Investment decision-making behaviors among millennial bank employees during the pandemic: Antecedents and outcomes

This study examines how millennial bank employees in the Philippines navigated investment decisions during the COVID-19 pandemic, applying behavioral finance to assess personal traits, pandemic anxiety, and investment perceptions. A cross-sectional survey of 306 participants showed demographic factors (age, gender, financial literacy) and psychological variables (economic/health anxiety, risk perceptions) shaped investment behaviors (choice, amount, frequency, horizon). Findings revealed a “barbell strategy”: cash reserves (64.1%), bonds (68.6%), and alternative investments (86.3%). High financial literacy (M = 5.97/7) predicted longer horizons (β = 0.323, p = 0.001), while perceived risk drove riskier stocks (β = 0.273, p = 0.001), aligning with prospect theory’s loss-domain risk-seeking. Financial anxiety reduced investment amounts (β = -0.050, p = 0.023) but increased monitoring (β = 0.045, p = 0.048); health anxiety spurred risk-taking (β = 0.069, p = 0.004). Moderate asset exposure optimized satisfaction (M = 64.98). This study advances behavioral finance by showing crisis-driven biases persist among experts, advocating hybrid financial products and policies addressing psychosocial stressors to enhance resilience in emerging markets.