Filipino elderly's financial decision making influences and practices: Implications on clinical assessment

• Main Author: Orquiza, Mary Grace S.
• Format: text
• Published: Animo Repository 2016
• Subjects: Older people—Finance, Personal; Financial literacy; Finance; Psychology
• Online Access: https://animorepository.dlsu.edu.ph/faculty_research/9134
• Institution: De La Salle University

Financial independence and decision making contributes to the well-being of the elderly. Although most elderly are considered as decision makers in the family, many of them also experience age-related cognitive declines and constraints due to retirement. In the Philippines which is a collectivist society, there is a lack of study that examine how the elderly make financial decisions. In this study, semi-structured interviews using narrative approach was conducted to 20 community dwelling Filipino elderly to determine their financial decision making practices. Data was analyzed thematically. Major categories that emerged include financial circumstances and general perspectives in financial decisions making. Findings are discussed using the indigenous personality traits and allocentric characteristics of Filipinos. Implications on clinical assessment was discussed.