Children as A Retirement Investment: A Cultural Analysis

Researchers:
Balero, Jasmen
Castillo, Kate
Concon, Justine Claire
Monsanto, Angel Rose
Monta, Arnold Jr.
Opanes, Megan
Paulino, Rob Patrick
Sapinit, Lois Eva

Research Adviser:
Restia Borja-Magno
 INTRODUCTION
Background of the Study

Throughout the years, the practice of parents relying on their children as a retirement

strategy has been common, yet remarkably understudied. According to Lim (2021), parents

often view their children as their retirement savings, expecting them to assume caregiving

responsibilities and provide financial support in their later years.

This reliance on children as a financial safety net becomes increasingly noticeable as

individuals struggle with financial hardships and the build-up of financial costs associated

with elderly care. Despite its frequentness, this topic has largely remained understudied.

However, this cannot be overstated, particularly in the midst of growing economic challenges

faced by aging people worldwide.

In the Philippines, some parents believe it’s their right to demand payback for

bringing their kids into world and raising them up, even if kids have no say regarding their

parents’ actions (Regalado, 2022). In Filipino culture, we are taught that the family is the core

social unit, and to care for our ‘kapwa’. But while there is nothing wrong with caring for your

loved ones, the problem is when it becomes an obligation or a responsibility, as stated by

Beltran (2023).

In addition, Beltran (2023) also stated that in our culture, it is common to expect

children to have ‘utang na loob’, literally translating to the indebtedness of self, for being

brought into this world and being given shelter, clothing, and an education—which are the

rights that every child is entitled to.

“I am 25 years old. I am working in Metro Manila. My mother and my older brother

are at the province. I usually come home twice a month, and I always give money to my mom

every payday, ‘pang- dagdag sa gastos nila every day’. This is okay until nagging sapilitan
na lahat – na ‘dapat ganitong amount ibigay mo, dapat sa bonus mo, hati kayo,’ etc. Fast

forward, I’m in a relationship with a guy that I like for three years now. They’re kind of okay

with my mom. But my fear is when we settle down, my mother won’t support me. Because

my family lives in the tradition na, ‘Oh wag ka na muna mag a-asawa, tulungan mo muna

yung mama at kuya mo, ‘Wag mo muna iiwan mama mo,’ stuff like that. I know I have to

help and respect them and give back to them, but paano naman future ko?” celebrity couple

Slater Young and Kryz Uy emphasized during their podcast that was published on Youtube.

The researchers, determined that children as parents’ financial strategy is normalized

specially here in the Philippines. This topic is prevalent, even here in Oquendo Poblacion,

Calbayog City. It has been in our culture as Filipinos to repay our parents when we become

fully grown adults. This mindset has been embedded in our mind by our elders. So, as we

grow up we strive to stay committed to this belief for the current and future purposes.

As stated by last year’s STEM 11 students who underwent the same research topic,

children should not be viewed as a source of financial gain for parents, nor should they be

treated as a retirement strategy or savings plans. Instead, children should be cherished

offspring by their parents, and parents must ensure to take good care of them, teach them

moral values, guide them towards what is right. Children deserve nothing less than the utmost

care and support from their parents.

This study determined the factors of why parents view their offspring as insurance. By

studying this phenomenon closely, the researchers uncover the reason behind such behavior.

Uncovering the reasons driving this behavior aims to contribute a deeper understanding about

the subject.
 Statement of the Problem

This study determined the reasons behind why parents view their children as a

retirement investment.

This study had unraveled the reasons for the following questions:

1. Why do parents view their children as a retirement investment?

2. How do parents benefit from using their children as a retirement investment?

3. How do parents feel about viewing their children as a long-term investment?

Conceptual framework

Input Process Output

Insight into the

The existence of the Administering a study motivations of parents
idea of parents using through conducting using children as a
their children as a interview to the retirement strategy,
retirement investment chosen participants offering potential policy
through providing them recommendations or
financial support interventions to support
families in need.

Fig.1 Paradigm of the Study

The diagram above illustrated the progression of our research study investigation

children as retirement plans in the future. The first box highlighted the issue of the reliance

of parents to their children for financial support as they start aging. Moving to the second box

the collection of data through administration of interviews. These interviews were set to

participants of a specific group who were carefully selected. The purpose of the interview
was to know the perspective, experience, and attitudes concerning the role of children as

retirement plan. Finally, the third box outlined the anticipated outcomes following the

completion of the study. The data that we gathered from the research to shed light about the

hardships and consequences of the children who are responsible for their later life.

Furthermore, the results is the perspective from both parents and children, such as emotional

burdens, financial strains, intergenerational relationships, and long-term planning

considerations.

Significance of the study

Most parents consider their offspring as their retirement strategy and their last card to

success. This type of mindset is normalized in our society, that contradict to many people.

The following had benefited from this study:

Students. The students has fully understood and acknowledged that they’re not birthed by

their parents to only support them after their retirement.

Parents. This study made the parents recognize the wrong idea of making their children

as their retirement strategy and as to why they should not keep this kind of mindset.

Teachers. They made the parents recognize awareness of this kind of thinking, and if

they’re already parents, they are able to stop it from continuing.

Future parents. This is beneficial for their future study that is connected to their interest in

breaking this toxicity of the society.

Administration. This study provides more understanding and information about as to why

children are considered as the retirement strategy of their parents. Thus, this will encourage

the administration to have their support in addressing this problem.

Scope and Limitation

This study was focused on uncovering the motivations of parents residing in Barangay

Begaho, Calbayog City, who view their children as a primary source of financial support after

retirement. Through in-depth interviews with 5 parent participants aged 50-65, the research

explored the underlying reasons behind this parental perception. Due to time constraints, this

study was focused solely on understanding parents' motivations. Factors that influenced these

motivations won't be explored in detail. Additionally, with a sample size of 5 participants,

the findings were not generalizable to a wider population.

Definition of terms

To better understand the terms used in the study, the following are defined both

conceptually and operationally.

Children. Conceptually, this means a young human being below the age of puberty or below

the legal age of majority. Operationally, this refers to the offspring of parents who are

expected to call for financial support.

Parents. Conceptually, the one who begets or one who gives birth to or nurtures and raises a

child; a relative who players the role of guardian. Operationally, this refers to the guardian

who views their child as an investment that they may benefit from.

Retirement Investment. Conceptually, preparing for a steady stream of money after

retirement. It entails setting aside funds and investing specially with that goal in mind.

Operationally, this refers to implementing funds to ensure someon is ready to support their

future financially.

Financial Investment. Conceptually, how a company meet its -and long- term goals for

financial viability. Operationashortlly, this refers to the long-term investment that that

enables retirement savings for an individual.

Retirement. Conceptually, the time of life when one chooses to permanently leave the

workforce behind. Operationally, this refers to quitting one’s job to depend on someone

else’s income.
 Chapter II

REVIEW OF RELATED LITERATURE

Foreign Literature

According to Dang (2023), children financially supporting their immigrant parents

can be a challenge, as it can feed into the myth of the Asian American model minority.

However, there are also children who view the cultural obligations of providing financial

support as burdensome and wish they didn't have the cultural obligations. For example, some

children view having to care and provide monetary support for their parents as an honor,

while others view it as a burden. The story of children financially supporting their immigrant

parents can feed into the myth of the Asian American model minority, which stereotypes

Asian Americans as obedient, hard-working, and uncomplaining.

Another article that was publicized by The Nigerian Tribune Online titled “My

Children My Retirement Plan” stated that is not uncommon for parents to rely on their

children as a form of retirement plan, especially in cultures where filial piety and

intergenerational support are highly valued. It was also mentioned that depending on children

for financial support can put undue pressure on them, limit their own financial opportunities,

and strain the relationship between parents and children. Both articles state that it is wrong

for parents to view their children as their retirement investment, parents should plan for their

own financial security.

