Impact of Financial Literacy and Parental Socialization on the Saving Behavior of University Level Students

Abstract

This is an explanatory study on the impact of financial literacy and parental socialization on the saving behavior of university level students. Using primary data collection method, 400 questionnaires were distributed to the students of universities across Pakistan. Pearson correlation and multiple regression analysis are employed by using SPSS. Our results demonstrate that financial literacy and parental socialization positively influence the saving behavior of students. Our result revealed that the students who have financial literacy exhibit more saving behavior as compared to others who do not have financial knowledge. It is also concluded that the student willingness to save increased due to receiving financial education from their parents.