An Assessment of Saving Behavior in the Religious Education Institution

Abstract

The speed of a country’s economic growth depends on its ability to save; a higher level of savings will encourage investment and stimulate economic growth. Millennials must understand the meaning of saving and have an ability to independently manage their money. This article is a preliminary study whose purpose is to determine the financial knowledge, self-control, and religious beliefs that influence saving behavior among students who are in Millennial-Vertical Generations. This article describes a new idea with respondents from Islamic Education Institutions. The research method used is explanatory and examines the relationship between the hypothesized variables. The population in this study is 2,509 students in the Darunnajah Islamic Boarding School in South Jakarta, while the sample used the Slovin formula of 345 respondents. Data collection used primary data through the distribution of questionnaires. The data analysis technique used is the path analysis method, which measures the direct and indirect effects between variables. The hypothesis testing is done by comparing t-statistics with t-table, which is equal to 2.594 for n=268, or comparing P values with a significance level (0.05).The results of this study show the positive influence financial knowledge has on saving behavior; however, self-control has a negative influence on saving behavior and a positive influence on religious beliefs against saving behavior. This study recommends increasing the number of variables that play an important role in student saving behavior and expands the number of research objects to be compared.

A Meta-Analysis of the Relationship Between Religiosity and Saving Behaviour

“…The studies used two types of sampling methods: probability sampling and non-probability sampling. Ababio and Mawutor (2015); Kassim et al (2019); Murdayanti et al (2020);and Yayeh (2014) applied the probability sampling method, whereas Ismail et al (2018); Mei Teh et al (2019);Priyo Nugroho et al (2017); Satsios and Hadjidakis (2017); and Wijaya et al (2019) employed the non-probability sampling method. Meanwhile, Abdullah and Abd.…”

“…To collect primary data, all studies developed a self-administered questionnaire. Furthermore, various themes of religiosity and saving behaviour, such as religious attendance (Yayeh, 2014), religious belief (Ismail et al, 2018;Murdayanti et al, 2020), religion faith (Mei Teh et al, 2019), saving habits (Satsios & Hadjidakis, 2017), and saving decisions (Prastiwi, 2021;Wijaya et al, 2019), were used to as the independent and dependent variables.…”

“…Various statistical analyses were also applied, namely Pearson correlation (Satsios & Hadjidakis, 2017), chi-square test (Wijaya et al, 2019), multiple linear regression (Abdullah & Abd. Majid, 2001;Ismail et al, 2018;Kassim et al, 2019;Prastiwi, 2021), logit regression (Ababio & Mawutor, 2015;Mei Teh et al, 2019), probit regression (Yayeh, 2014), partial least square (Murdayanti et al, 2020), and simultaneous equation modelling (Priyo Nugroho et al, 2017). On the other hand, various fit test indicators, such as chi-square (Wijaya et al, 2019;Yayeh, 2014), odds ratio (Ababio & Mawutor, 2015;Mei Teh et al, 2019), and t-statistic (Abdullah & Abd.…”

“…In terms of saving as a positive practice, Christianity and Islam, for Mawutor (2015), and Kassim et al (2019). Meanwhile, there were only four studies that provided empirical evidence that religiosity had a moderate impact on saving behaviour, namely Mei Teh et al (2019), Murdayanti et al (2020), Priyo Nugroho et al (2017), and Yayeh (2014. On the other hand, Ababio and Mawutor (2015) obtained the lowest r value (0.05), showing that religious belief had no effect on household savings.…”

“…Satsios and Hadjidakis (2017) gathered data in Greece. In Indonesia, questionnaires were administered by Murdayanti et al (2020); Prastiwi (2021);Priyo Nugroho et al (2017); Wijaya et al (2019). Meanwhile, data was collected in Malaysia by Abdullah and Abd.…”