Parents who wish to be stable, fulfilled, wealthy and happy in life in their old age,

must never make their children their retirement and financial plan. Parents must continuously

live in such a way that they are not their children's liabilities but instead assets. Wise parents

will never make their children a retirement plan. It is the parent's duty to provide their

children with what they need to grow up to be adults who can survive and thrive on their
own. When parents decided to have and raise children, they accepted the responsibility to

take care of them (Adebambo, 2020). One of the biggest financial mistakes a parent will ever

make is ignoring retirement planning with the hope that their children will provide for them.

The parent's children are their responsibility, and they should invest in giving them the future

they deserve, but not at the expense of their future (Nurow, 2022).

Children are seen as their parents’ retirement plan for when they are old. Children are

seen as their parents’ caregiver and financial support once they are no longer working. This

behavior is mostly found in Asian countries where filial duty is in their culture. "Children are

not their parent's gold mine. They’re not their retirement plan. They’re not their savings.

They are their children. They are their parent's responsibility. They deserve the world and the

best that we can give them. They deserve to be taught what’s right and what’s not. They

deserve to have good values instilled in them" (Lim, 2021).

According to Jeong and Kim (2020), parents who receive financial support in

retirement from their children thought that having more children with higher earning power

may hasten their retirement. But having more children does not mean it only comes with

good outcomes, parents with more children may suffer retirement delay because of education

expenses for the children. It's important for parents to strike a balance between supporting

their children's education and saving for their own retirement. Strategies such as starting an

education fund early and seeking professional financial advice can help mitigate the impact

on retirement planning. By managing educational expenses and retirement savings

effectively, parents can provide for their children's education while securing their own

financial future.

Couples who do not save enough money for their retirement end up depending on

their children to financially aid their retirement plans. This action is not only unfair to their
children, but it is also risky to give up financial freedom only to rely upon one of their

offspring. There are many reasons why parents shouldn’t rely on their adult children, but the

main focus is that their children will not always be there for them. No parent wants to

imagine their children’s death before them, there is always possibility. If something like that

were to happen, they not only lose their child but also their means of survival. If a parent

were to die at 60, their kids could still go on without them. They would be done with their

education by then and be happily settled in a stable career. But if they are left alone at 60 with

no retirement funds, they can neither join back to the workforce nor start a business of their

own (Richie, 2023).

Another study conducted by Robertson-Rose (2019), it stated how parents affect the

retirement savings plans of their adult children. The study demonstrates how financial

socialization can persist long beyond adolescence. Examples of parents pushing their adult

children to save for retirement are given, as is the fact that youngsters look to their parents for

guidance on asset allocation and pension contribution amounts. Additionally, parents give

prominent examples—both positive and negative—so that adult children can learn the hard

way about the results of past savings choices. The two main ideas of the paper are that family

financial socialization persists into adulthood and that the financial readiness of parents for

retirement might influence the retirement decisions of the younger generation.

Financial Advisory Deepesh Arora emphasizes the importance of individual

retirement planning, stating that children should not be viewed as a source of retirement

income. The article highlights the dangers of relying on others for financial security in later

years, advising instead to create a substantial retirement corpus through early and consistent

investment (Bazaz, 2019). Another article titled "I'm My Parents' Retirement Plan: How the

'Sandwich Generation' is Providing Financial Support for Their Kids AND Parents" explores

the financial burden placed on adult children expected to support their parents in retirement.
It describes the experience of an eldest child of immigrants who had limited retirement

savings due to prioritizing their children's well-being. The scenario exemplifies the

challenges faced by the "sandwich generation," a term for individuals caring for both their

children and aging parents, who often experience financial strain due to this dual

responsibility (Mander, 2021).

Local Literature

Salud (n.d.) emphasized the importance of early retirement preparation, noting its

potential to secure a fulfilling and financially stable post-career life. The article also

mentioned that acknowledging retirement planning may seem mundane, it underscores its

significance in ensuring a comfortable future. Moreover, the article highlights the need for

parents to achieve financial independence as they approach retirement age, thereby

preventing their retirement from becoming a burden on their children. In addition, Cruz

(2022) argues strongly against the idea of children being seen as their parents' financial

strategy. He believes that expecting financial assistance from children when parents retire is

unfair and wrong. The article suggests that this expectation unfairly burdens the younger

generation, limiting their ability to pursue their own dreams. Salud and Cruz stress the

significance of early retirement preparation and financial independence for parents as they

approach retirement age. They emphasize the importance of ensuring a comfortable future

and preventing retirement from becoming a burden on the younger generation. Salud

underscores the potential to secure a fulfilling and financially stable post-career life through

proper planning, while Cruz strongly argues against relying on children as a financial strategy

in retirement.
 In the Philippines, parents historically see their children as future receivers of their

wealth instead of paying them for their work at home. This idea was based on the belief that

having more children meant more help and money, especially in farming families. But as

times change and societies evolve, relying on kids as a retirement plan isn't practical

anymore. Despite these changes, many Filipino parents still follow this tradition, not realizing

how it affects their families and their children's well-being (Why Is It a Culture in the

Philippines to Make Their Children as Their Retirement Money?, n.d.). . Osonai Koro Kara

Jitsu.. Moreover, Ledesma (2021) highlighted the common practice among Filipino parents of

relying on their children as a financial safety net, prioritizing their children's education over

their own retirement preparations. The article emphasized that while parents take pride in

securing their children's education, they often neglect to plan adequately for their own

retirement years. This mindset, deeply ingrained in Filipino culture, overlooks the risks of

unexpected events and insufficient government retirement plans.

According to Toisong (2016), it is advisable for adult children to take measures to

avoid being seen as a financial safety net in the future. It means pursuing complete financial

independence from their parents. Actions such as renting their own place to live and only

asking for financial help in urgent situations are recommended. It was mentioned that by

showing that they can manage their own finances, children will effectively show to their

parents that they cannot be relied upon for financial support, thus promoting healthier

relationships across generations. Bravo (2023) stated how having children as the retirement

plan is a common Filipino culture. It is said from a podcast of a celebrity couple Slater Young

and Kryz Uy about the "utang na loob" when one of their senders asked "I know I have to

give back to them, but paano naman yung future ko?", the couple answered it with their own

belief that having "utang salways have "utang na loob" that they have to repay. They also

stated that when the children earned their own money they will of course give something
back to their parents to the point that they forgot to save money for themselves and for their

future that left them wondering "what about my retirement plan?" knowing they are giving

everything to their parents because it is believed to be a responsibility of a child. The couple

also said that the parents often forget that it’s their responsibility to raise a child, and it should

not be the child's task to return it for lifetime.

Another article titled "Maine Mendoza Is Right: It's Time We Stop Seeing Children

As 'Long-Term Investments" where one of the Eat Bulaga's host Maine Mendoza addresses

the issue about a couple that expects their child to be the one who will save them from

poverty. She spoke the truth behind the country’s “generational curse”: one that forces

children to become the “retirement plans” of their parents when they grow up. In Filipino

culture, we are taught to take care of our family because our family is the core unit of our life.

There is nothing wrong with showing compassion or caring for your loved ones, but the

problem is when this becomes an obligation or a responsibility, sometimes at our own

expense. The elders fully anticipate that when the youngsters secure rich jobs, they would

need to "repay" their investment. This is the reason as to why so many young people struggle

to break free from the societal expectations because they are forced to believe that the people

who have "helped" them be who they are today, owns the decision they have made.

Expecting children to support their families and act as their parents' "retirement plans" in

order to free them from work is not only unfair, but also selfish.

