PARENTAL SOCIALIZATION, PEER INFLUENCE,

SELF CONTROL AND FINANCIAL LITERACY AS

DETERMINANTS OF SAVING BEHAVIOR OFTHE
WORKFORCE OF A STATE COLLEGE IN
DAVAO DE ORO

PSYCHOLOGY AND EDUCATION: A MULTIDISCIPLINARY JOURNAL

2023
Volume: 7
Pages: 402-411
Document ID: 2023PEMJ561
DOI: 10.5281/zenodo.7700257
Manuscript Accepted: 2023-05-3
Psych Educ, 2023, 7: 402-411, Document ID:2023 PEMJ561, doi:10.5281/zenodo.7700257, ISSN 2822-4353
Research Article

Parental Socialization, Peer Influence, Self Control and Financial Literacy as

Determinants of Saving Behavior of the Workforce of a State College in Davao De Oro
Ernan S. Leal*
For affiliations and correspondence, see the last page.
Abstract
Understanding individual savings in a developing country such as the Philippines is beneficial since
developing countries need to create the funds necessary for investment and mobilize public and
private funds for speedy development. The purpose of this study was to determine whether parental
socialization, peer influence, self-control, and financial literacy significantly influence the saving
behavior of a workforce of a State College in Davao de Oro, Philippines. The researcher used the
descriptive-correlational research design. The respondents of the study are 205 purposively chosen
faculty members and non- teaching staff in four campuses. The survey questionnaire used was
adapted. Data were analyzed using descriptive and inferential statistics such as Pearson r and
regression analysis. Findings reveal that parental socialization, financial literacy, and self-control of
the respondents are evident. However, peer influence is only fairly evident. On the other hand, their
saving behavior is favorable. Furthermore, parental socialization, peer influence, self-control, and
financial literacy could significantly influence saving behavior. Forty-one percent of the variation of
saving behavior could be attributed to the combined influence of these four factors.

Keywords: business management, human resource management, parental socialization, peer

influence, self-control, financial literacy, correlation, Philippines

Introduction necessary for investment and mobilize public and

The saving rate of households has declined
dramatically during the past decade (Devaney et al.,
2017). The personal saving rate in 2009 was 7.3
percent, three years later, in 2012, the rate was 4.3
percent, and by 2016, the personal saving rate was 1.8
percent (Bureau of Economic Analysis, 2012).
Overall, the personal saving rate decreased by 5.5
percent in the past three years. The Pew Research
Center (2017) reported that 77 percent of individuals
always try to save; however, 63 percent disclosed they
do not save enough. Also, Hurd and Zissimopoulos
(2014) reported that 73 percent of the respondents
saved too little within the past 20 to 30 years, and Choi
(2012) found that 68 percent of workers consider their
saving rate too low.
In the Philippines, the survey on financial capability
and inclusion by Work Bank indicates that 21 percent
of the Filipinos experience running short of money;
hence, no savings (Mylenko, 2015). Moreover, the
indebtedness to creditors of public-school teachers is
an alarming and continuing concern. Teachers are not
prepared for unexpected expenses such as emergencies
because they do not have savings. Hence, they resort
to borrowing from loan sharks (Acidillo, 2018).
Understanding household savings in a developing
country such as the Philippines is beneficial since
developing countries need to create the funds
private savings for speedy development (Metin-Ozcan
et al., 2012). Over the past decades, saving plays a
vital role in the process of economic growth and
development. Logically, saving encourages investment
that triggers the economic growth of one country. The
speed of economic growth is determined by the ability
to save because a high savings rate will drive up the
investment rate and consequently stimulate economic
growth (Harrod & Domar, 2010).
Several factors are significantly linked with saving
behavior. Stuart and Sherman (2015) found that social
network that includes parents, peers, and financial
advisors is significantly correlated with saving
behavior. Also, Esenvalde (2010) concluded that self-
control is positively associated with saving behavior;
when self-control is high, the saving behavior is
robust. Moreover, financial literacy has been positively
linked with a positive saving attitude, such as having a
savings account and having an emergency fund (Xiao
et al., 2010).
There is limited research done to investigate the saving
behavior of schools' personnel. Most of the studies
were focused on factors affecting the households and
students' saving behavior (Falahati et al., 2011). But
workers' saving behavior, such as university
employees, has been neglected (Otto, 2010). The
researcher has not encountered published research on
the saving behavior of the workforce of academic
institutions in Davao de Oro. Given the importance of

