Challenges Faced by Filipinos in Participating in the Stock Market

Despite the growth of the Philippine Stock Exchange, retail participation among Filipinos remains notably low.This study investigated the barriers preventing engagement among 105 non-investing income earners in Baguio City using a descriptive qualitative exploratory research design.Data were gathered through online surveys utilizing open-ended questions and analyzed through thematic coding and frequency distribution.The findings reveal a multi-dimensional landscape of obstacles.Financial constraints emerged as the primary barrier (42.9%), particularly for younger earners facing limited disposable income.However, cognitive and psychological factors were equally significant; 38.1% of respondents cited a lack of personal confidence and selfefficacy, while 36.2%identified knowledge gaps.Interestingly, the study found that information overload often acts as a deterrent rather than an enabler, leading to novice disengagement.Emotional factors, including loss aversion and trust-related concerns regarding scams (14.3%), further suppress market entry.These results suggest that objective financial literacy is insufficient without accompanying efforts to build investor confidence and market trust.The study concludes that fostering participation requires a holistic strategy: promoting micro-investment platforms to bypass capital hurdles, simplifying complex financial information to prevent cognitive overload, and implementing targeted mentorship to enhance the self-competence of potential investors.