Abstract
Individuals are challenged with making financial choices. Some are prone to making poor financial judgments, but there is the tendency to not always make them. This quantitative descriptive correlated research aimed to determine the influence of risk appetite, consumer materialism, and financial literacy on the financial behavior of 405 private school teachers in Region 4A, Philippines. Clustered random sampling was used to select the private institution while using total sampling to the population of teachers per school. Descriptive, correlational, regression, and T tests, were used to analyze the data. The results revealed a moderate low level risk appetite, moderate level consumer materialism, moderate high level financial literacy, and moderate level financial behavior. Moreover, the study found a significant correlation between risk appetite in the dimension of risk capacity, with a significant difference of p < .01 and financial literacy in the dimension of financial attitude, with a significant difference of p < .001. The demographics of the respondents showed no significance to the respondent’s financial behavior. Furthermore, the findings revealed that among the predictors, risk capacity (β = 0.0287, t = 2.671, p = .008), centrality (β = 0.1161, t = 1.978, p = .049), and financial attitude (β = 0.1370, t = 5.777, p < .001) were found to be significant. Finally, the findings of this study were used as a basis for the formulation of a proposed program through effective risk capacity, centrality in consumer materialism, and financial attitude enhancement programs.
Keywords: risk appetite, consumer materialism, financial literacy, financial behavior
https://doi.org/10.65494/pinagpalapublishing.387