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Research Article
saving and insufficient empirical research to establish
the determinants of saving behavior, it ignited the
desire of the researcher to conduct this study.
The result of this study may serve as a basis for the
human resource officer of the academe to identify the
intervention activities that may help the employees
address their concerns related to financial
management. The researcher intends to share his
findings by providing the libraries of the research
locale copies of the research output. Also, he plans to
publish the results in a refereed research journal and
share the results through research fora or conferences.
Research Questions
This study determines whether parental socialization,
peer influence, self-control, and financial literacy
significantly determine the saving behavior of the
workforce of State Colleges in Davao de Oro.
Specifically, it sought answers to the following
questions:
1. What is the status of the parental socialization, peer
influence, self-control, and financial literacy of the
workforce of the state colleges in Davao de Oro?
2. What is the level of saving behavior of the
workforce?
3. Is there a significant relationship between
3.1. parental socialization and saving behavior
3.2. peer influence and saving behavior
3.3. self-control and saving behavior
3.4. financial literacy and saving behavior
4. Do parental socialization, peer influence, self-
control and financial literacy significantly determine
the saving behavior of the workforce?
Methodology
Research Design
The researcher used the descriptive-correlational
research design in this study. Cooper and Schindler
(2008) described the descriptive-correlational survey
as a formal undertaking with specific objectives. It
describes phenomena or characteristics attributed to a
subject population. Also, Dulock (2013) articulated
that this design systematically and accurately describes
the facts and characteristics of a given population. It
portrays the characteristics of persons, situations, or
groups and the frequency with which the phenomenon
Ernan S. Leal
occurs, and it could be used to discover associations or
relationships between and among selected variables.
On the other hand, Kalla (2011) defined correlation as
a design that determines whether two variables are
correlated—whether an increase or decrease in one
variable results in an increase or decrease in the other
variable. In this study, the status of parental
socialization, peer influence, self- control, and
financial literacy of the workforce and the level of
their saving behavior were described. Hence, the study
was descriptive. On the other hand, the variables,
parental socialization, peer influence, self-control, and
financial literacy, were correlated with saving
behavior. Thus, the study was also correlational.
Research Locale
The study was conducted in the four campuses of State
College in Davao de Oro where School A, School B,
School C, and School D are located. Figure 2 shows
the maps of the Philippines and Region XI. The school
operated for almost six years and was considered the
youngest state college in the Philippines. As a state
college, the institution offers free tuition and
miscellaneous fees to its students in any program by
virtue of republic act 10931also known as the
Universal Access to Quality Tertiary Education Act.
The institution offers five-degree programs in the field
of Education, Business, Agriculture and Criminology
namely Bachelor of Science in Secondary Education
major in Mathematics, Filipino, Values Education,
Social Studies, MAPEH and English, Bachelor of
Elementary Education, Bachelor of Science in
Agriculture, Bachelor of Science in Criminology and
Bachelor of Science in Entrepreneurship.
Research Respondents
The respondents of the study were the 205 workforces
of the state college comprising of the faculty members
and non-teaching staff excluding the college president,
department heads and heads of offices. These
workforces have diverse range of experience and
levels of academic programs. They were purposively
chosen. Only those who had served the institution for
at least two years for regular employees and at least
one year for job orders were invited to participate. A
complete enumeration was employed. Hence, all those
who qualify based on the inclusion criterion were
invited as respondents.
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Research Article