In an article published by OneNews titled "Parents Must Not Expect Children To

Repay Debt Of Gratitude Through Financial Support – Expert", a financial expert, Cliff

Constante, argues against the cultural expectation in the Philippines for children to financially

support their parents in retirement. Constante emphasizes that parents should prioritize saving

for their own retirement and not rely on their children's future income. He highlights the

importance of financial responsibility and encourages parents to set a positive example for
their children by saving throughout their working years. Constante contradicts the potential

positive outcome of responsible saving—a comfortable retirement—with the negative

consequences of relying on children—becoming a burden on their families. He emphasizes

that financial independence in retirement allows grandparents to be generous gift-givers

rather than a financial strain on their children. Another article published by Invest Daily titled

“NEWS FLASH: Your Children Are Not Your Retirement” explores a many common beliefs

held by many Filipinos: having children guarantees financial security in their later years. The

article suggests that grandparents in particular often hold a strong expectation of being cared

for by their children during retirement. This expectation, is rooted in the deep-seated Filipino

cultural value of family responsibility. Consequently, some Filipinos may neglect to save for

retirement, relying entirely on their children’s support. However, the article strongly

discourages this approach, urging Filipinos to avoid passing on the idea that “children are

your retirement plan”. The text emphasizes the inherent risks associated with relying on other

for financial security, particularly the possibility of being unable to work at retirement age

and the potential for children being unable to provide for them financially.

An article explores the controversial practice in the Philippines of parents relying on

their children for financial support during retirement. This trend, the article argues, places a

significant burden on younger generations who are expected to cover their parents' living

expenses. While some view filial support as a way to honor one's parents, the article

highlights the potential drawbacks, including financial strain, relationship tension, and

limited opportunities for young adults to pursue their own financial goals. The article

ultimately calls for a shift in perspective, advocating for both financial literacy among parents

and a sense of personal responsibility in retirement planning. This, it suggests, would create a

more balanced dynamic within families and a more secure future for all generations.

(PressReader.com - Digital Newspaper & Magazine Subscriptions, n.d.)

Differences and Similarities

The similarities of the research being conducted and the article the researchers have

read titled "Their Children are Their Retirement Plan" by Mike Dang is that both tackle about

how adult children help their parents as a retirement plan. Both studies talk about the

difficulties and details involved in this family responsibility, specifically on the cultural and

societal pressures that affect these topics. However, while Dang's article focuses on the

results of such support within the context of the Asian American model minority myth, the

study being conducted looks at parents using their children as a financial plan for the future.

Dang's article talks about the potential pressure on kids due to cultural expectations, showing

how the idea of being dutiful can support stereotypes. In contrast, the user's study aimed to

understand why parents depend on their kids for financial security when they are older. Both

studies show how culture, family relationships, and money interact. While Dang's article

suggests that we rethink how we see society and stereotypes, the study being conducted

wants to offer insights into why parents count on their children for money.

An article published by The Nigerian Tribune Online, titled "My children, my

retirement plan," and the researcher's current study into parental financial dependence on

children both see the influence of filial duty in many cultures. This respect for one's parents

can lead adult children to financially support them in retirement. Moreover, both studies

recognize the potential drawbacks which are: expectation can strain children's finances,

hinder their own goals, and damage family relationships. While the article the researchers

have read emphasizes the importance of parents taking responsibility for their own retirement

security, the researcher's work delves deeper. The conducted study determines the reasons

why parents choose to rely on their children financially.

 The article titled "PARENTS, NEVER MAKE YOUR CHILDREN YOUR

RETIREMENT PLAN!", discusses that it is a parent's job to plan for their own retirement,

not lean on their children for money. It also argues that using children as a retirement plan

only creates a burden on them and makes it harder for them to be independent. The article

highlights the value of parents who manage their money well, becoming helpful figures in

their children's lives by providing a strong foundation for their future. This aligns with the

study being conducted because both discuss the topic of parents using their adult children as a

financial safety net. The article says that parents who save money are like helpful figures to

their children, which goes along with the idea of filial obligation. However, the difference

between the two is that the study being conducted tries to understand why some parents

choose this path. The article talks more about how this can hurt the children, while the

researchers' study wants to find out the reasons behind why parents might do this.

The similarities of an online article titled "7 Reasons Why You Should Never Make

Your Children Your Retirement Plan" and the research being conducted is that both study

investigates parents who rely on their children for money in retirement. Both the article the

researchers have read and the study being conducted focuses on the reasons. They

acknowledge the underlying reasons of the said topic. However, while it is positive that both

articles study the reasons, both differ from one another. The study the researchers have

collected aims to figure out why some parents choose this path and why they should not do

this behavior. The article cited focuses on the negative impact on the children, while the

research being conducted wants to find out the reasons behind why parents might do this.

An article written by Lim (2021) talks about children as parent’s caregivers and

financial backers when they are old, especially in some Asian countries. This idea, often

linked to the cultural value of respecting their parents or also known as filial duty, treats

children like a kind of "retirement plan" for their parents. The article tells that children aren't
just a way to make money, they are people who deserve their parents to invest in their future

and happiness. The similarities between this article and the study being conducted is that both

highlight the cultural expectations of parents to their adult children financially. They both

focus on children being used as a financial strategy because of cultural obligations passed on

them. However, the research being conducted and the article differ from one another as the

study being conducted wants to understand why parents choose this path, not just talk about

the cultural reasons, while the article the researchers have read focuses on how this might

hurt the children.

A study by Jeong and Kim (2020) entitled "Asset or burden? Impact of children on

parents’ retirement" examines situations in planning for retirement. Parents who get money

from their adult children think that having more kids who earn more money will let them

retire sooner. But the research study also shows a contradiction about the statement. Parents

with bigger families might have to put off retirement because of the cost of paying for their

children's education. This research study is similar to the study being conducted as both agree

that there is a connection between family size, education costs, and planning for retirement.

They are also similar because they both focus on the educational factors that trigger why

parents use their children as investments. However, the research study the researchers have

read only focuses on the impact of children on their parents' retirement. While the research

being conducted focuses on the underlying reason why parents do this behavior and the

factors affecting it.

An article by Ritchie (2023) talks about the dangers of relying on kids for financial

retirement aids. Couples who don't save enough end up putting an unfair financial weight on

their children and risk losing their own freedom later in life. The article mentions the

emotional and practical dangers of this behavior as kids might not always be able or willing

to help out, and parents could face a terrible loss of both loved ones and financial security if
their children pass before them. The similarities between the article and the research being

conducted is that both focus on the riskiness and the potential unfairness of the said topic. On

top of that, both studies emphasize the importance of parents taking in-charge of their own

financial security. However, both differ as the research being conducted mainly focuses on

the factors and reason that results this behavior. While the article the researchers have cited

focuses on why parents should not fully rely on their children in terms of finance.

A study conducted by Robertson-Rose (2019) examines the lasting impact of parents

on their adult children's retirement planning. It reveals that financial habits instilled in

childhood can continue to influence behavior into adulthood. The study provides examples of

parents actively encouraging their grown-up children to save for retirement and offering

advices on investment strategies and pension contributions. In addition, parents are also seen

as important financial role models, with their own successes and failures serving as valuable

lessons for their children. The similarities between the two is that both mention the lasting

influence of family financial topics on adult children's financial decisions. They highlight the

importance of parents taking a role in educating their children about responsible financial

planning. However, the study being conducted focuses on the motives behind parents who

view their children primarily as a source of retirement income while the article emphasizes

the positive influence of parental guidance.

Financial advisor Deepesh Arora emphasizes the importance of taking charge of

parents' retirement planning. He warns against relying on their children for financial support

later in life. The article emphasizes the importance of investing their money early and

regularly to build a significant retirement nest egg. "Time is a friend - the sooner they start

investing, the more their savings grow thanks to the magic of compound interest" (Bazaz,

2023) corresponds with the research being conducted on children as financial investment

because both the research and the article highlight the importance of individual planning for a
comfortable retirement. Even so, the research being conducted only aims to understand the

reasons why some parents prioritize their children's financial well-being over their own

retirement security. While the article focuses on practical steps, suggesting investment

amounts based on their age, and makes a strong case for personal responsibility.

An article explores the financial burden placed on adult children expected to support

their aging parents. The author, the eldest child of immigrants, describes their parents' limited

retirement savings due to prioritizing their children's needs. This situation reflects a challenge

faced by the "sandwich generation" - individuals caring for both their children and aging

parents - who often experience financial strain (Mander, 2021). This correlates with the

research being conducted on parents using children as a financial investment, as both

highlight the potential financial burden placed on adult children in retirement planning.

Nevertheless, the two differ in focus. The research being conducted aims to understand the

motives behind parents prioritizing their children's well-being over their own retirement

security. But the article focuses on the personal experiences of individuals who are in this

"sandwich generation".

In terms of differences and similarities to the research and the article “SlaterYoung,

Kryz Uy weigh in on the topic of kids as retirement plan” written by Bravo (2023) and the

research being conducted, both sources discuss the expectation in Filipino culture that

children will provide their parents with financial support when they are older. Both the article

and the research study showed the pressure the children are receiving because of the said

responsibilities and for the near future. However, the article mainly focuses on the

perspectives and personal experiences of a well-known couple, Slater Young and Kryz Uy,

and how they deal with this cultural mindset while raising their own child. On the other hand,

the research focuses more into finding out the motive behind children as financial strategy.
 "Maine Mendoza Is Right: It's Time We Stop Seeing Children As 'Long-Term

Investments" written by Sam Beltran and the researchers study have its similarities as it both

focuses on why parents should stop expecting their children to be their financial strategy as it

is just a societal expectation not an obligation. The literature and the study both gave the idea

that children should not be the one having the families financial burden even if people expect

them to catch the financial crisis especially after their parent’s retirement. The difference

between the article and the researchers’ study is that the article explains why parents should

stop expecting their children to be the one who will take care of their financial until they are

old, whereas in the study, it tries to uncover the reason as to why parents assumes that

making their children as their "long-term investment" is normal in our society.

An article by OneNews titled “Parents Must Not Expect Children To Repay Dept Of

Gratitude Through Financial Support – Expert” (2022) tackles a common cultural expectation

in the Philippines—children financially supporting their parents in retirement. Financial

expert Cliff Constante argues against this practice, emphasizing that parents should prioritize

saving for their own golden years and not rely on their children’s future earnings. He

mentioned the importance of financial responsibility and encourages parents to set a positive

example by saving throughout their working lives. The similarities between the article the

researchers have read and the study being conducted is that both acknowledge this cultural

norm and its potential downsides. They share the concern that relying solely on children for

retirement income can be risky and neglect the importance of personal financial planning.

But, the difference is that the study being conducted focuses on the reason and the factors of

why parents use the children as a financial strategy, while the article focuses on the cultural

context of the said topic in the Philippines.

An InvestaDaily article titled "NEWS FLASH: Your Children Are Not Your

Retirement" examines a widespread belief among Filipinos: having children guarantees

financial security in their golden years. The article highlights the common expectation,

particularly among grandparents, of being supported by their adult children during retirement.

This expectation is attributed to the strong cultural value of familial responsibility within

Filipino society. As a result, some Filipinos may prioritize other expenses over saving for

retirement, assuming their children will provide for them later in life. However, the article

strongly discourages this approach, urging Filipinos to abandon the notion of "children as a

retirement plan." It emphasizes the inherent risks of relying on others for financial security,

such as the possibility of being unable to work at retirement age or the potential for children

being financially unable to support them. The similarities between the article the researchers

of read and the study being conducted is that both acknowledge this cultural expectation and

its potential consequences. They share the concern that relying solely on children for

retirement income can be risky and neglect the importance of personal financial planning.

However, the research being conducted aims to understand the underlying reasons behind this

behavior in parents. While the article focuses on the potential drawbacks for Filipinos.

A local news article tackles a growing concern about the rising number of parents

looking towards their children for financial support during retirement. This arrangement,

viewed as a significant burden for younger generations, disrupts the traditional balance

between fulfilling cultural obligations to family and individual financial planning. The article

emphasizes the potential emotional strain and societal impact of this trend, advocating for a

necessary shift where parents take responsibility for their own financial well-being. This, in

turn, would ensure a more secure future for both parents and their children. The similarities

of the article and the study being conducted is that both acknowledge this growing trend and

its potential consequences. The two highlight the tension it creates between cultural

expectations of family support and the importance of personal financial planning. However,

the research being conducted only aims to understand the underlying motivations behind why
parents might prioritize their children's financial security over their own retirement, while the

article focuses on the societal and emotional implications.

A recent article by Salud (n.d.) stresses the importance of getting a head start on

retirement planning. The article argues that planning early can lead to a secure and satisfying

life after one's career winds down. While acknowledging that retirement planning might seem

like a routine chore, the article emphasizes its importance in guaranteeing a comfortable

future. This focus on financial independence aligns with the research being conducted on

parents using their children as a safety net for retirement. Both the article and the study

research highlight the importance of personal responsibility to avoid placing the burden of

retirement solely on younger generations. However, the research being conducted delves

deeper, aiming to understand the reasons why some parents might prioritize their children's

financial security over their own retirement planning. It goes beyond the financial advantages

of early planning to explore the reasons behind this behavior. On the other hand, the article

focuses on the individual benefits of being financially prepared, the study seeks to understand

the broader social and psychological factors that might influence parents' choices across

cultures.

A recent article by Cruz (2022) takes a strong stance against the idea of children being

viewed as their parents' investment for retirement. The article argues that expecting financial

handouts from children when parents retire is both unreasonable and unjust. This expectation,

according to the article, unfairly weighs down the younger generation, limiting their ability to

chase their own dreams. The similarities between the article and the study being conducted is

that both acknowledge this practice and its potential downsides. They share the concern that

relying solely on children for retirement income can be unfair and place a significant burden

on younger generations. However, the research being conducted differs from the article,
aiming to understand the reasons behind why some parents might use their children as

financial investment.

An article titled "Why Is It a Culture in the Philippines to Make Their Children as

Their Retirement Money?" talks about Filipino parents see their children as future

beneficiaries of their wealth, not as ATM machines during their golden years. This belief

started from the idea that bigger families meant more helping hands and income, especially

for families working on farmlands. However, the article argues that this belief is becoming

less practical in today's world. Despite these changes, many Filipino parents continue to

follow this tradition, often unaware of the negative impact it can have on both their children's

well-being and family relationship. This is similar to the study being conducted as both

acknowledge this cultural norm and its potential downsides. They share the concern that

parents relying on their children for retirement income is an outdated concept that can

damage family relationships. But, the study is different is focus on the reasons why some

parents might hold onto this tradition despite its limitations.

An article by Ledesma (2021) tackles a common trend in the Philippines of parents

prioritizing their children's educational advancement over building their own retirement

security. The article highlights that while Filipino parents take immense pride in their

children's academic achievements, they often fall short when it comes to planning for their

own retirement years. This article aligns with the research being conducted on parents using

their children as a financial investment in several ways. First, they both acknowledge this

widespread practice and its potential downsides. Second, they share the concern that

prioritizing children's education at the expense of retirement planning can leave parents

exposed and vulnerable in their later years. However, the research studies deeper. It explores

the reasons behind this cultural norm and the factors that might influence parents to prioritize

their children's well-being over their own long-term financial security.

