FACTORS INFLUENCING OF SAVING BEHAVIOUR OF YOUTH GEN-Z IN CHANTHABURI PROVINCE

Abstract

The purposes of this research were to; 1) study the saving behavior of youth Gen-Z in Chanthaburi province; and 2) study factors influencing the saving behavior of youth Gen-Z. This study was conducted using random sampling of 388 high-school and undergraduate students between 16-24 years-old. Questionnaires were distributed to gather data for quantitative research. Research methodology includes percentage, mean, standard deviation, and correlation coefficient. Data analysis shows that most Gen-Z, up to 89%, have saving plans. Their priority saving objective is to purchase necessary and desirable items; then to save for emergency spending and for family needs respectively. Hypothesis testing shows that factors, such as allowances, extra income, monthly expenditures and personal budget plans statistically and significantly influence Gen-Z saving behavior. Their saving instruments include bank accounts, life insurance, government saving bonds, social security, stocks and mutual funds. This research not only provides guidelines for promoting Gen-Z saving abilities, but also provides guidelines for financial institutions to develop saving campaigns for Gen-Z in the future.