Influence Of Reference Group And Self Control On Saving Behavior

Danisha Angelia, Anissa Faradilla


Economic growth enhancement in Indonesia is ascertained by observing the extent of access to the products and services of financial institutions (financial inclusion). One of the economic growth indicators is the saving ratio. Saving ratio plays an important role by being the significant determinant in the investment function. Financial Services Authority (FSA) said that the saving ratio in Indonesia is still low compared to other Asian nations such as Singapore and China. Based on data from IMF, Indonesia’s Gross National Saving per GDP is 30,87%. Meanwhile, for comparison, figures of Singapore and China stand at 46,73% and 48,87%. As with other developing countries, young adults dominate the population in Indonesia. University students as young adults matter to advance economic growth. Many researchers have focused on studying the determinants of saving behavior among households and employees rather than students. This study aims to investigate whether the reference group and self-control can affect the saving behavior of students in Indonesia with a sample of 167 students at Indonesian universities in the western, central and eastern regions. Data are processed with SPSS software version 22.0. The result shows that reference group and self-control separately and simultaneously have a significant impact on saving behavior.

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