 y/o 34 3.34 .79806 Moderately Motivated
Sex
Male 271 75 3.58 .77661 Motivated
Female 196 3.64 .73255 Motivated
Location of Employee
Aklan 38 3.79 .74826 Motivated
Antique 271 22 3.46 .77746 Moderately Motivated
Capiz 33 3.25 1.10230 Moderately Motivated
Iloilo 178 3.68 .63045 Motivated

Legend: 1.00-1.80 (Not Motivated), 1.81-2.60 (Slightly Motivated), 2.61-3.40 (Moderately Motivated),3.41-4.20
(Motivated), 4.21-5.00 (Highly Motivated)
 37

Level of Motivation of Regular Employees in Panay Island in terms of Income

Appreciation

Table 3 presents the tabulated data on the motivation of regular employees in

terms of Income Appreciation. For Regular employee’s monthly salary that ranges from

₱12,300 to ₱20,000 with the mean of 3.64, ₱20,001 to ₱27,700 with the mean of 3.58;

₱27,701 to ₱35,400 with the mean of 3.48 is interpreted as motivated and ₱35,401 and

above with the mean of 3.23 is interpreted as moderately motivated based on our scaling

provided above.

When grouped according to the rank of organization, the frontline employees with

the mean of 3.57, middle level manager with the mean of 3.53 and top level manager

with the mean of 3.30 are interpreted as motivated.

When grouped according to age that ranges from 18 years old to 25 years old with

the mean of 4.15; 26 years old to 30 years old with the mean of 3.90; 34 years old to 41

years old with the mean of 3.61; 42 years old to 49 years old with the mean of 3.50; 58

years old to 65 years old with the mean of 3.06 is interpreted as motivated and 50 years

old to 57 years old with the mean of 3.15 is interpreted as moderately motivated based on

the scaling provided above.

When grouped according to sex, male with the mean of 3.553, and female with

the mean of 3.551 are interpreted as motivated.

When grouped according to the location of the employees from Aklan with the

mean of 3.72; Iloilo with the mean of 3.66 is interpreted as motivated; while from

Antique with the mean of 3.27 and Capiz with the mean of 2.94 are interpreted as

moderately motivated.
 38

Table 3

Level of Motivation of Regular Employees in Panay Island in terms of Income Appreciation

Category N f M SD Description
Monthly Salary
P12,300-P20,000 159 3.64 .73497 Motivated
P20,001-P27,700 271 41 3.58 .83889 Motivated
P27,701-P35,400 34 3.48 .68190 Motivated
P35,401 and 37 3.23 .66159 Moderately Motivated
Above
Rank in the
Organization
Frontline 3.57 .75609 Motivated
Employee
(Clerk,Teller, 206
Information
Officer,etc.) 271

Middle Level 5 3.56 .72688 Motivated

Manager
8
(Office
Supervisors,
etc.)
Top-Level
Manager
(Department 7 3.30 .45092 Moderately Motivated
Heads,Office
Head, etc.)
Age
18-25 y/o 24 4.15 .62483 Motivated
26-33 y/o 69 3.90 .63129 Motivated
34-41 y/o 271 45 3.61 .79006 Motivated
42-49 y/o 44 3.50 .69566 Motivated
50-57 y/o 55 3.15 .93251 Moderately Motivated

58-65 y/o 34 3.06 .80121 Moderately Motivated

Sex
Male 271 75 3.55 .91730 Motivated
Female 196 3.55 .79888 Motivated
Location of Employee
3.72 .74826 Motivated
Aklan 38
Antique 271 22 3.27 .77746 Moderately Motivated
Capiz 33 Moderately Motivated
2.94 1.10230
Iloilo 178 3.66 .63045 Motivated

Legend: 1.00-1.80 ( Not Motivated) , 1.81-2.60 ( Slightly Motivated), 2.61-3.40 (Moderately -Motivated),3.41-
4.20(Motivated), 4.21-5.00 (Highly Motivated)
 39

Level of Motivation of Regular Employees in Panay Island in terms of Wealth Accumulation

Table 4 presents the tabulated data on the motivation of regular employees in

terms of Wealth Accumulation. For Regular employees' monthly salary ranges are

₱12,000 to ₱20,000 with the mean of 3.52; ₱20,001 to ₱27,700 with the mean of 3.43;

₱27,701 to ₱35,400 with the mean of 3.5176 are interpreted as motivated and ₱35,401 to

above with the mean of 3.21 is interpreted as moderately motivated.

