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Ahma Zainuri
Universitas Muhammadiyah Yogyakarta
Economics, Econometrics & Finance

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Determinants of Saving Behavior in Higher Education: Evidence from Indonesian University Students Rita Kusumawati; Ahma Zainuri
SENTRALISASI Vol. 15 No. 3 (2026): September
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i3.5891

Abstract

Despite the rapid expansion of digital financial services, improved access to financial products does not automatically foster responsible saving behaviour among young adults. This paradox highlights the need to examine saving behaviour through a more integrative theoretical lens that combines cognitive, structural, social and psychological determinants. Drawing upon the financial capability frameworks and behavioural control perspective, this study investigates the role of financial literacy, financial inclusion, peer influence and self-control in shaping students' saving behaviour. This study employed a quantitative approach by collecting survey data from undergraduate students at Universitas Muhammadiyah Yogyakarta. A total of 323 valid responses were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM). Financial literacy and financial inclusion represent the cognitive and structural dimensions of financial capability, while peer influence captures social normative pressures, and self-control reflects internal behavioural regulation. The findings indicate that all four variables significantly and positively influence saving behaviour. Importantly, the results demonstrate that financial knowledge and access alone are insufficient; social interaction and self-regulatory capacity play a crucial role in transforming financial capability into actual saving practices.  
Co-Authors Kusumawati, Rita