Mental accounts and mental budgeting among virtual assistants in Davao City

Abstract

This study investigates the relationship between mental accounts and mental budgeting among virtual assistants in Davao City. Employing a quantitative, non-experimental research design, the study utilized a correlational approach to examine the interplay between these financial management practices. The research involved one hundred (100) virtual assistant employees from both global and national companies, utilizing a random sampling method for participant selection. The research instrument, adapted from previous studies, measured the levels of mental accounts and mental budgeting through adopted questionnaire. The study results indicated varying degrees of emphasis placed on different aspects of mental accounts and mental budgeting among respondents. Notably, participants showed moderate to high importance in managing current income, current assets, and future income. Statistical analyses established significant associations between the two variable, highlighting the impact of psychological factors on financial decision-making. Moreover, escalate commitment to investments in mental accounts correlated positively with various financial aspects in budgeting. Worry, another aspect of mental accounts, was positively associated with considering current and future income in mental budgeting. The study's recommendations emphasize the need for tailored financial education programs, skill development opportunities, and customized financial products to enhance the financial well-being of virtual assistants.