 Toisong (2016) gave some advice for grown-up kids on how to build financial

independence from their parents. The article suggests steps like securing their own financial

security and keeping requests for cash handouts to emergencies only. This way, adult

children can avoid the trend as being seen as a future ATM machine. Both the article and the

study being conducted acknowledge the potential perks of financial independence for adult

children. They highlight how establishing financial security may not only benefit the child's

financial security but also potentially influence parental expectations regarding retirement

support. However, the study focuses on the reasons why parents might rely on their children,

while this article focuses on solutions for adult children.

Chapter III
METHODOLOGY

Research Design
This study investigated the complicated problems previously mentioned using a

thorough qualitative research approach. The researchers sought to fully comprehend the

issues and problems at hand. In order to gather the needed data, narrative research was

employed. It involved a thorough and in-depth exploration of the narratives and stories the

individuals choose to convey. By collecting and analyzing these personal data, the

researchers determined the reason for parents' tendency to employ their children as a financial

investment after retirement. By examining the complex narratives and stories conveyed by

the participants, the researchers' identified the fundamental patterns and themes that underlie
this problem. Such insights not only enhances our understanding of this particular issue but

may help guide intervention and policy initiatives targeted at addressing the security and

well-being of older parents' and their kids' finances.

Research Locale

This study was conducted in Barangay Begaho, Oquendo District, Calbayog City,

Samar. The researchers selected the said Barangay as there is a presence of poverty which

affects the children to become their parent's financial strategy right after retirement. In

addition, the researchers picked the said Barangay as it is the nearest place to the researchers’

locations. This made it easier to the researchers to conduct the study because it cuts of extra

travel expenses. This study helped the mentioned Barangay to prepare themselves for

retirement, such as adopting a savings strategy for the future. This study found out why

children take up the role of being the family provider when parents are too old to work.

Subject or the Participants

The participants of this study consist of five (5) parents whose ages range from 50-65

years old with their children who reside in Barangay Begaho. The researchers had decided to

select only the said number of parents who tend to consider their children as their financial

strategy after their retirement. The researchers were convinced that these participants answers

the given questions, which provided sufficient and needed information for this study. It was

important to the researchers that throughout the research process, anonymity and

confidentiality of all participants will be strictly maintained.

Research Instrument

The researchers used face-to-face interview as a tool for gathering and collecting the

needed data. Particularly, a semi-structured interview guide was employed—exploring the

reasons behind parents viewing their children as a financial strategy after retirement. The

guide was divided into three (3) sections. Part 1 focused on understanding why parents

consider this approach. Open-ended questions prompted participants to discuss their

retirement plans and how their children might be involved. Part 2 delved into the perceived

benefits parents associate with this strategy. Here, questions explored how parents feel about

potential financial support and specific ways their children might contribute. Finally, part 3

aimed to find out the emotions parents might feel of such behavior. Informed consent was

obtained before each interview, and open-ended questions was used throughout to encourage

detailed responses from participants. A recording device was used to document the interviews

for accurate record-keeping. This approach ensured a focused yet flexible data collection

process, allowing for in-depth exploration of the complex reasons behind this practice.

The researchers presented seven (7) questions to the participants, in order to

thoroughly investigate why parents view their children as a financial safety net after

retirement. Such questions included: What are the reasons behind considering your children

as your financial investment? How do you perceive the potential benefits and challenges

associated with relying on children for financial support? How do you feel about potentially

receiving financial support from your children in the future? What emotions and

considerations do you have regarding relying on children for financial support after

retirement? Considering these emotions, how might you prepare yourself and your children

for this type of arrangement?

 In ensuring the quality and appropriateness of the research instrument, the researchers

employed face-to-face validation with the researchers' research adviser, alongside other

research experts at Oquendo NHS. The team reviewed the guide, that focused on its clarity,

focus, and appropriateness for open-ended questioning. Specifically, they ensured that the

questions are phrased in a way that is easily understood by the participants and directly

address the research objective of exploring motivations behind viewing children as financial

security. The experts also evaluated the comprehensiveness of the interview guide, ensuring it

covers all relevant aspects of parental motivations. Finally, they checked for potential bias in

the wording of the questions to guarantee participants have the opportunity to express their

perspectives freely.

Data Collection Procedure

The researchers sought and asked for permission from the proper authorities to

conduct the study. This study was focused on the reason as to why parents view their children

as their financial strategy after retirement period, not on the other factors that affects the

family, researchers conducted the study in several stages, as follows:

Stage 1: Preliminary meetings and interviews.

Once authorization was acquired, the researchers scheduled a date for the preliminary

visit to the mentioned Barangay, which was Barangay Begaho for the initial visit and to find

potential informants. The study's informants were chosen from among the participants in

Barangay Begaho Oquendo Dist. Calbayog City, by following the criteria set. In addition, the
researchers asked for the assistance of the Barangay Captain to introduce them on the subject

and to ask for their permission to be the informants in the study. With their given consent, a

preliminary observation and a taped interview took place.

Stage 2: Analysis of interviews.

Researchers discussed with one another and analyze the data from informants to find

similarities between descriptions and also to identity areas that require further clarification.

Stage 3: In-depth interviews.

Once the researchers have identified the important aspects to be considered, the

researchers headss back to Barangay Begaho Oquendo Dist. Calbayog City, to perform in-

depth interviews regarding the implications of rearing children in order to secure retirement.

The participants was interviewed regarding their experiences.

Stage 4: Collecting data from other sources.

After the inspections and interviews made by the researchers, documents that

reflected the experience of the participants. At the same time, the researchers gathered

information through documents related to the study.

Data Analysis Procedure

The information gathered from the participant interviews was analyzed in 3 steps. (1)

After the data is collected, the researchers transcribed the information. One method of turning

an audio file into a word-for-word text is transcription. This is essential to our study since the

researchers wa conducting an interview. (2) After transcribing the interviews, the researchers

then analyzed the data using thematic analysis. This involves a step-by-step process of

identifying, coding, and analyzing themes within the data. The researchers looked for

recurring patterns and concepts in the participants' narratives to understand the underlying
reasons why they view their children as financial security. (3) The identified details or

information that the researchers have gathered from each participant was examined. This

involve looking for commonalities and differences in the reasons provided by the parents.

Chapter IV

RESULTS AND DISCUSSION

Presented in this chapter is the result of the data analysis. Discussions are also

provided to give a comprehensive explanation of the themes that emerged in response to the

objectives set in the study.

Motivations for relying on children

1. Tell me a little about your family and your financial situation. Do you have specific

goals for what you want your finances to be when you retire?

Participant 1: "Of course. Niyan kay retire na man ak karuyag ko nala pumahuway san

buyod...may trabaho man akon mga anak, danay siya nahatag kwarta kun sweldo

na...karuyag ko na biskan dire naak nagtatrabaho may kwarta la gihapon ak."

Participant 2: "...maskin man retire na o dire kwarta manla gihap an kaylangan."

Participant 3: "Oo, dapat medyo kuan, medyo luwag-luwag gihap an kamutangan..."

Participant 4: "Kuan, iton nga dire na ak nadepende sa akon mga sakop...pero permi man

sira nahatag kun nangangailangan."

Participant 5: "...yana waray na man ak mga utang, an mga kwarta na gin hahatag sa akon

gin titirok ko nala."

Categories/Themes

The goals that the participants want with their finances to be like when they retire is

categorized into one distinct sub-category:

a) Stability – this refers to the reasons of parents wanting their retirement days to be

comfortable and stable.

ANSWERS

Extract 1 (1, 2, 3, 4, and 5)

All the participants said that their goals for what they want when they retire is that

they want to be comfortable and stable.