When grouped according to the rank of organization, the frontline employees with

the mean of 3.48; middle level manager with the mean of 3.43 are interpreted as

motivated and the top-level manager with the mean of 3.21 is interpreted as moderately

motivated.

When grouped according to age that ranges from 18 years old to 25 years old with

the mean of 4.15,26 years old to 33 years old with the mean of 3.87, 34 years old to 41

years old with the mean of 3.61, 42 years old to 49 years old with the mean of 3.43 are

interpreted as motivated. 50 years old to 57 years old with the mean of 2.99 and 58 years

old to 65 years old with the mean of 2.78 are interpreted as moderately motivated based

on our scaling provided above.

In terms of sex, female with the mean of 3.43 and male with the mean of 3.48 are

interpreted as motivated.

In the location of employee, the level of motivation in Aklan are motivated with

the mean of 3.6 and Capiz with the mean of 3.60 are interpreted as motivated. Antique

with the mean of3.20 and Iloilo City with the mean of 2.68 are interpreted as moderately

motivated
 40

Table 4
Level of Motivation of Regular Employees in Panay Island in terms of Wealth Accumulation

Category N f M SD Description
Monthly Salary
P12,300-P20,000 159 3.52 .91687 Motivated
P20,001-P27,700 271 41 3.43 1.04952 Motivated
P27,701-P35,400 34 3.52 .75738 Motivated
P35,401 and Above 37 3.21 .89312 Moderately Motivated
Rank in the Organization
Frontline Employee 206 3.48 .75609 Motivated
(Clerk, Teller,
Information Officer,
etc.)

Middle Level 271 58 3.43 .72688 Motivated

Manager ( Office
Supervisors, etc.)

Top-Level Manager 7 3.21 .45092 Moderately Motivated

(Department Heads,
Office Head, etc.)
Age
18-25 y/o 24 4.15 .54691 Motivated
26-33 y/o 69 3.87 .66255 Motivated
34-41 y/o 271 45 3.61 .83595 Motivated
42-49 y/o 44 3.43 .81200 Motivated
50-57 y/o 55 3.99 .99033 Motivated
58-65 y/o 34 2.78 .90312 Moderately Motivated
Sex
Male 271 75 3.43 1.00067 Motivated
Female 196 3.48 .886673 Motivated
Location
Aklan 38 3.61 .87832 Motivated
Antique 271 22 3.20 .79131 Moderately Motivated
Capiz 33 2.68 1.06059 Moderately Motivated
Iloilo 178 3.61 .83527 Motivated

Legend: 1.00-1.80 ( Not Motivated) , 1.81-2.60 ( Slightly Motivated), 2.61-3.40 (Moderately -Motivated),3.41-4.20
(Motivated), 4.21-5.00 (Highly Motivated)
 41
Differences in the level of Saving Motivation of Regular Employees when respondents

are grouped according to monthly salary

Table 5 presents the Kruskall Wallis Test results of the saving motivations of regular

employees in panay island when respondents were grouped according to monthly salary.

Inferential results show that there was a significant difference in terms of security of funds

and income appreciation in the category of P12,300-P20,000, P20,002-P27,700, P27,701-

P35,400 and P35,401 and Above. The probability was lower than the level of significance

which was .05. Therefore, the null hypothesis must be rejected. While, In terms of Wealth

Accumulation there is no significant difference when grouped according to monthly salary.