Research Instrument

The researcher adapted questionnaires from the study

of Arifin et al. (2017). The tool uses Likert scale
measurement for all the variables. The questionnaire is
divided into three sections whereby part 1 consists of
demographic profile, part 2 contains the four Result
independent variables, while part 3 contains the
dependent variable. The first section has three items Status of the Parental Socialization, Peer Influence,
that include sex, age, and length of service. On the Self-Control, and Financial Literacy of the
other hand, the dependent variables -- parental
Workforce
socialization, peer influence, self-control, and financial
literacy consists of seven, eight, five, and 10 items,
Parental Socialization. The data in Table 1.1 is the
respectively. The independent variable-saving
status of the parental socialization of the workforce. It
behavior contains seven items. The Cronbach alpha can be gleaned that the overall mean of parental
coefficients are as follows: parental socialization (.77),
socialization is 3.67, described as high. This result
peer influence (.68), self-control (.90), financial generally connotes that the role of their parents in
literacy (.81), and saving behavior (.81). Three
managing their money is evident. Item 6 on
selected researchers validated the adapted survey tools.
appreciating parents’ advice about managing money
yielded the highest mean score of 4.10 (high). On the
Data Collection
other hand, item three—finding it good when one’s
parents control one’s spending obtained the lowest
To gather the necessary data for the research, the
mean score of 3.34 (moderate). This means that the
following steps were followed. The researcher seeks
parents’ role of control their spending is fairly evident,
permission to conduct the research from the dean of
but the respondents acceded, but they do not like to be
the Graduate School of the University of the
overly controlled.
Immaculate Conception (UIC), Davao City, and the
head of the research locale. Also, he shall secure the
Table 1.1. Status of Parental Socialization
research ethics compliance certificate from the UIC-
Research Ethics Committee.

After this, the researcher wrote a letter to the College

President of the State College where the study was
conducted. The letter was forwarded to the Research
and Development Office for compliance with the
conduct of the research approval form. After the
release of the conduct of research approval form, the
researcher forwarded a letter to Campus Directors of
different branches together with the approved conduct
of research approval form from the office of research
and development. After this, he administered the
online survey to the prospective respondents by
sending the link of the google forms to them for two
weeks. This is to ensure that all qualified respondents
accomplish the survey tool. The researcher personally
gave an orientation to the respondents on the purpose
of the study and gave them further instructions on how
to go along with the research instruments
(questionnaires). Also, he obtained informed consent
with the use of REC form 0057, the informed consent
form. He emphasized to the respondents that they may
answer the survey tool during their free and convenient
time of the day.

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Research Article

This finding jives with the observation of Zaihan

(2016) that peer socialization could affect the saving
It is noteworthy that the standard deviation of the first behavior of an individual. Hence, for him exchanging
four items is greater than one. This data infers that the ideas about financial management matters among their
responses of the workforce are not consistent in these peers. Likewise, it confirms the findings of Erskine et
aspects. Some strongly agree, while others a have al. (2015), where peers could impact individuals’
lesser level of agreeability. This result on the high saving behavior. The groups with peer-oriented
status of parental socialization supports the finding of dimensions were patient and more likely to save
Otto (2010) that parents could promote the money.
development of their children's skills that are
important for saving. Also, it confirms the Table 1.3. Status Self-Control
contention of Jorgensen (2017 that t parenting style
has a significant influence on their children’s
awareness, attitudes, and financial behavior.
Moreover, the result supports the findings of Cohen
and Nelson (2011) and Ramsey (2014) that children
learn the basics of financial literacy and adapt
themselves to how to spend money wisely from the
examples shown in their homes. Also, that Bucciol
and Veronesi (2014) found that if children learned to
save money from their parents, it would increase their
willingness to save. The encouragement from the
parents will nurture good habits in the children’s
behavior.