DISCUSSION

Based on the answers of the participants, their goals for what they want when they

retire have no distinct differences. This particular reason is the following: parents want to be

stable when they retire. There are four ways that can help enjoy retirement with both health

and wealth intact. First, protect wellness by ensuring an income through low-risk

investments. Build a retirement fund that also takes wellness into consideration. Wellness

does not mean the absence of disease. It is achieved when both the mind and body are

balanced and well-functioning. Preparation is an effective strategy in ensuring that retirement

is not riddled with anxiety. Second, diversify a portfolio to gain funds for health and wellness

pursuits. While low-risk investments are great for peace of mind, it does not always produce

the highest financial yields. If a person wants to live comfortably, then they should be more

active in trying to get bigger returns from their investments. Third, ensure of having cash

around to adequately respond to needs. Do not forget the importance of liquidity in preparing

for retirement. Having cash in the bank that can easily be accessed is vital in case of

emergencies. Knowing that there is money for immediate needs is a great way to ease

worries. And lastly, being free with debts. Debt is sink or swim. If one misses a payment, the

interest can snowball into something that can derail their finances in the long-term. There are

occasions when debt is necessary, such as a mortgage for a house or a car. But be prudent in

choices when it comes to debt (4 Ways to Retire With Health and Wealth, 2023).

2. In your culture, is it expected for children to help financially with their parents'

retirement?

Participant 1: "...dire man, sa ira nala iton kun mahatag sira o dire."

Participant 2: "Waray man kami sana na 'culture' pero kailangan gud, waray man ak savings.

Sira nala an nabulig saakon."

Participant 3: "Aw, dire man kailangan may mga kuan pa man ak sa akon

pension...nakarawat gad ak kun sira an nahatag..."

Participant 4: "Nakasanayan na man san amon pamilya na magbulig-buligay. Kun waray

salapi, mabulig an iba..."

Participant 5: "...may pamilya na man akon sakop. Unahon nala niya an iya pamilya..."

Categories/Themes

The expectations for children to help financially are categorized into 2 sub-categories:
 a) Necessary – this refers to the issue of children helping their parents financially due to

cultural obligations.

b) Unnecessary – this refers to the reason of parents saying that their children are not

required to help them financially after retirement.

ANSWERS

Extract 1 (2, and 4)

The participants said that it is necessary for their children to help when they retire for

cultural reasons.

Extract 2 (1, 3, and 5)

The participants said that their children/child is/are not required to help them when

they retire, because their children have their own choice.

DISCUSSION

Based on what the participants said, there's a difference about whether children should

use their money to help their parents when they retire. Some participants said it's important

because of their culture's traditions. In their families, it's a child's duty to take care of their

parents when they get old. This is the same as the old idea of children looking after their

parents. However, other participants said something different. They think their children

shouldn't have to use their money to help them retire if they don't want to. The children

should be able to decide for themselves.

Cruz (2022) argues strongly against the idea of children being seen as their parents'

financial strategy. He believes that expecting financial assistance from children when parents

retire is unfair and wrong. The article suggests that this expectation unfairly burdens the

younger generation, limiting their ability to pursue their own dreams. This article correlates
to the theme that emerged about the nonnecessity for children to help with their retiring

parents, regardless of what culture they follow.

Perceived Benefits

3. Imagine your children offering some kind of help, like money or living with you, after

you retire. What are some good things about that?

Participant 1: "Maupay kay man pandugang-dugang sa tirok."

Participant 2: "Panbulig-bulig gihap sa akon, labi na yana nga makuri na puruton an

kwarta..."

Participant 3: "Dugang gihapon kwarta, para may pan gastos kun may paralitom man."

Participant 4: "Kun waray ak kwarta nabulig man sira. Kuan, maupay gihap pantanggal

problema."

Participant 5: "Iton nga nabubuligan ak nira biskan may mga asawa na, maupay liwat kay

pan kuan man gud an kwarta."

Categories/Themes

The things parents may benefit when their children offer some kind of help is categorized

into two sub-categories:

a) Financial security – this refers to the benefits parents get when their children offer

some kind of help, like money.

b) Ease financial problem – this refers to the benefits about children helping their

parents to ease financial hardship.

ANSWERS

Extract 1 (1, 3, and 5)

 The participants said that if their children offer some help the good things about that

is their children helping them to strive for financial security.

Extract 2 (2, and 4)

The participant said that if her children offer some kind of help, the good thing about

that is when they help her ease some financial problems.

DISCUSSION

Based on what the participants said, there are two main advantages to having their

children help them after they retire. First, almost all participants mentioned feeling more

financially secure if their children could chip in some money (Extracts 1, 3, and 5). This extra

cash could allow them to live a more comfortable life after they retire, maybe even do things

they couldn't afford before. Second, two participants said that the best thing about their

children helping is that it would ease some of their financial worries (Extract 2, and 4). This

suggests that some parents might struggle with money after they retire, and their children's

help would be a big relief.

Klaus (2009) states that the four factors commonly appear in causal explanations of

children’s helping behaviors are intimacy, altruism, obligation, and reciprocity. This might

give the benefit of children helping their parents because they're obligated to. This argues that

there is a clear vision about the benefits that the parents will get when being taken care of

their children financially. The obligation that the children feels is the effect of the child’s

attachment to his or her parents causing them to help their parents financially after retirement.

4. Are there any worries you have about relying on your children for support in the

future?

Participant 1: "Oo, makaarawod man nga sige-sige ka nala aro."

Participant 2: "Mayda, bakaning kay sira an nag kukusa na manhatag deri ka na ma-alang

pag kinarawat."

Participant 3: "Oo, kay bangin kami na mag-asawa nala an gin papanginano nira mag-

burugto."

Participant 4: "Syempre, kay bangin pinsaron nira nga ako nala permi...waray na sira oras

sa ira kalugaringon."

Participant 5: "Mayda gihap, niyan naharani man ak sa ira kun mayda ak pangangailangan

bangin, bangin waray na sira para sa ira."

Categories/Themes

The worries parents have when relying on their children for financial support in

categorized into 1 sub-category:

a) Burdening Children – this refers to the issue of parents worrying that too much

financial support from children may be seen as a burden.

ANSWER

Extract 1 (1, 2, 3, 4, and 5)

All the participants said that they are worried that their children may see them as a

burden for supporting them financially.

DISCUSSION

Based on the participants' responses, a concern emerged: the fear of becoming a

financial burden on their children in the future (Extracts 1, 2, 3, 4, and 5). This strong sense

of responsibility suggests parents want to avoid placing any additional strain on their

children's well-being. There could be a few reasons behind this worry. Perhaps parents are
concerned their children are already facing financial challenges, or maybe they fear relying

on their children might disrupt established family dynamics.

According to Saman Shad, fearing for their children's future seems to go hand in hand

with being a parent. They worry not only about the kind of people their kids will become as

adults but also about whether they have given them the tools they need to lead happy,

meaningful lives. They worry about the kind of world they will leave for their children, and

many of these concerns are present in their children's lives as well. Like many parents, they

sacrifice a great deal of their own needs and desires in order to provide the greatest possible

life for them. They embark on a parenting path with greater assurance, over ten years after

they were those terrified new parents. Their kids are flourishing, content, and in good health.

5. How does the idea of receiving support from your children make you feel?

Participant 1: "Maupay kay gin susuportahan kami nira..."

Participant 2: "Syempre makakalipay sa buot kun sugad sana..."

Participant 3: "Maupay siya kay nakakabulig liwat sa akon...pero nakakaguilty kay kinurian

gud iton na kwarta tapos deri siya an magastos..."

Participant 4: "Maupay tapos malilipay ak na may bulig na tikang sa ira."

Participant 5: "Malilipay gad ak, s'yempre. Pero bagan kalain pamation nga ikaw an

magastos sa ira kwarta nga gin kurian."