Table 5

Differences in the level of Saving Motivation of Regular Employees when respondents

are grouped according to monthly salary

Category N Mean Rank Interpretation

Security of Funds

P12,300-P20,0000 159 148.92

P20,001-P27,700 41 123.68 Significant
P27,701-P35,400 34 126.13
P35,401 and Above 37 103.20

Income Appreciation
P12,300-P20,0000 159 145.08
P20,001-P27,700 41 139.95 Significant
P27,701-P35,400 34 126.01
P35,401 and above 37 101.80

Wealth Accumulation

P12,300-P20,0000 159 140.95

P20,001-P27,700 41 135.74 Not Significant
P27,701-P35,400 34 137.85
P35,401 and Above 37 113.30
 42

Differences in the level of Saving Motivation of Regular Employees when grouped according

to rank in the organization

Table 6 presents the Kruskall Wallis Test results of the saving motivations of regular employees

in panay island when respondents were grouped according to rank in the organization. Inferential

results show that there was no signicant difference in terms of security of funds, income

appreciation and wealth accumulation.

 43

Table 6

Differences in the level of Saving Motivation of Regular Employees when grouped

according to rank in the organization.

Category N Mean Rank Interpretation

Security of Funds

Frontline employee(Clerck,
Teller, Information Officer, 206 140.19
etc.)
Not Significant
Middle Manager (Office 58 125.51
Supervisors,etc.)

Top-level Manager
(Department Heads,Office 7 99.57
Head, etc.
Income Appreciation
Not Significant
Frontline employee (Clerck, 206 138.56
Teller, Information Officer,
etc.)

Middle Manager (Office

Supervisors,etc.) 58 131.03

Top-level Manager
(Department Heads,Office 7 101.93
Head, etc
Wealth Accumulation Not Significant
Frontline employee (Clerck, 206 138.10
Teller, Information Officer,
etc.)
Middle Manager (Office 58 132.93
Supervisors,etc.)

Top-level Manager
(Department Heads,Office 7 99.71
Head, etc
 44
Differences in the level of Saving Motivation of Regular Employees grouped

according to age

Table 7 presents the Kruskall Wallis Test results of the saving

motivations of regular employees in Panay island when respondents are grouped

according to age. Inferential results show that there was a significant difference

in terms of security of funds, income appreciation and wealth accumulation in the

category of 18-25y/o, 16-33y/o, 34-41y/o,42-49y/o, 50-57y/o and 58-65y/o. The

probability was lower than the level of significance which was .05. Therefore, the

null hypothesis must be rejected.

Table 7

Differences in the level of Saving Motivation of Regular Employees when

grouped according to age.

Category N Mean Rank Interpretation

Security of Funds

18-25 y/o 24 179.69

26-33 y/o 69 148.54
34-41 y/o 45 139.42 Significant
42-49 y/o 44 130.03
50-57 y/o 55 122.02
58-65 y/o 34 105.53
Income Appreciation
18-25 y/o 24 192.98
26-33 y/o 69 169.19
34-41 y/o 45 141.52 Significant
42-49 y/o 44 128.49
50-57 y/o 55 101.69
58-65 y/o 34 86.34
Wealth Accumulation
18-25 y/o 24 198.71
26-33 y/o 69 169.64
34-41 y/o 45 146.94 Significant
42-49 y/o 44 129.97
50-57 y/o 55 96.63
58-65 y/o 34 80.49
 45
Differences in the level of Saving Motivation of Regular Employees when

respondents are grouped according to sex.

Table 8 presents the Kruskall Wallis Test results of the saving motivations of

regular employees in panay island when respondents were grouped according to sex.

Inferential results show that there was no signicant difference in terms of security of

funds, income appreciation and wealth accumulation.

Table 8

Differences in the level of Saving Motivation of Regular Employees when

respondents are grouped according to sex

Category N Mean Rank Interpretation

Security of Funds

Male 75 130.43 Not Significant

Female 196 138.13
Income Appreciation

Male 75 138.82 Not Significant

Female 196 134.92
Wealth Accumulation
Male 75 135.18 Not Significant
Female 196 136.31
 46
Differences in the level of Saving Motivation of Regular Employees when grouped

according to location.

Table 9 presents the Kruskall Wallis Test results of the saving motivations of

regular employees in panay island when respondents were grouped according to

location. Inferential results show was no significant difference in terms of security of

funds. While in terms of income appreciation and wealth accumulation there was a

significant difference in the category of Aklan, Antique, Capiz and Iloilo. The

probability was lower than the level of significance which was .05. Therefore, the null

hypothesis must be rejected.

