Millennial generation's perceptions and behaviours of savings practices: A preliminary survey

Khairunesa Isa and Sarala Thulasi Palpanadan and Wan Hanim Nadrah Wan Muda and Jalihah Md Shah (2024) Millennial generation's perceptions and behaviours of savings practices: A preliminary survey. Jurnal Pengguna Malaysia, 40. pp. 70-84.

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Abstract

Financial management begins with exposure to saving practices. This review aims to examine the Millennial Generation's perception of saving practices and whether there are saving practices among millennials in Malaysia. This quantitative survey uses a questionnaire as the study instrument. Data is analyzed descriptively and thematically using SPSS software. The results show that the majority of millennials have savings and believe that the concept of saving is for future needs. The four main perceptions of respondents about savings are for future planning and achieving goals, financial security and self-sufficiency, financial learning responsibilities and experience, and lifestyle aspirations. In conclusion, the Millennial Generation has knowledge of financial literacy, but it needs to improve for more transparent financial management practices. The study’s implications include the willingness of the relevant parties to provide more frequent advocacy programs to the Millennial Generation to support Sustainable Development Goal 1 (SDG 1), which is to tackle poverty and promote the economic stability of individuals and families.

Item Type: Article
Keyword: Saving habits, Millennial generation, Financial literacy, Poverty
Subjects: H Social Sciences > HG Finance > HG1-9999 Finance
H Social Sciences > HV Social pathology. Social and public welfare. Criminology > HV1-9960 Social pathology. Social and public welfare. Criminology > HV650-670 Life saving
Department: FACULTY > Faculty of Social Sciences and Humanities
Depositing User: SITI AZIZAH BINTI IDRIS -
Date Deposited: 25 Mar 2025 15:16
Last Modified: 25 Mar 2025 15:16
URI: https://eprints.ums.edu.my/id/eprint/43331

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