Factors Influencing First-Year ISBA Students' Money-Saving Habits

Several studies have been undertaken to learn about the money-saving behaviors of
college students. According to researchers, college students confront a number of
financial issues, such as growing tuition rates, housing bills, and restricted income
(Scholarship America, 2019). Developing efficient money-saving practices can
help college students manage their finances and achieve their objectives.
Researchers also discovered many helpful ways that can help freshmen conserve
money and create solid financial habits (Scholarship America, 2019).
A study questioned 3,200 college students across the United States to examine
their attitudes and actions regarding financial management (Gutter et al., 2010).
The findings revealed that while most students had a positive attitude toward
saving money, they did not always follow excellent money management behaviors.
Furthermore, pupils with a financial education are more likely to have good money
management abilities (Gutter et al., 2010).
Another study examined the impact of early experiences on the financial well-
being of college students (Hira & Mugenda, 1999). The results showed that
students who had a positive attitude towards money management and had
developed good money-saving habits before college were more likely to have
better financial well-being during college.
In addition, Chen and Volpe (1998) sought to study the association between
financial literacy and college student spending and saving behavior. They
discovered that financially literate students were more likely to save money and
carry fewer credit card debt.
Furthermore, Robb and Woodyard (2011) investigated the link between financial
literacy and the decision to save money among college students. The findings
revealed a favorable correlation between financial literacy and saving behavior,
with students who had higher financial literacy being more likely to save money.
The studies analyzed demonstrate that college students must acquire good money-
saving behaviors in order to effectively manage their finances. Financial education,
peer impact and social norms, personal qualities and attitudes, as well as
technology and internet resources, can all help college students develop
responsible financial behaviors. Understanding these elements allows educators
and policymakers to devise successful measures for fostering money-saving
practices among college students.