Table 9

Differences in the level of Saving Motivation of Regular Employees when grouped

according to location.

Category N Mean Rank Interpretation

Security of Funds

Aklan 38 152.78
Antique 22 120.89 Not Significant
Capiz 33 116.18
Iloilo 178 137.96
Income Appreciation

Aklan 38 153.41
Antique 22 107.09 Significant
Capiz 33 91.03
Iloilo 178 144.19
Wealth Accumulation

Aklan 38 148.11
Antique 22 105.68 Significant
Capiz 33 78.03
Iloilo 178 147.91
 47

DISCUSSION

Analysis

For the motivation security of funds, the following data were noted:

The ₱ 12,000 to ₱20,000 monthly salary are interpreted as motivated. According to

Sherraden (1991), employees that usually earns ₱ 10,000 to ₱15,000 monthly are usually

those who plan, save and invest to secure their finances.

Frontline employees in terms of saving motivations in security of funds are

interpreted as motivated. According to Bhaskaran et al. (2022), most frontline

employees view career advancement primarily as a means toward more income and

financial security. Tangible benefits specifically, higher pay are one of the most

important factors for frontline employees to boost their financial capacity.

Out of this data, in the age range of 18 years old to 25 years old interpreted as

motivated. According to the study of Iona Bain (2021), younger adults aged 18 years

old to 34 years old are financially vulnerable. Thus, they save to fill in their needs and

wants.

In this set of data, the female category interpreted as motivated. This is because

according to McGowan (2016), women seem to planmore than men. Men usually save

and invest when they are about to reach their retirement age.
 48

Out of the data, the regular employees from Aklan interpreted as motivated.

According in the invest in Aklan website in 2013, Aklan ranks first outof 80 provinces

in the Philippines with highest share of local income to total regular income, with a

rating of 45.3%.

Secondly, for income appreciation saving motivation, the data below shows the

transpiring results from the study:

In this data, in the monthly salary ranges of ₱12,300 to

₱20,000 interpreted as motivated. This is because according to Bussete and Im, (2010)

the act of saving to acquirea significant asset sets in motion a critical path for low-

income mobility into the middle class and to gain additional assets.

The Frontline employees interpreted as motivated. according to Goldstein, et. al.

(2008) to improve their finances and to support their needs.

The age range of 18–25 years old interpreted as motivated. Because according to

Hershfield, et al. (2011) they will have more time to let the money grow.

Out of this data, male interpreted as motivated. According to Calderone, et al. (2022)

the increase in savings is due in part to decreases in expenditureson temptation goods.

Out of this data, Aklan interpreted as motivated. According to Catubuan, (2018)

Consumer spending and saving decisions have an important influence on determining

the course of the national economy.

 49

Lastly, for the saving motivation wealth accumulation, the following analysis

were recorded.

Out of this data, the ₱12,000 to ₱20,000 interpreted as motivated. According to

Tikkanen, Amy. If there is to be an increase in productive wealth, some individuals must

be willing to abstain from consuming their entire income. ₱12,000to ₱20,000 progress is

not dependent on saving alone; there must also be individuals willing to invest and

thereby increase productive capacity.

The frontline employees interpreted as motivated. According to Mills, Colton. In a

January 2020 report, research institute Policy Link estimated that there are 13 million

frontline employees in the retail sector. Frontline Employees wanted to invest in their

upskilling and make sure they have equitable accessto education and training.

Out of this data, the age range 18 years old to 25 years old interpreted as

motivated. According to Harrison, Tina; Marchant, Caroline and Ansell, Jake (2016),

18 years old to 25 years old young adults’ goals and plans were largely focused on the

short term, and primarily focused on ‘save-to-spend’ goals – such as saving for a

holiday, a car etc. Nearly half (47%) of young adults in the survey reported saving for a

holiday and 30% were saving for a car.

In this data, Male interpreted as motivated. First and foremost, the gender gap in

wealth may arise because of income differences between the genders.

