"Why Do Students Save Less?” A Study of the Determinants of Saving Intentions and Behaviours Among Undergraduate Students DOI: https://doi.org/10.33093/ijomfa.2026.7.2.5
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Abstract
Despite the issue of low savings being a serious concern, limited research has been conducted on students’ saving behaviour in Malaysia, especially when it comes to private universities. This research focuses on examining factors that affect saving behaviour among undergraduate students at a private university in Malaysia, in reference to the Theory of Planned Behaviour. A mixed-method design was applied. Quantitative research was conducted, in which 122 valid responses were collected via an online survey and analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM). In addition, qualitative research with 11 respondents was conducted, and the data were analysed using thematic analysis. Quantitative findings indicate that attitude, social influence, and self-efficacy significantly affect saving intention, and that saving intention significantly affects saving behaviour. Perceived financial literacy, however, was found to be insignificant for students’ saving intention, highlighting that behavioural and motivational factors can be more influential than technical financial knowledge. Qualitative findings showed that five themes emerged from the interviews. This study is novel in its use of mixed methods to reveal that behavioural factors outweigh financial literacy in influencing saving intentions among private university students in Malaysia.
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