FACTORS THAT INFLUENCE STUDENTS’ SAVING BEHAVIOR: FINANCIAL KNOWLEDGE AS AN INTERVENING VARIABLE
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Feni Nuril Fatiha(1*)
Department of Management, Faculty of Economics, Universitas Islam Negeri Maulana Malik Ibrahim Malang
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Mardiana Mardiana(2)
Department of Management, Faculty of Economics, Universitas Islam Negeri Maulana Malik Ibrahim Malang
(*) Corresponding Author
Keywords:
Doom Spending, Financial Knowledge, Saving Behavior, Peer Influence, Parental Socialization
Abstract
A new phenomenon known as doom spending has emerged as a result of the economic climate becoming more unpredictable. This leads to excessive spending, which in turn causes consumptive behavior. Consistent saving efforts, however, can reduce this. This study aims to investigate the influence of peer influence and parental socialization on the saving behavior of students at Universitas Islam Negeri (UIN) Maulana Malik Ibrahim Malang, utilizing financial knowledge as an intervening variable. Data was gathered via surveys or primary sources and processed with SmartPLS 3. Purposive sampling techniques were used to pick a minimum sample of 110 respondents. Based on data processing results, it can be concluded that while parental socialization has no discernible impact on saving behavior, peer influence does. The association between parental socialization and saving behavior can be mediated by financial knowledge, whereas the relationship between peer influence and saving behavior cannot be mediated by financial knowledge.
Keywords: Doom Spending; Financial Knowledge; SavingBehavior; Peer Influence; Parental Socialization
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References
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https://doi.org/10.29103/mrbj.v3i1.10643
Alshebami, A. S., & Aldhyani, T. H. H. (2022). The Interplay of Social Influence, Financial Literacy, and Saving Behaviour among Saudi Youth and the Moderating Effect of Self-Control. Sustainability, 14(14), 8780. https://doi.org/10.3390/su14148780
Alshebami, A. S., & Seraj, A. H. A. (2021). The Antecedents of Saving Behavior and Entrepreneurial Intention of Saudi Arabia University Students. Educational Sciences: Theory and Practice, 21(2), 67–84.
http://dx.doi.org/10.12738/jestp.2021.2.005
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https://doi.org/10.34308/eqien.v9i1.333
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Fisher, P. J., & Montalto, C. P. (2010). Effect of saving motives and horizon on saving behaviors. Journal of Economic Psychology, 31, 92–105. https://doi.org/10.1016/j.joep.2009.11.002
Gudmunson, C. G., & Danes, S. M. (2011). Family Financial Socialization: Theory and Critical Review. J Fam Econ
Iss, 32, 644–667. https://doi.org/10.1007/s10834-011-9275-y
Gunaratne, & Nov, O. (2015). Influencing Retirement Saving Behavior with Expert Advice and Social Comparison as Persuasive Techniques. Lecture Notes in Computer Science, 9072, 205–216. https://doi.org/10.1007/978-3-319-20306-5_19
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Hartono, U., & Isbanah, Y. (2022). Students’ Saving Behaviour: What are the Motives that Influence them to Save? Jurnal Ekonomi Bisnis Dan Kewirausahaan (JEBIK), 11(3), 363–382. http://dx.doi.org/10.26418/jebik.v11i3.56561
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Jumena, B. B., Siaila, S., & Widokarti, J. R. (2022). Saving Behaviour: Factors That Affect Saving Decisions (Systematic Literature Review Approach). Jurnal Economic Resource, 5(2), 217–235. https://doi.org/10.57178/jer.v5i2.365
Kadir, J. M. A., Shoukat, A., Naghavi, N., & Jamaluddin, A. A. (2021). Saving Behavior in Emerging Country: The Role of Financial Knowledge, Peer Influence and Parent Socialization. Pakistan Business Review, 22(4), 629–644.
Kamarudin, Z. B., & Hashim, J. H. (2018). Factors Affecting the Saving Behaviour of Taj International College Students. Al Qimah Al Mudhafah The Journal of Management and Science (ALQIMAH), 4(1), 1–15.
Karunaanithy, K., Karunanithy, M., & Santhirasekaram, S. (2017). Understanding and Responding to Youth Savings Behaviour: Evidence from Undergraduates in The War Torn Regions of Sri Lanka. EPRA International Journal of Research and Development (IJRD), 2(1), 124–131.
Kim, K. T., & Yuh, Y. (2018). Financial Knowledge and Household Saving: Evidence from ther Survey of Consumer Finances. Family and Consumer Sciences Research Journal, 47(1), 5–24. https://doi.org/10.1111/fcsr.12270
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Mpaata, E., Koskei, N., & Saina, E. (2020). Social Influence And Savings Behavior: Evidence From A Developing Country Context. SEISENSE Journal of Management, 3(4), 56–67. https://doi.org/10.33215/sjom.v3i4.396
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Nurlaela, R., & Bahtiar, D. (2022). Pengaruh Literasi Keuangan, Inklusi Keuangan dan Perencanaan Keuangan Terhadap Perilaku Menabung (Studi pada UMKM di Desa Sukamanah, Kec. Cugenang, Kab. Cianjur). Bisman (Bisnis Dan Manajemen): The Journal Of Business and Management, 5(3), 594–611.
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Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial Socialization of First-year College Students: The Roles of Parents, Work, and Education. Journal of Youth and Adolescence, 39(12), 1457–1470. https://doi.org/10.1007/s10964-009-9432-x
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Alda, E., Ristati, Nurlela, & Asbar, Y. (2023). Analysis of Saving Behavior in Students of the Faculty of Economics and Business at Universitas Malikussaleh. Management Research and Behavior Journal, 3(1), 9–15.
https://doi.org/10.29103/mrbj.v3i1.10643
Alshebami, A. S., & Aldhyani, T. H. H. (2022). The Interplay of Social Influence, Financial Literacy, and Saving Behaviour among Saudi Youth and the Moderating Effect of Self-Control. Sustainability, 14(14), 8780. https://doi.org/10.3390/su14148780
Alshebami, A. S., & Seraj, A. H. A. (2021). The Antecedents of Saving Behavior and Entrepreneurial Intention of Saudi Arabia University Students. Educational Sciences: Theory and Practice, 21(2), 67–84.
http://dx.doi.org/10.12738/jestp.2021.2.005
Amilia, S., Bulan, T. P. L., & Rizal, M. (2018). Pengaruh Melek Finansial, Sosialisasi Orang Tua, dan Teman Sebaya Terhadap Perilaku Menabung Mahasiswa Bidik Misi Fakultas Ekonomi Universitas Samudra. Jurnal Samudra Ekonomika, 2(2), 97–107. https://doi.org/10.1234/jse.v2i2.877
Angela, G., & Pamungkas, A. S. (2022). The Influence of Financial Literacy, Parental Socialization, Peer Influence and Self-Control on Saving Behavior. 216, 560–566. https://doi.org/10.2991/aebmr.k.220501.085
Anggraheni, D. R. (2025). Peran Literasi Keuangan Digital dalam Memitigasi Perilaku Doom Spending: A Narrative Literature Review. TRANSGENERA: Jurnal Sosial, Politik, dan Humaniora, 2(1), 87–105.
https://doi.org/10.35457/transgenera.v2i1.4150
Aprillia, S. N. T., & Damaiyanti, V. P. (2021). Gaya Hidup Mahasiswa Fakultas Ilmu Sosial dan Ilmu Politik Universitas Lambung Mangkurat. Indonesian Journal of Sociology, Education, and Development, 3(2), 129–136.
https://doi.org/10.52483/ijsed.v3i2.58
Ariffin, M. R., Sulong, Z., & Abdullah, A. (2017). Students’ Perception Towards Financial Literacy and Saving Behaviour. World Applied Sciences Journal, 35(10), 2194–2201. https://doi.org/10.5829/idosi.wasj.2017.2194.2201
Budiman, J. & Yanty. (2022). Factors That Influence the Saving Behavior of Batam City Students. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(3), 25936–25949. https://doi.org/10.33258/birci.v5i3.6639
Chin, W. W. (1998). The Partial Least Square Approach for Structural Equation Modeling. Modern Methods for Business Research, 295–336.
Christian, M. (2018). Sadar Finansial: Pelatihan Menggunakan Informasi Digital dalam Menggali Tujuan Menabung pada Anak. Jurnal Pengabdian dan Kewirausahaan, 2(1), 51–60. https://doi.org/10.30813/jpk.v2i1.1133
Cuandra, F., & Desianti, D. (2022). Pengaruh Financial Literacy, Peers Influence, Self-Control, Religious Belief dan Parental Socialization Terhadap Saving Behavior pada Mahasiswa di Kota Batam. Jurnal Ilmu Manajemen, 10(2), 714–724. https://doi.org/10.26740/jim.v10n2.p714-724
Faisal, A., Fauzi, A., & Respati, D. K. (2023). The Effect of Financial Literacy, Self-Control, and Peers on Saving Behavior Students of State Vocational High School in West Jakarta Region. International Journal of Multidisciplinary Research and Literature, 2(2), 121–134. https://doi.org/10.53067/ijomral.v2i2
Fetesond, M., & Cakranegara, P. A. (2022). Pengaruh literasi keuangan, kemampuan akademis, dan pengalaman bekerja terhadap perilaku keuangan mahasiswa. Jurnal Ekonomi Dan Bisnis, 9(1), 259–274.
https://doi.org/10.34308/eqien.v9i1.333
Firdaus, E. M., & Asandimitra, N. (2024). Factors Influencing Gen Z Saving Behavior in Surabaya: Moderating Each with Attitude Toward Saving. International Journal of Multicultural and Multireligious Understanding, 11(9), 145–162. http://dx.doi.org/10.18415/ijmmu.v11i9.6039
Fisher, P. J., & Montalto, C. P. (2010). Effect of saving motives and horizon on saving behaviors. Journal of Economic Psychology, 31, 92–105. https://doi.org/10.1016/j.joep.2009.11.002
Gudmunson, C. G., & Danes, S. M. (2011). Family Financial Socialization: Theory and Critical Review. J Fam Econ
Iss, 32, 644–667. https://doi.org/10.1007/s10834-011-9275-y
Gunaratne, & Nov, O. (2015). Influencing Retirement Saving Behavior with Expert Advice and Social Comparison as Persuasive Techniques. Lecture Notes in Computer Science, 9072, 205–216. https://doi.org/10.1007/978-3-319-20306-5_19
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least Square Structural Equation Modeling (PLS-SEM) (2nd Edition). Sage Publications Inc.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hartono, U., & Isbanah, Y. (2022). Students’ Saving Behaviour: What are the Motives that Influence them to Save? Jurnal Ekonomi Bisnis Dan Kewirausahaan (JEBIK), 11(3), 363–382. http://dx.doi.org/10.26418/jebik.v11i3.56561
Herawati, N. T. (2015). Kontribusi Pembelajaran di Perguruan Tinggi dan Literasi Keuangan Terhadap Perilaku Keuangan Mahasiswa. Jurnal Pendidikan dan Pengajaran, 48(1–3), 60–70. https://doi.org/10.23887/jppundiksha.v48i1-3.6919
Huston, S. J. (2010). Measuring Financial Literacy. The Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Jumena, B. B., Siaila, S., & Widokarti, J. R. (2022). Saving Behaviour: Factors That Affect Saving Decisions (Systematic Literature Review Approach). Jurnal Economic Resource, 5(2), 217–235. https://doi.org/10.57178/jer.v5i2.365
Kadir, J. M. A., Shoukat, A., Naghavi, N., & Jamaluddin, A. A. (2021). Saving Behavior in Emerging Country: The Role of Financial Knowledge, Peer Influence and Parent Socialization. Pakistan Business Review, 22(4), 629–644.
Kamarudin, Z. B., & Hashim, J. H. (2018). Factors Affecting the Saving Behaviour of Taj International College Students. Al Qimah Al Mudhafah The Journal of Management and Science (ALQIMAH), 4(1), 1–15.
Karunaanithy, K., Karunanithy, M., & Santhirasekaram, S. (2017). Understanding and Responding to Youth Savings Behaviour: Evidence from Undergraduates in The War Torn Regions of Sri Lanka. EPRA International Journal of Research and Development (IJRD), 2(1), 124–131.
