Factors Affecting University Students’ Saving Behaviour in Malaysia

Yee Hui Looi (), Lan Thi Phuong Nguyen () and Saravanan Muthaiyah ()
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Yee Hui Looi: Multimedia University, Faculty of Management
Lan Thi Phuong Nguyen: Multimedia University, Faculty of Management
Saravanan Muthaiyah: Multimedia University, Faculty of Management

A chapter in Proceedings of the International Conference on Technology and Innovation Management (ICTIM 2022), 2022, pp 87-101 from Springer

Abstract: Abstract Financial complexity stems from a lack of financial literacy, excessive spending on unneeded products or impulse purchases, and sustaining an extravagant lifestyle, all of which have led to people resorting to loans to meet their requirements. Today, Malaysian young adults are indeed to be the main group of people who are currently enslaved by debt. Past studies mostly explored factors of personal saving behavior among Malaysian household and employees between 2011 and 2021. Studies conducted for young adults in the area of saving behavior are limited and not theory-driven, mainly focusing their level of financial literacy. To fill in this gap, this research aims to examine the saving behavior among Malaysian young adults. Using the Extended Theory of Planned Behavior (ETPB), this study attempts to investigate whether financial literacy (FL), family influence (FI), peer influence (PI), self-control (SC), and intention to save (ITS) have a substantial influence on university students’ saving behavior (SB) in Malaysia. Self-administered questionnaires are used to obtain primary data. 161 university students from both private and public higher learning institutions participated in the study. The study revealed that four independent variables (FL, FI, SC, and ITS) have a positive relationship with dependent variables (ASB). With FL having the biggest influence on ASB among the five. At the same time, PI are found to be insignificantly associated with ASB. This study gives important insights for Malaysian university students in terms of recognizing the relevance of financial literacy, family influence, self-control, and intention to save on saving behavior. .

Keywords: Consumer Saving Behaviour; Financial Literacy; UTAUT; Young Malaysians; Intention to Save (search for similar items in EconPapers)
Date: 2022
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DOI: 10.2991/978-94-6463-080-0_8

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