SOCIAL INFLUENCE AND FINANCIAL LITERACY AS PREDICTORS OF SAVINGS BEHAVIOR AMONG JUNIOR HIGH SCHOOL STUDENTS
Abstract
The primary purpose of this study is to determine the best predictor of savings behavior among junior high school students. Simple random sampling was used, which included 100 students. Through non-experimental quantitative descriptive-correlational research technique, validated questionnaire, Mean, Pearson-Product Moment Correlation Coefficient (Pearson-r), and Multiple Linear Regression, results showed that social influence, financial literacy, and savings behavior among students were high or evident. The results also revealed that social influence and financial literacy were significantly correlated with savings behavior. Additionally, parental socialization, peer influence, and financial literacy predict savings behavior, which emphasizes the collective shaping of savings behavior by providing role models, social norms, and essential financial knowledge. Further, it was found that financial literacy best predicts savings behavior among junior high school students. This suggests the critical role of financial education in equipping junior high school students with the skills needed to develop strong savings behaviors. Therefore, the researchers concluded that students with a strong understanding of budgeting and investing are more likely to save wisely, set realistic objectives, and confidently manage their finances. It was recommended that future researchers conduct studies to explore the long-term impact of financial literacy programs on students' savings behavior and financial decision-making.
JEL: D14; D91; G53; I21; J13
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DOI: http://dx.doi.org/10.46827/ejefr.v8i8.1910
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