EFFECTS OF SOCIAL INFLUENCE AND FINANCIAL LITERACY ON SAVINGS BEHAVIOR: A STUDY ON STUDENTS

Abstract

The primary goal of the research is to determine which factors have a greater impact on the saving behavior of Nepalese employees by looking at the affects of peers and parents. The aim of this research was to ascertain which factors are more significant in influencing the saving behavior of Nepalese workers and to look into the impact of peers and parents on that behavior. a wide range of demographic characteristics, including age, gender, marital status, education level, monthly income, and monthly savings. Based on replies from 225 respondents, the result was produced. This study's core data, which formed the basis for its results, were acquired through a series of questionnaires. The customer's demographic profile about their saving behavior and peer-influencing factors, as well as their saving behavior and parental-influencing factors, made up the two portions of the questionnaire. This study demonstrates how parents and friends have an impact on the saving behaviors of Nepalese workers. Peer pressure has a significant role in the way the Nepalese employee manages their savings. These days, Nepal's younger generations are becoming increasingly careless with their expenditures. They value money less than previous generations, who are less engaged in the materialistic world. The results of this study imply that while making financial decisions and acting in particular ways, Nepalese employees consider the advice of their parents and friends. Parents need to guide and support their children in this area if they want them to be able to make sensible financial decisions.