Paper Contents
Abstract
Financial literacy and investment practices among millennials have gained significant attention due to their increasing importance in economic sustainability and individual financial growth. This study was conducted to identify the investment framework guiding millennials in Davao City to engage with the Modified Pag-IBIG II (MP2) savings program. An Exploratory Factor Analysis (EFA) was conducted from the survey among 150 millennial respondents with the MP2 savings program in Davao City. The Kaiser-Meyer-Olkin (KMO) Measure of Sampling Adequacy and Bartletts test of Sphericity were used in factor analysis to assess the suitability of the data for factor analysis, and a Scree Plot was used to graphically identify the optimal number of factors that can be extracted from the survey. The findings reveal four main determinants driving millennials participation: Ease of Use and Accessibility, Long-Term Financial Goals, Peer Pressure and Social Norms, and Tax Efficiency and Flexibility.
Copyright
Copyright © 2024 Shannen Kirsten C. Vitor. This is an open access article distributed under the Creative Commons Attribution License.
