The Influence of Social Environment, Financial Attitude, and Income on the Saving Behaviour of Students in Melbourne

The increasing accessibility of digital financial services has led to a rise in student spending and borrowing. This research intends to explore the elements that affect saving behaviour among students in Melbourne, Australia. It investigates how financial literacy, financial attitudes, self-control, social environment, income, risk tolerance, financial knowledge, financial self-efficacy, and financial management practices influence saving habits. By gaining insights into these elements, the research aims to assist in developing effective strategies that encourage saving behaviours among students. A purposive sampling technique was used to target students enrolled in higher education institutions in Melbourne who had saved during their study period. Data were collected through structured questionnaires over three months, yielding 104 valid responses. Partial Least Squares (PLS) analysis was employed to assess the relative influence of each factor. By understanding these factors, the research aims to identify strategies for promoting saving habits among students, particularly in the context of rising living costs and increasing access to digital financial services. This research provides valuable insights into the factors influencing saving behaviour among students in Melbourne. Researchers can utilise the findings to further investigate saving behaviour and identify additional factors that may impact it. Additionally, students can benefit from this research by understanding the factors they can improve to develop positive saving habits. This knowledge can empower students to save for short-term and long-term financial goals.