An analysis on Philippine household savings motives
Date
2018-05
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Abstract
This study aims to add to the literature regarding household saving in the Philippines by
examining households’ perceived saving motives. Using the framework of Maslow’s hierarchy of needs,
and data from the 2009 Consumer Finance Survey, logistic regressions were employed to measure how
households’ income, and socio-demographic and economic characteristics affect their likelihood to save
for a particular motive (basic, emergency, family, esteem and self-actualization). The results show that
each household’s characteristics affect their likelihood of saving for a particular motive, and that these
saving motives are hierarchical. This study may aid the government in their goal of increasing financial
inclusion. It may also serve as a guide for financial advisers in helping their clients achieve their financial
goals.
Description
Keywords
saving motives, Maslow’s hierarchy of needs, Consumer Finance Survey, logistic regression