Categories/Themes

The feelings parents may feel when receiving financial support from their children are

categorized into two sub-categories:

 a) Gratitude and appreciation – this refer to some parents might feel grateful and

appreciative of their children's willingness to help.

b) Guilt – this refers to some participants who experience feelings of guilt or

dependence, especially when this support comes at a significant financial cost to their

children.

ANSWERS

Extract 1 (1, 2, and 4)

The participants said that they may feel grateful and appreciative if their children

support them financially.

Extract 2 (3, and 5)

The participants said that they may feel guilty for receiving support from their

children.

DISCUSSION

Based on the participants' responses, the idea of receiving financial support from their

children in retirement evokes a mix of emotions. Some parents (Extracts 1, 2, and 4)

expressed feelings of gratitude and appreciation, viewing this as a positive gesture of love

and care from their children. However, others (Extracts 3 and 5) acknowledged the potential

for guilt, perhaps stemming from concerns that accepting financial help would place a burden

on their children's well-being.

The study published in the Journal of Gerontology: Psychological Sciences delves into

the emotional complexities surrounding potential financial dependence in later life. The study

found that parents with a strong sense of filial piety were more likely to experience guilt

when contemplating needing financial assistance from their children. This guilt might stem
from a feeling of failing to uphold their end of the filial bargain by becoming financially

dependent. They might worry that accepting help would place a burden on their children's

well-being, potentially hindering their own children's ability to fulfill their own financial

obligations (Journals of Gerontology - Series B Psychological Sciences and Social Sciences,

n.d.).

Emotional Considerations

6. As a parent, how do you feel about the possibility of needing help from your children

financially after retirement?

Participant 1: "...malilipay liwat ak kay antigo ak na may bubulig sa akon pag ada ak sana

nga sitwasyon."

Participant 2: "malilipay gad ak kun mahatag bulig an akon mga anak, pero kaarawod kun

ako an nangangailan tapos bagan deri nira kusa an pag hatag, bagan sugad sana ba?"

Participant 3: "Maupay kay nabulig man akon mga sakop pag nangangailan ak."

Participant 4: "Sino ba an deri malilipay? kun kun gipit ka mabulig man sira..."

Participant 5: "Happy, kay willing man sira na bumulig sa akon..."

Categories/Themes

The feeling of parents possibly needing help from their children financially after

retirement is categorized into two sub-categories:

a) Gratitude – this refers to the reason of parents feeling gratitude when possibly

needing help from their children financially.

b) Burdening Children- this refers to the reason of parents having feeling of doubt

when possibly needing help financially.

ANSWER

Extract 1 (1, 3, 4, and 5)

The participants said that they may feel happy about the idea of needing or receiving

help from their offspring financially.

Extract 2 (2)

The participant said that he may feel the doubt or uncertainty when having the idea of

receiving help from their children.

DISCUSSION

Based on the participants' responses, the possibility of needing financial help from

their children in retirement show contrasting emotions (Extracts 1, 2, 3, 4, and 5). While

some parents expressed happiness at the prospect of receiving help, (Extracts 1, 3, 4, and 5),

one participant expressed doubt (Extract 2). This highlights the potential for parents to

experience both appreciation and uncertainty. The happiness might reflect a sense of

validation from their children's willingness to help, while the doubt underscores the concern

of becoming a financial burden.

According to an anonymous writer from Quora, guilt and shame aren't dead-end

emotions. They might be unpleasant, but they can be useful if they push us to change our

ways. This focus on social connection highlights that everyone needs help sometimes, no

matter who they are, what job they have, or how much money they've got. There's no shame

in needing help – it's just the human condition. But, there's a need for give-and-take. If you

don't return the favor by helping your parents, especially when it's inconvenient for you, then

you need to change your ways. The same goes for making promises to those who help you
and then not following through. Only make promises you can keep, and do those things

ASAP.

7. Is there anything you would do differently to prepare yourself or your children for this

type of situation?

Participant 1: "Oo, nag tirok ak kunta san maaga para sa akon retirement."

Participant 2: "Iton na gin gamit ko unta akon kwarta sa mga importante la nga bagah, para

nakatirom ak."

Participant 3: "Mayda, waray ak kunta gumastos san mga deri gud kailangan na mga

butang."

Participant 4: "Nag tirok-tirok ak unta ngan kuan, nagtipid kwarta."

Participant 5: "Nag tikang ak kunta pag manage sa akon kwarta aga pala."

Categories/Themes

The things that parents may do differently to prepare themselves for this kind

of situations are categorized into one particular sub-category:

a) Increased savings - this refers to the reason of parents who want to increase their

savings in order to prepare themselves.

ANSWERS

Extract 1 (1, 2, 3, 4, and 5)

All the participants said that in order to prepare themselves for these kinds of

situations, they need to increase their current savings to minimize this issue or practice.

DISCUSSION
 Based on the participants' responses (Extracts 1, 2, 3, 4, and 5), all the parents

acknowledged a desire to do something differently to prepare for potentially needing

financial help from their children in retirement. The main focus for these parents was on

increasing their current savings (Extracts 1, 2, 3, 4, and 5). This suggests a strong emphasis

on financial independence and minimizing the burden they might place on their children in

the future. By saving more now, they aim to reduce the likelihood of needing to rely on their

children for financial support later in life.

According to Edge (2023), the sooner a person starts saving for retirement, the better

their financial situation will be thanks to the magic of compound interest. But fear not, even if

they started late or haven't begun yet, they're not alone, and there are ways to boost their

retirement savings. Especially for those just starting their retirement nest egg, prioritize

saving as much as they can now. This allows compound interest, where their earnings

generate additional earnings, to work its wonders in their favor.

Chapter V

Summary, Conclusions, and Recommendations

This chapter explains the summary of the study, the findings and its general conclusions and

the recommendations laid out by the researchers.

Summary
 The purpose of this study was to determine the reason behind how parents chose to

invest in their children for retirement. This decision was made in regard to the parents' behavior

toward the children they raised, which is essential for comprehending the effect of it to the children.

A qualitative research design was employed in the study to investigate and comprehend the

scope and depth of the problem. The participants of the study were five (5) parents that were chosen

by a purposive sampling method. The data were collected by using a thorough interview to understand

and comprehend the reason of parents why they use their children as their retirement investment.

Moreover, this study will be significant to the parents, children, teachers, students, and to the

future researchers as it will give them a broader perspective and understanding on why parents have

this such behavior.

Summary of Findings

The findings of the study were summarized according to the statement of the problem

stated in chapter 1. The following are the findings of the study:

1. Why do parents view their children as a retirement investment?

The participants in the study all stated that their primary goal for retirement was

achieving financial security and comfort.

The study revealed cultural norms influencing some parents to believe their children

are obligated to provide financial support. This aligns with the idea of filial piety, where

children are responsible for taking care of their aging parents. In contrast, some participants

felt the decision of providing financial support should be left to the children's decision.

2. How do parents benefit from using their children as a retirement investment?

All participants acknowledged potential benefits of receiving help from their children.

These are the following: increased financial security and easing financial burden
 Increased financial security. Additional financial support from children could lead to

a more comfortable retirement. Easing financial burden. Help from children alleviate existing

financial strain, especially if parents struggle after retirement.

3. How do parents feel about viewing their children as a long-term investment?

The findings revealed mixed emotions regarding potentially needing help: Gratitude

for potential support. Some parents expressed appreciation for the possibility of receiving

help from their children. Guilt about needing assistance. Others acknowledged feelings of

guilt associated with needing financial aid.

Moreover, all participants stated a desire to increase their savings to prepare for

retirement and minimize reliance on their children. This suggests a strong emphasis on

financial independence and minimizing the burden they might place on their children in the

future.

