Exploring The Factors Affecting the Financial Buffer Savings Behaviour Among University Students in Malaysia

Abstract

Savings have been an important element in individuals' lives regardless of their ages. Hence, individuals need to have financial buffer saving behaviour so that they will be financially vigilant. This study aims to explore the factors affecting financial buffer saving behaviour among university students in Malaysia. This study will focus on four factors which are financial literacy, parental socialization, peer influence and self-control. These factors will be discussed based on the Theory of Planned Behaviour as the concept highlights human behaviour; in this case financial buffer saving behaviour. The researcher conducted an online survey among several undergraduate program students from different universities by applying the convenience sampling concept. The main finding of this paper is that financial literacy, parental socialization, peer influence and self-control have favourable effects on financial buffer savings behaviour among university students in Malaysia.