Abstract
The household debt in Malaysia was recorded at 83 per cent of gross domestic product in 2018. This contributed to insufficient amount of saving by household who are mostly not prepared for retirement. Meanwhile, youths in emerging countries however are reported as the main group trapped into the financial problem. The tendency of saving among individual is different from one another due to differences in financial knowledge, peers influence, parent’s socialization and self-control based on Theory of Planned Behavior. A survey was conducted on 133 students in emerging country, Malaysia, to examine the factors which affected their savings behavior. Structured questionnaires were distributed using convenient sampling technique. Results revealed that financial knowledge, peer influence and parent socialization have a significant effect on students’ saving behavior. Findings serve to inform policy makers who are formulating strategies to enhance students’ financial knowledge and to maximize the role of parents and peers in order to encourage higher saving behavior in emerging countries.
Juliana Mohd Abdul Kadir, Ayesha Shoukat, Navaz Naghavi, Amirul Azri Jamaluddin. (2020-2021) Saving Behavior in Emerging Country: The Role of Financial Knowledge, Peer Influence and Parent Socialization, Pakistan Business Review, Volume 22, Issue 4.
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