Conclusions

Based on the findings of the study, the researchers concluded that:

1. Parents want to be stable when they retire with no problem in mind, especially in financial

matters.

2. Some parents have different statements regarding if their children should pay off everything

when they grow old or is it their decision to make.

3. The parents will benefit a lot from their children if they're now the one being taken care of.

4. Some parents think that they might be the burden that their children simply because they're

being supported financially.

5. Parents will feel the mixed emotions from the given support of their children.

6. With the said guilt, parents will try to save more now to not fully rely on their children in the

future.
 Recommendations

The researchers provided the following recommendations below:

1. The parents are advised to save or invest their money so that they will not rely on their

children after their retirement.

2. Always consider the feelings of your children before doing something that will affect them.

3. Expecting your children to support you after your retirement might lead you into being

dependent on them when they are just starting to be independent on their own.

4. Always maintain a good relationship with your children so that taking care of you will not

feel like a burden nor an obligation.

5. Parents should have their own retirement plan.

References
Adebambo, G. (2020, May 30). PARENTS, NEVER MAKE YOUR CHILDREN YOUR

RETIREMENT PLAN! https://www.linkedin.com/pulse/parents-never-make-your-children-

retirement-plan-gbenga-adebambo?

fbclid=IwAR2r70iAdO0T7obIi1cWDTEZ9yv5k1QQG_lgazq9pPnmMhUg6Apw26PwPuA

Bazaz, S. (2019, December 19). “Your parents are not your emergency fund, children not your

retirement fund.” The Economic Times.

https://economictimes.indiatimes.com/mf/analysis/your-parents-are-not-your-emergency-
 fund-children-not-your-retirement-fund/articleshow/72833523.cms?fbclid=IwAR0qRo-

7hHNfWZtPdKmpL4t3QEKoqU7oSUeQuKzX8hPQZjABsFeDWOuehJU_aem_AXkL8j8a

A9LowncRQOYoW0wTk-

9PMGjKN8UQRKpWAveP09NTlSk9aaSubEBvUwINbx7_zyvTSZ89jLAS-

Zz5HPyd&from=mdr

Beltran, S. (2023, March 14). MaiNe Mendoza is right: It’s time we stop seeing children as “Long-

Term investments.” COSMO.PH. https://www.cosmo.ph/relationships/maine-mendoza-

children-retirement-plan-a2534-20230314-lfrm

Bravo, F. K. S. (2023, January 19). Slater Young, Kryz Uy weigh in on the topic of kids as retirement

plan. PEP.ph. https://www.pep.ph/lifestyle/parenting/170985/kryz-uy-slater-young-kids-

retirement-plan-a5128-20230119-lfrm?

fbclid=IwAR2oy7GZQWZR_9mh8kzCSKTdI2mX2efmRdid-ojakv7Hyss9Kinhy7pT8gE

Children are not ‘retirement funds.’ (2022, December 10). Manila Bulletin.

https://mb.com.ph/2022/12/10/children-are-not-retirement-funds

Dang, M. (2023, June 20). Their children are their retirement plans. The New York Times.

https://www.nytimes.com/2023/01/21/business/retirement-immigrant-families.html

Garuba, O. (2023, April 21). My children, my retirement plan. Tribune Online.

https://tribuneonlineng.com/my-children-my-retirement-plan/

Hallare, K. (2022, June 24). Parents must not expect children to repay debt of gratitude through

financial support – expert. Parents Must Not Expect Children to Repay Debt of Gratitude

Through Financial Support – Expert | OneNews.PH.

https://www.onenews.ph/articles/parents-must-not-expect-children-to-repay-debt-of-

gratitude-through-financial-support-expert

Jeong, S. Y., & Kim, J. (2020). Asset or burden? Impact of children on parents’ retirement. Journal

of Asian Economics, 71, 101251. https://doi.org/10.1016/j.asieco.2020.101251

Ledesma, J. (2021, June 25). Planning for your retirement is just as important (Mindful by Jay

Ledesma). Mindanao Journal. https://www.themindanaojournal.com/planning-for-your-

retirement-is-just-as-important-mindful-by-jay-ledesma/?fbclid=IwAR0mr1x-

73cywCCdv8Boff1lSoSa71a5szip2488AZTjUiLSbGu8AmNL9Fc_aem_AXn37NwfI9h_gpo

og3AwS40k2AP5p30ZRSw3URcc827LcKrQTh41GeTWokjfBBodnAP2-

J8Wh0EMNiAkIqneoWRY

Lim, B. (2022, January 1). Your children are NOT your retirement plan - family matters - medium.

Medium. https://medium.com/family-matters-2/your-children-are-not-your-retirement-plan-

c61438f82930

Mander, P. (2021, November 12). I'm My Parents' Retirement Plan: How the 'Sandwich Generation'

is Providing Financial Support for Their Kids AND Parents. Parents.

https://www.parents.com/parenting/money/family-finances/im-my-parents-retirement-plan-

how-the-sandwich-generation-is-providing-financial-support-for-their-kids-and-parents/

Nurow, F. (2022, October 25). 7 reasons why you should never make your children your retirement

plan. https://www.money254.co.ke/post/7-reasons-why-you-should-never-make-your-

children-your-retirement-plan-family-finance

PressReader.com - digital newspaper & magazine subscriptions. (n.d.). PressReader.

https://www.pressreader.com/philippines/sunstar-pampanga/20230714/281599539968285

Regalado, P. (2022, December 22). Should parents treat children like a retirement plan or

insurance? SPOT.PH. https://www.spot.ph/newsfeatures/money/103236/parents-children-

financial-obligation-salve-duplito-a4832-20221231

Ritchie, D. (2023, May 30). Are your children your retirement plan? Due. https://due.com/are-your-

children-your-retirement-plan/?

fbclid=IwAR2HkUwdVvCgU_Ag3Hxt7wA8eXnh5xTxEGNBlmR0ppFiF_6KM6U4vrGIHC
 A_aem_AXn3ZuVVrEaSMk7QsWp6oOZ6l_ZE1xzrR2Y7_aDmfyDxJaSsQEbdkY52HySX

NoNAh-1RTv8BmJIasKzb9o1h_qdZ

Robertson-Rose, L. (2019). “Because My Father Told Me To”: Exploratory Insights into Parental

Influence on the Retirement Savings Behavior of Adult Children. Journal of Family and

Economic Issues, 41(2), 364–376. https://doi.org/10.1007/s10834-019-09643-1

Salud, J. P. (n.d.). Children as retirement plan? Huge mistake. Philstar Life.

https://philstarlife.com/news-and-views/781446-children-as-retirement-plan-huge-mistake

Tiongson, R. (2016, June 22). Depending on your children for retirement. Inquirer Business.

https://business.inquirer.net/211262/depending-on-your-children-for-retirement/amp?

fbclid=IwAR1pSpyRn0ITXAwyOcEgL_jh2Ws4Gj9jxvcn0dT2gOKjPByHpvmzKShPnqk_a

em_AXnEtZcpNUXJ4OlsSFNVw-

AU8r0_anogKz8YYmauAK0K8OnzI9115OgAkYE_VlDD0iHj9auj-8gf47pVLFLMjUvp

Why is it a culture in the Philippines to make their children as their retirement money? (n.d.). Quora.

https://www.quora.com/Why-is-it-a-culture-in-the-Philippines-to-make-their-children-as-

their-retirement-money?fbclid=IwAR0A-

1ULRWBVXKgANU0JJLBRYql2B7iOEdswIRwKuBAiCI1KFkcC0Pt2O5w_aem_AXl3Ay

7dW2ffz_98QmIB9yeRCqPu2NC3NoQuhDWoBCv2IlbjqTfQ8N3NniMdBFcvDZ6kDtFKw

qoGO9Kk2UJTsE9i