RELATIONSHIP BETWEEN FAMILY RESOURCES, FINANCIAL STRESS WITH FINANCIAL MANAGEMENT AMONG FILIPINO MILLENNIALS

Ma. Jesusa Corazon M. Lambert, Zuroni Md Jusoh and Norzalina Zainudin

Abstract

Abstract
This study investigated the influence of financial stress and family resources,
particularly millennial characteristics, on millennials' financial management practices
in the Philippines. Drawing on Family Systems Theory, Family Stress Theory, the
Family Resource Management Model, and the ABCD-XYZ Resource Management
Model of Crisis/Stress, a conceptual framework was developed to examine the dual
roles of external stressors and intrinsic generational traits in shaping financial
behaviours. Using a multistage random sampling method, data were collected from
400 Filipino millennials through a reliable self-administered online questionnaire, and
the relationships were analysed using Structural Equation Modelling (SEM). The
results demonstrated that financial stress had a significant adverse effect on financial
management (β = -0.724, p < .001), whereas millennial characteristics exerted a
positive and significant influence (β = 0.480, p < .001). These findings indicate that
while financial stress undermines prudent financial practices, millennial traits such as
adaptability, collaboration, and digital literacy enhance them. The study concludes
that addressing financial stress while leveraging generational strengths is crucial to
improving financial well-being. The implications highlight the importance of integrated
financial education, stress-coping interventions, and policy initiatives to address debt
and housing challenges. At the same time, recommendations call for the
development of digital tools and tailored programs that empower millennials to
manage their finances more effectively.
Keywords: Financial Stress; Family Resources; Financial Management; Structural
Equation Modelling; Philippines