Influence of economic socialization on the saving and spending habits among youth in Tagum City

Abstract

This study aimed to assess the influence of economic socialization on the saving and spending habits among youth in Tagum City. To determine the significant relationship between economic socialization and saving and spending habits and to determine which domains of economic socialization significantly influence saving and spending habits among youth in Tagum City. Specifically, the study was conducted to search for answers to the following objectives. The level of economic socialization was determined in terms of parental influence, the influence of peers, and financial literacy. The spending and saving habits were determined in terms of saving, necessity spending, and discretionary spending. The researchers employed the descriptive-correlation approach supplemented by adaptive questionnaires as the primary gathering tool. In this study, the respondents were the youth of Tagum City. The data were gathered through the Google form survey questionnaire and sent via private message on messenger to the respondents of the study and explained the research tool. Experts validated its purpose and conducted it among 400 youths in Tagum City. The data were statistically treated with the tool of weighted mean. The assessed level of economic socialization among youth in Tagum City scored high in terms of Parental Influence, high in terms of Financial Literacy, and moderate in terms of Influence of Peer. The assessed level of saving and spending habits among youth in Tagum City scored high in saving, high in Necessity Spending, and moderate in Discretionary Spending. The study further revealed a significant relationship between economic socialization and saving and spending habits among youth in Tagum City.