Peer Influence. The data shown in Table 1.2 pertains

to the status of peer influence of the workforce. It can
be gleaned that the overall mean is 3.26, described as
moderate. This result connotes that discussing
financial matters, notably savings and spending with
peers or friends, is only fairly evident. Hence, the
influence of friends on savings and investment is also
moderate. This result connotes that the respondents
cautiously share these matters with their colleagues.
However, it is evident that they are aware of friends
having regular savings in a bank (item 1).
Table 1.2. Status of Peer Influence
Self-Control. The data in Table 1.3 is about the status
of self-control of the workforce. The overall mean is
2.59, described as low. It means that the lack of self-
control is less evident. Thus, it connotes that the
respondents’ self- control is evident or favorable as
they do not find difficulty saving money as they
seemed to be wise spenders. It could be noted,
however, that there are four items (2, 7, 8, & 9) with
moderate rating, and these are the joy to spend money
on impractical things, being attracted to lures, failing
to control oneself from spending, and failing to attain
savings goals. Hence, they find these aspects
challenging to control. This evident of self-control
supports the observation of Lim et al. (2011) that
individuals could save money because they can control
two opposing forces, desire, and willpower. For them,
people are more likely to save if they implement sound
budgeting of their income.

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Table 1.4. Status of Financial Literacy

their children’s education, while others for retirement
purposes.

Table 2. Status of Saving Behavior

Financial Literacy. Shown in Table 1.4 is the result of

the status of the financial literacy of the workforce.
The overall mean is 3.67, described as high, which
connotes that it is evident. This result implies that
generally, the respondents have a sufficient
understanding of how to invest funds, manage credit, Correlation between Variables between Variables
record income and expenses, and prepare regular
budgets. However, it can be noted that they have The result of the correlation analysis is revealed in
moderate knowledge about financial instruments such Table 3. The data shows that financial literacy,
as bonds, stock, T-bill, future contract options, and
parental socialization, and peer influence have a
many more.
significant positive correlation with saving behavior
This high status of financial literacy confirms the (p<.05). It means that when each of these factors
report of Hadar et al. (2013) that financial illiteracy is improves the saving behavior is also enhanced. Lack
widespread among the Philippine population. of self-control, on the other hand, has a significant
However, they found that very few rely on the help of negative relationship with saving behavior (r=.20,
experts or financial advisors to make saving and p<.05). This finding implies that if one loses control
investment decisions. This explains why the
over their spending, they will most likely be unable to
respondents have limited knowledge of financial
instruments. save. Hence, when self-control is strong, saving
behavior is improved.
Level of Saving Behavior
This result of a significant correlation of the
The data in Table 2 pertains to the level of saving independent variables with saving behavior confirms
behavior of the workforce. The overall mean is 3.94, the findings of Xiao et al. (2010) that financial literacy
described as high. This result indicates that generally,
has been positively associated with a positive saving
the respondents set aside money regularly to achieve
savings objectives, stick to monthly budgets regularly, attitude such as having a savings account and
prepare for cost-cutting, and spend their money emergency fund. Also, with that of Esenvalde (2010)
sensibly. This finding on the regularity of saving that self-control is positively correlated with saving
practice of the respondents corroborates with the behavior. Thus, when self-control is high, saving
observation of McKean et al. (2015) that individuals behavior is strong.
save cash every month as they spend less than their
income. In addition, they found that the saving habits
of individuals vary as to motivation. Some save for

