Philippine E-Journals

Financial Innovation among Baby Boomers

Lechiel M Castillanes | Toni Rose A Lumauag | Raechele Ann O Magbanua | Jessa Marie P Piz | Vicky G Arquero

 

Abstract:

This study dealt with the level of acceptance of financial innovation among baby boomers. A total of 200 respondents participated in the survey. Researchers utilized the descriptive method in analyzing the data with a researcher-made questionnaire to gather information needed from the respondents. Statistical tools such as frequency and the percentage test for the profile of the respondents, mean and standard deviation for the level of acceptance on financial innovation and t-test and Analysis of Variance (ANOVA) for the significant differences were used. The results of the study revealed that the level of acceptance on financial innovation among baby boomers in terms of the use of automated teller machine (ATM) was “moderately acceptable” when respondents were taken as a whole. On the other hand, the use of internet and mobile banking was “acceptable.” No significant difference were seen in the level of acceptance on financial innovation among baby boomers when respondents were grouped according to sex, civil status, and source of fund. On other hand, the study found out that there is a significant difference in the level of acceptance on financial innovation among baby boomers in terms of the use of automated teller machines (ATM) when grouped according to monthly income.