Kim, K. T., & Yuh, Y. (2018). Financial Knowledge and Household Saving: Evidence from ther Survey of Consumer Finances. Family and Consumer Sciences Research Journal, 47(1), 5–24. https://doi.org/10.1111/fcsr.12270
Kurniawan, A., Kusumawardhani, R., & Rinofah, R. (2022). Pengaruh Pendidikan Keuangan di Keluarga Pengalaman Bekerja Teman Sebaya dan Pembelajaran di Perguruan Tinggi terhadap Literasi Keuangan. J-MAS (Jurnal Manajemen dan Sains), 7(1), 79–85. https://doi.org/10.33087/jmas.v7i1.360
Laily, N. (2013). Pengaruh Literasi Keuangan Terhadap Perilaku Mahasiswa Dalam Mengelola Keuangan. Journal of Accounting and Business Education, 1(4), 1–17. https://doi.org/10.26675/jabe.v1i4.6042
Lenaini, I. (2021). Teknik Pengambilan Sampel Purposive dan Snowball Sampling. HISTORIS: Jurnal Kajian, Penelitian & Pengembangan Pendidikan Sejarah, 6(1), 33–39. https://doi.org/10.31764/historis.vXiY.4075
Looi, Y. H., Nguyen, L. T. P., & Muthaiyah, S. (2022). Factors Affecting University Students’ Savung Behaviour in Malaysia. Proceedings of the International Conference on Technology and Innovation Management (ICTIM 2022), 87–101. https://doi.org/10.2991/978-94-6463-080-0_8
Luthfiany, G. E., & Karmanto, G. D. (2024). Analysis of The Doom Spending Phenomenon in The Millennial Generation and Generation Z from an Islamic Economic Perspective. The 1st International Student Conference on Economics and Business Excellence (ISCEBE) 2024, 1, 133–139.
Malholtra, N. K. (2020). Marketing Research: An Applied Orientation Global Edition,7/E. Pearson.
Masika, R., & Jones, J. (2016). Building student belonging and engagement: Insights into higher education students’ experiences of participating and learning together. Teaching in Higher Education, 21(2), 138–150.
https://doi.org/10.1080/13562517.2015.1122585
Mpaata, E., Koskei, N., & Saina, E. (2020). Social Influence And Savings Behavior: Evidence From A Developing Country Context. SEISENSE Journal of Management, 3(4), 56–67. https://doi.org/10.33215/sjom.v3i4.396
Nicolini, G. (2019). Financial Literacy in Europe: Assessment Methodologies and Evidence from European Countries. Routledge.
Nurlaela, R., & Bahtiar, D. (2022). Pengaruh Literasi Keuangan, Inklusi Keuangan dan Perencanaan Keuangan Terhadap Perilaku Menabung (Studi pada UMKM di Desa Sukamanah, Kec. Cugenang, Kab. Cianjur). Bisman (Bisnis Dan Manajemen): The Journal Of Business and Management, 5(3), 594–611.
Rafiuddin, F., Parmitasari, R. D. A., & Rusnawati. (2022). Saving Habits Generasi Millenial: Self Control, Parental Socialization dan Peer Influence di Kota Makassar. Study of Scientific and Behavioral Management (SSBM), 3(1), 01–10.
Rahadi, R. A., Putri, G. N., Nugraha, B. A., Faturohman, T., Boediman, A., Afgani, K. F., & Saputra, J. (2023). Does parental socialization affect financial literacy in Indonesia? International Journal of Advanced and Applied Sciences, 10(5), 60–71. https://doi.org/10.21833/ijaas.2023.05.008
Raue, M., D’Ambrosio, L. A., & Coughlin, J. F. (2020). The Power of Peers: Prompting Savings Behavior Through Social Comparison. Journal of Behavioral Finance, 21(1), 1–13. https://doi.org/10.1080/15427560.2019.1587762
Ribeiro, R. B., Fonseca, J. R. S., & Soares, I. (2018). Spend as I say, not as I do: Children, families and household consumption in different socio‐economic contexts. International Journal of Consumer Studies, 42(5), 566–582. https://doi.org/10.1111/ijcs.12476
Salim, A. S., & Pamungkas, A. S. (2022). The Influence of Financial Literacy, Parental Socialization, and Peer Influences on Saving Behavior: 655, 1356–1361. https://doi.org/10.2991/assehr.k.220404.217
Sekaran, U., & Bougie, R. (2016). Research Methods for Business. John Wiley & Sons Ltd.
Shaffer, J. A. (2020). Forethought and intelligence: How conscientiousness, future planning, and general mental ability predict net worth. Personality and Individual Differences, 159.
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Published
2025-11-05
How to Cite
Fatiha, F., & Mardiana, M. (2025). FACTORS THAT INFLUENCE STUDENTS’ SAVING BEHAVIOR: FINANCIAL KNOWLEDGE AS AN INTERVENING VARIABLE. Journal of Management : Small and Medium Enterprises (SMEs), 18(3), 1923-1936. https://doi.org/10.35508/jom.v18i3.22330
Section
Articles
