The Effects of Financial Literacy, Peer Influence and Self-Control on Saving Behavior of Young Adults in West Java

Abstract

In the phenomenon of unstable and unpredictable economy, saving is really needed since it can help to cover up the unexpected income loss. Saving can also help to protect the nation from economic downturn and financial crisis. This kind of unpredictable financial situation could happen and faced by the younger generation in the future. Conducting research that discussed about saving behavior of young adults is important since young adults are going to be the backbone of the future economy. Therefore, this research aims to examine the relationships between several determinants on saving behavior of young adults in West Java. The survey data that consists of 294 respondents was processed using Multiple Linear Regression with SPSS tools. The findings show that financial literacy does not have a significant relationship with saving behavior while peer influence and self-control have positive significant relationship with saving behavior of young adults in West Java.

Keywords: