Determinants of Saving Behavior Among Generation Z in Sarawak
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Universiti Malaysia Sarawak (UNIMAS)
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Saving behavior is essential for achieving financial stability and fostering economic growth, both for individuals and at the national level. It represents a vital aspect of personal financial management and acts as a significant contributor to economic stability overall. This study aims to explore the factors influencing the saving behavior of Generation Z in Sarawak, particularly focusing on financial literacy, parental socialization and self-control. In this context, financial literacy, parental socialization, and self-control are considered independent variables, while saving behavior is the dependent variable. Data for the study was collected from participants at higher education institutions in Kuching, Sarawak, using a questionnaire survey. The analysis is conducted using SPSS software. The findings show that financial literacy and parental socialization have significant effects on saving behavior. Nevertheless, self-control does not significantly affect saving behavior. The study recommends strengthening formal education and non-formal education outside the classroom, developing targeted financial programs for parents, implementing behavioral tools such as automated saving schemes, utilizing digital platforms and gamified financial content to engage youth, and offering tax relief or financial incentives for young savers to encourage long-term saving habits and enhance financial resilience among Generation Z in Sarawak.