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Table 3 Correlation between Variables
Moreover, it supports the inference of Stuart and
Sherman (2015) that a social network that includes
parents, peers, and financial advisors is significantly
correlated with saving behavior. They concluded that
receiving advice from these individuals—parents,
peers, and financial advisors positively and
significantly affect their saving behavior.
Influencers of Saving Behavior
The result of the regression analysis is presented in
Table 4. It can be gleaned that all the independent
variables—financial literacy, parental socialization,
peer influence, and self-control could significantly
influence the saving behavior independently (p<.05).
The beta coefficient of .42 connotes that a unit
increase in financial literacy results in a .42
improvement in saving behavior. Also, the beta
coefficient of .21 infers that a unit improvement in
parental socialization leads to a .21 increase in saving
behavior. Further, the coefficient of .16 implies that a
unit increase in peer influence yields a .16
improvement in saving behavior. On the other hand,
the beta coefficient of -.28 signifies that a unit increase
in the lack of self-control generates a decline in saving
behavior.
Table 4. Influencers of Saving Behavior
As to the regression model, the r2 of .413 connotes
that 41.3 percent of the variation of saving behavior
could be attributed to the combined influence of
Ernan S. Leal
financial literacy, parental socialization, peer
influence, and self-control (p<.05). This result
suggests that 58.7 percent of other variables that may
significantly influence saving behavior are not
included in the study. The finding that parental
socialization significantly influences the respondents’
saving behavior jives with the result of Jorgensen
(2017), which emphasized that parenting style has a
significant influence on their children’s awareness,
attitudes, and financial behavior. As to the influence of
peers on saving behavior, it confirms the observation
of Duflo and Saez (2011) that peer effects play a
crucial role in the saving decisions of a worker.
Likewise, the result validates the conclusion of Lim et
al. (2011) that self-control has a significant impact on
saving behavior. Furthermore, the influence of
financial literacy on saving behavior affirms the
finding of Xiao et al. (2010) where financial literacy
impacts the attitude such as having a savings account
and having an emergency fund.
Conclusion
Based on the findings, the following conclusions were
drawn:
The statuses of parental socialization, financial
literacy, and self-control of the workforce are high,
while peer influence is moderate. However, there are
aspects in financial literacy and self-control that may
be improved, and these include limited knowledge of
financial instruments and is quickly drawn to lures that
trigger them to spend unnecessarily.
The level of saving behavior of the workforce is high,
which connotes that they regularly set aside a portion
of their income for future use. Note, though, the aspect
of availability of funds for emergency purposes
obtained the lowest mean. Hence, this connotes that
their savings may not be sufficient.
Parental socialization, peer influence, self-control, and
financial literacy are significantly correlated with
saving behavior. Moreover, these four variables could
significantly determine the saving behavior on their
individual capacity, and their combined influence on
saving behavior is 41 percent. The study results affirm
the life-cycle hypothesis (LCH), as the spending and
savings habits of the respondents are evident. The
respondents save money when they can control their
spending. These findings also support the theory of
saving behavior of Juster and Taylor (1975),
considering that the saving behavior of the respondents
is influenced by several factors like influences of
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parents and peers, financial literacy, and self-control.
Furthermore, this study’s findings confirm the
proposition of Xia et al. (2010) that financial literacy is
positively associated with a saving attitude, that of
Esenvalde (2010), where self-control is positively
correlated with saving behavior. Also, it validates the
proposition of Stuart and Sherman (2015) that social
networks inclusive of parents and peers are influential
to one’s saving behavior.
Based on the findings and conclusions, the following
are recommended:
Since the respondents have a moderate understanding
of financial instruments, insufficient funds for
emergency purposes, and are susceptible to marketing
ploys, the human resource officer may craft an action
plan to ensure sustainable and practical courses of
action to aid the workforce to induce knowledge on the
practicality of financial resourcing and saving.
Webinars on financial management and literacy,
emphasizing accessible and appropriate paper
investments for fixed-income workers, may be
integrated into the plan.
Given that parents have a significant influence on their
children's saving behavior, the human resource officer
may include in the action plan the organization of
forums or symposia on financial management and
parental roles in their children's saving behavior for
parents of the academic institution students.
Moreover, considering that the regression model of
this study accounted for only 41 percent of the
variation of the saving behavior of the workforce,
researchers may conduct another research that may
explore the other factors equivalent to 59 percent that
may influence the saving behavior, which was not
integrated with this study. The researchers may also
consider utilizing different research designs like
qualitative and mixed methods.
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Affiliations and Corresponding Information
Ernan S. Leal, LPT, MBA
Davao De Oro State College - Philippines
411/411