 50

It is well established that men earn more and have higher labour market

participation ratesthan women do (e.g. Blau and Kahn 2000). This lets men accumulate

more wealth.

Out of this location Aklan interpreted as motivated. It ranks first out of 80 provinces

in the Philippines with highest share of local income to total regular income, with a rating

of 45.3% so the regular employees in terms of wealthaccumulation are motivated to save.

Conclusions

In view of the results, the following conclusions were drawn:

1. Age group of 18 years old to 25 years old is motivated to save to acquire security

in funds, to have more income and accumulate more wealth among all age groups.

2. Respondent with a monthly salary of P12,300-P20,000 are motivated to save to

acquire security in funds, to have more income and accumulate more wealth

among other respondents who has a higher salary.

3. Aklanon regular employees are motivated to save because to acquire security in

funds, to have more income and accumulate more wealth among all regular

employees from the three Panay Island Provinces.

Recommendations

Based on the findings and conclusions, the following recommendations were advanced:

1. For regular employees, especially those who have a monthly income of more

than P20,000, they should assess their spending and reflect on reasons why they

are not inclined to save compared to those earning with a monthly salary of
 51

P12,300-P20,000. By this way, they can assess their priorities and alter some

unneeded priorities to start saving.

2. For financial institution, they should make their saving products and services

accessible and convenient to regular employees under the age group of 18 years

old to 25 years old and having a monthly salary of P12,300-P20,000 since these

segment is the most motivated among the regular employee’s population.

3. For instance, NEDA will ask a meeting with regional managers of bank in

Western Visayas and discuss the findings of this study. In the meeting, they will

have advised the banks to target those who are regular employees having a

monthly salary of more than P20,000 in promoting their saving products and

services.

4. For the researchers, that they may utilized this study as a backbone in their

decisions in their career in the finance industry because this study answered the

sociodemographic of regular employees who are motivated to save more and

regular employees who are less likely not motivated to save.

5. For the future researchers that they may pursue study on why regular

employees earning more than P20,000 are not motivated to save compared to

regular employees earning lesser than P20,000.

6. And for the Community, the researchers recommend to save despite receiving

low monthly income because this study shows that motivations to save is

indirectly proportional to monthly income since low income class are motivated

more than higher income class.\

 52

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 56

APPENDICES

Appendix A

Approval Letter to the Company

 57

Appendix A

Approval Letter to the Company

 58

Appendix A

Approval Letter to the Company

 59

Appendix A

Approval Letter to the Company

 60

Appendix B

Plagiarism Check Certification (Thesis Proposal)

 61

Appendix C
Grammar Check Certification (Thesis Proposal)
 62

APPENDIX D
Research Instrument Validity Test Result
 63

Appendix D

Research Instrument Validity Test Result

 64

Appendix D

Research Instrument Validity Test Result

 65

Appendix E

Research Instrument Reliability Test Certificate

 66

Appendix F

Research Ethics Review Committee Approval

 67

Appendix F

Research Ethics Review Committee Approval

 68

Appendix G

Letter to the Respondents

 69

Appendix G

Letter to the Respondents

 70

Appendix G

Letter of respondents
 71

Appendix H

Informed Consent Form

PARTICIPANT’S INFORMED CONSENT FORM

I agree to take part in this research study titled “ Saving Motivations of

the Regular Employees in Panay Island” conducted by the students from University of

San Agustin- Iloilo taking Bachelor of Science in Business Administration major in

Financial Management 3-A namely: Uriel Bolivar, Jean Ann Abiog, Danah Mae

Adelantar, Jea Angela Endencio and Noellene Grace De Nuevo.

( Naga sugot ako nga maging parte sa sining risirts nga may titulo nga

“ Saving Motivations of the Regular Employees in Panay Island” nga gina hiwat sang

mga estudyante halin sa University of San Agustin- Iloilo nga naga kuha sang Bachelor

of Science in Business Administration major in Financial Management 3-A sila ini day:

Uriel Bolivar, Jean Ann Abiog, Danah Mae Adelantar, Jea Angela Endencio and

Noellene Grace De Nuevo)

I fully understand the purpose of this study is to measure the saving

motivations of the regular employees in Panay Island. I clearly grasp that this research

would undoubtedly help me in the sense that I would be more knowledgeable of the

proliferation of such assets- saving motivations. Ergo, I will have a voice that is critical to

the study’s progress and development. My assistance is valuable and imperative in the

completion of this research study. If I consent to participate in the survey, I will complete

this questionnaire that will last for approximately 15-20 minutes and will not include any

personally identifiable information.

