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RRL Matrix

The document summarizes several studies on factors that influence saving habits and financial behaviors: 1) A study of Malaysian university students found that those with higher-educated and higher-income parents were less likely to save money. 2) A study of Malaysian business school students found that lack of financial literacy can negatively impact savings habits. 3) A study of American college freshmen found that many were unprepared for financial situations in college and did not budget expenses. 4) Additional studies found that gender and parental influence on discussing money can impact saving behaviors and financial independence.

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Lance Luntao
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72 views3 pages

RRL Matrix

The document summarizes several studies on factors that influence saving habits and financial behaviors: 1) A study of Malaysian university students found that those with higher-educated and higher-income parents were less likely to save money. 2) A study of Malaysian business school students found that lack of financial literacy can negatively impact savings habits. 3) A study of American college freshmen found that many were unprepared for financial situations in college and did not budget expenses. 4) Additional studies found that gender and parental influence on discussing money can impact saving behaviors and financial independence.

Uploaded by

Lance Luntao
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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RRL MATRIX

 Salikin et al., (2012) determined the impact of parents' backgrounds on students' savings
attitudes at a Malaysian local university. According to the results of the study, the higher the
educational background of parents, the less likely their children are to save money, and the
higher the income of parents, the less likely their children are to save money.

-In correlation in our study, budgeting enables a person to accurately set goals, priorities on what to
spend. The impact of parents when it comes in saving or budgeting the money plays a role in a child’s
saving practices. The amount of money that their parents gave depends because of the different
financial status for every family. Most of the people who are not financially stable budget their money
so they can survive every day.

 Alwi, Amir & Ali (2015) aims to investigate the factors that influence millennials' savings habits in
Malaysia. This research looked at a group of students from business schools with a variety of
degree programs to see what factors influenced their savings attitudes. The findings of the study
revealed that a lack of financial literacy can have a negative impact on financial conduct, which
can then have a negative impact on their financial well-being.

-The similarity of this in our research is that we also need to conduct a survey to know the different
practices of students in budgeting their own money. Having to know the results, we can provide a
recommendation on how to budget your own money. This will help not just the students, but also the
people who will read it to be a financial stable person.

 Cummins et al., (2009) aim to look at the financial behaviors and spending patterns of freshmen
college students. According to the findings of this report, college students may not be prepared
to deal with the financial situations they face, and youth do not budget for their expenses.
 According to Furnham (1999), over 80% of respondents said their parents do not give them
extra money, according to the findings, results showed also that there is a significant correlation
between gender and the amount of money to spend while males spend more than females.

-This will help us when it comes to our data gathering. These findings about how males spend more than
females helps us to identify what are things they mostly buy and how it affects their budgeting in
money.

 As stated by Leiser & Ganin (1996), the effect of parental control on children's saving and
spending was investigated. They also separated the parents into two groups. Parents in the first
group avoid discussing money and major purchases in front of their children. They don't include
the teenagers in financial decisions. Second, there are parents who believe that their children
must be taught to be economically self-sufficient in the future. They assume that in the second
example, the child will understand the importance of money and become inspired to save.

-In connection to our research, it differs between how parents will teach their child to budget their
money. Parents have an impact on how their child will save money because they can help them to
secure their future. Budgeting equates to stability in the future. Your current financial habits can
determine how you will live in the next few years. People who are financially stable have more margin
and savings, meaning they are able to live comfortably within their means. It reduces the chances of
being swallowed by debt or bankruptcy when anything unforeseen happens, such as this pandemic.
Financial stability takes a lot of effort, but the benefits of these daily sacrifices will far outweigh the costs
in the long run.

 Ranjith (2002) pointed out that the increase in age leads to increase in tendency to save and
one's willingness to take risks decreases.

References
Alwi, S., Amir Hashim, I. Z., & Ali, M. S. (2015, August). Factors Affecting Savings Habits
within Millennials in Malaysia: Case Study on Students of Taylor’s University. In Proceedings
of the Fourth Asia-Pacific Conference on Global Business, Economics, Finance and Social
Sciences.

Cummins, M. M., Haskell, J. H., & Jenkins, S. J. (2009). Financial attitudes and spending habits
of university freshmen. Journal of Economics and Economic Education Research, 10(1), 3.

Furnham, A. (1999). The saving and spending habits of young people. Journal of economic
Psychology, 20(6), 677-697.

Leiser, D., & Ganin, M. (1996). Economic participation and economic socialization. In P. Lunt,
& A. Furnham (Eds.), Economic socialization: The economic beliefs and behaviours of young
people, Cheltenham, UK: Edward Elgar.

Ranjith V.K. (2002), Risk preference of investors in the city of Ahmadabad, Finance India,
16(2), pp. 531-539.

Salikin, N., Ab Wahab, N., Zakaria, N., Masruki, R., & Nordin, S. N. (2012). Students' Saving
Attitude: Does Parents' Background Matter?. Internation

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