Factors Influencing Gen Z Saving Behavior in Surabaya: Moderating Each with Attitude Toward Saving
Abstract
This quantitative study examined the impact of family influence, peer influence, social influence, subjective norm, financial literacy, and attitude toward saving on the saving behavior of 216 Gen Z respondents in Surabaya, employing Structural Equation Modeling (SEM) and Moderated Regression Analysis using AMOS & SPSS 26. The findings reveal that family influence, peer influence, financial literacy, and attitude toward saving significantly impact saving behavior. However, contrary to expectations, social influence and subjective norm did not exhibit a significant relationship with saving behavior. Additionally, the moderation analysis indicated that there was a quasi-moderating effect on the variables of family influence, peer influence, social influence, and financial literacy, while attitude toward saving emerged as a predictor in the relationship between subjective norm and saving behavior. These results underscore the significant role of family influence, peer influence, financial literacy, and attitude toward saving in shaping Gen Z's saving behavior. Furthermore, although social influence and subjective norm did not directly affect saving behavior, the interaction between attitude toward saving and social factors proved crucial in shaping saving habits within this demographic. This research highlights the complexity of factors influencing saving behavior among Gen Z, particularly the financial aspects influenced by the environment and the way individual perceptions and attitudes respond.
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DOI: http://dx.doi.org/10.18415/ijmmu.v11i9.6039
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