 72

(Na intindihan ko sang sobra ang rason sang ini nga pagtuon nga ini naga

takos kun ano ang mga motibasyon sang mga regular nga mga empleyado sang panay sa

ila pag supot. Klaro sa akon nga ini nga risirts makabulig saakon sa paagi nga madamo

ako sang matunan kapin pa sa pag gamit sang mga manggad kag kun paano mag supot.

Sa Sini, makahatag saakon sang tingog para maka hatag man ako sang akon kinaalaman

nga maka nga makapamayo sa progresso kag pag bago. Ang akon bulig sa sini nga

pagtuon amo ang para sa ika kompleto sini nga risirts. Kun ako maga pasugot nga mag

partisipar sa sini nga sarbey , ako tapuson ang ini nga questionnaire nga maga takna sa

sulod sang 15-20 ka minutos kag indi maupod ang maski ano nga personal nga

impormasyon)

I accept that I will not be compensated in any way for taking part of this

survey. The investigators assure us that this research study does not have any known risks.

I am aware that my participation in the study is completely voluntary, and that I have the

right to withdraw any moment, without giving a reason and without entailed cost. If I

decided not to continue participating in the research, I will be handled in the same casual

and customary manner as before.

( Sugot ako kag indi ako dapat pag bayaran sa maski ano nga butang

tungod ako naging parte sa sini nga sarbey. Ang mga ibestdigador naga hatag saakon

sang pagpanatag sa sini nga risirts nga wala risgo ako nga dapat ihimuon. Nagalahibalo

ako nga ang akon pag partisipar sa sini nga pag tuon ay boluntaryanismo gid kag may

karapatan ako nga mag atras sa maski ano nga tion maski wala sang rason kag wala

pagaka bayran. Kun desidido ako nga indi mag padayon sa pag partisipar sa sini nga

risirts, ako paga kapyutan sa gihapon sa pareho nga istado.

 73

I understand that the data gathered herein will be treated with utmost

confidentiality. However, information may be used in research publication and

presentations for the purpose of utilization. I accept that all study data will be kept

anonymously and that will only be shared with those who have a direct role in the

process of research study Survey Questionnaire on the Saving Motivations of Regular

Employees in Panay Island.

( Akon na intindihan nga ang mga impormasyon sa diri maging

confidential, ugaling, ang mga importmasyon nga ipagahatag mangin gamiton sa risirts

publication kg mga presentasyon sa rason nga magamit pa sa liwat.Akon ginabaton tanan

sa sini nga pagtuon nga magatagi nga indi kilala kag pwede ma hatag sa iban nga may

kinahibalo sa sining proseso sang sarbey questionnaire sa motibasyon sa pagtipon sang

mga regular nga empleyado sa pulo sang panay)

This research was deliberately clarified to me. All the information in this

consent form has been read and understood by me, and all of my questions have been

answered by the researchers. If you have further clarification, you may contact us at Uriel

Bolivar ubolivar@usa.edu.ph, Jean Ann Abiog jaabiog@usa.edu.ph, Danah Mae

Adelantar dadelantar@usa.edu.ph, Jea Angela Endencio jaendencio@usa.edu.ph and

Noellene Grace De Nuevo ngdenuevo@usa.edu.ph

I voluntarily agree to participate in this research survey. Kindly af ix

your signature below if You voluntarily agree to participate in such study or click for

confirmation.
 74

(Tanan nga imporasyon napanugutann nga nabasa kag na intindihan ko

kag tanan nga akon pamangkutanon , nasabat sang mga researchers. Kun may ara pa inog

klaro na mga impormasyon,palihog kontak kay Uriel Bolivar- ubolivar@usa.edu.ph Jean

Ann biog -jaabiog@gmail.com Danah Mae Dadelantar@gmail.com

ngdenuevo@gmail.com Noellene De Nuevo kag jaendencio@gmail.com Jea Angela

Endencio.

