ABSTRACT
This study investigated the influence of financial knowledge and behavioral determinants of saving on participation in government voluntary savings programs among private employees with finance and accounting backgrounds in PEZA Region IV-A (CALABARZON). Guided by the Theory of Planned Behavior, Financial Capability Framework, and Self-Control Theory, it examined the mediating role of intention to save and the moderating effect of financial self-control. Using a quantitative descriptive-correlational-predictive design, data were collected through a validated survey questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), correlation analysis, and mediation-moderation techniques.
Results showed that respondents possessed high levels of financial knowledge, positive saving behaviors, intention to save, and financial self-control. However, participation in government voluntary savings programs remained only moderate, indicating a gap between favorable financial attitudes and actual saving behavior. Financial knowledge and behavioral determinants were both positively associated with intention to save. Intention to save partially mediated the relationship between financial knowledge and program participation, suggesting that greater financial knowledge strengthens saving intentions, which in turn increases participation. Behavioral determinants also had a direct positive effect on participation. In addition, financial self-control enhanced the relationship between financial knowledge and participation, although its moderating influence was relatively limited.
The study concludes that financial knowledge, saving-related behaviors, intention to save, and self-control collectively influence participation in government voluntary savings programs. It emphasizes the need for stronger financial education initiatives, behavioral interventions, and improved program accessibility to promote sustained saving habits and increase employee participation in voluntary government savings programs.
KEYWORDS: Knowledge of Financial Concepts, Behavioral Determinants of Saving, Intention to Save, Financial Self-Control, Government Voluntary Savings Programs, Participation,
https://zenodo.org/records/21397036