Ako naka boluntaryo nga naga pasugot nga mag partisipar sa sini nga

risirts sarbey. Palihog butang ka inyo perma sa idalom kun boluntaryo nga gapasugot

mag partisipar sa sini ngapag tuon paki tum ok sang kompirmasyon.)

Participant’s Signature

(Pirma sang Partisipante)

 75

Appendix I

Data-Gathering Instrument
 76

Appendix I

Data-Gathering Instrument
 77

Appendix I

Data-Gathering Instrument
 78

Appendix J

Technical Approval Document (Thesis Proposal)

 79

Appendix J

Technical Approval Document (Thesis Proposal)

 80

Appendix K
Gantt Chart
 81

Appendix L

Curriculum Vitae
82
 83

Appendix L

Curriculum Vitae
 84

Appendix L

Curriculum Vitae
 85

Appendix L

Curriculum Vitae
 86

Appendix L
Curriculum Vitae
 87

Appendix M

Plagiarism Check Certification (Final Paper)

 88

Appendix N

Grammar Check Certification

 89

Appendix P

Technical Approval Document (Final Paper)

 90

Appendix Q

And Other Relevant Document

 91

Appendix Q

And Other Relevant Document

 92

Appendix Q

And Other Relevant Document

 93

Appendix Q

And Other Relevant Document

 94

Appendix Q
And Other Relevant Document
 95

Appendix Q
And Other Relevant Document
 96

Appendix Q
And Other Relevant Document
 97

Saving Motivation Category Chi-Square df Asymp.Sig Interpretation

Security of funds
monthly 12.379 3 .006 Significant
salary

Saving Category Chi-Square df Asymp.Sig Interpretation

Motivation
Income
appreciation monthly 9.860 3 .020 Significant
salary

Saving Category Chi-Square df Asymp.Sig Interpretation

Motivation
wealth
accumulation monthly 3.769 3 .288 Not Significant
salary

Saving Category Chi- df Asymp. Sig Interpretation

Motivation Square
Security of Rank in the
Funds organization.
3.148 2 207 Not Significant

Saving Category Chi-Square df Asymp. Sig. Interpretation

Motivation

Income Rank in the 1.779 2 .411 Not Significant

Appreciation organization.
 98

Saving Category Chi-Square df Asym Sig. Interpretation

Motivation
Wealth Rank in the
Accumulation organization. 1.741 2 419
Not Significant

Saving Category Chi-Square df Asym Sig. Interpretation

Motivation
Security of age
funds 16.491 5 .006
Significant

Saving category Chi-Square df Asymp. Interpretation

Sig
Motivation
income
appreciation age 50.005 5 .000 Significant

Saving Category Chi- df Asymp. Sig Interpretation

Motivation Square

60.307
wealth age 5 .000 Significant
accumulation

Saving Category Mann- Wilcoxon W Asymp. Interpretation

Motivation Whitney U Sig.(2-
tailed)

sex 6932.000 9782.000 .468 Not Significant

-.725
security funds
 99
Saving category Chi-Square df Asymp. Sig Interpretation

Saving Category Mann- Wilcoxon W Asymp. Sig. Interpretation

Motivation Whitney U (2-tailed)
Income
Appreciation
sex 7138.500 26444.50 .714 Not Significant
0 -.367

Saving Category Mann- Wilcoxon W Asymp. Sig. Interpretation

Motivation Whitney U (2-tailed)
Wealth
Accumulation
sex 7288.500 10138.50 .915 Not Significant
0 -.107
 100

Saving Category Chi-Square df Asymp. Sig. Interpretation

Motivation
4.792 3 .188 Not Significant
security of location
funds

Saving Category Chi-Square df Asymp. Sig Interpretation

Motivation
income location 17.723 3 .001
appreciation
Significant

Saving Category Chi-Square df Asymp. Sig. Interpretation

Motivation
Wealth sex 26.431 3 .000 Significant
accumulation