EFFECT OF SOCIAL INFLUENCE AND FINANCIAL LITERACY ON SAVINGS BEHAVIOR AMONG NEPALESE EMPLOYEE

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 purpose of this study was to determine which factors have a greater influence on the saving behavior of Nepalese employees and to investigate the effects of parents and peers on that behavior. This research contributes to our understanding of the ways in which and extent to which peer influence affects the saving behavior of Nepalese employees. Parents and peers are taken into account as influencing factors for saving behavior. The thorough evaluation of earlier research served as the basis for this consideration. Few fundamental and significant data were obtained in this way through a careful and in-depth analysis of the literature, as well as through the interested researchers' own self-conceptualization and comprehension. many demographic factors, such as age, gender, education, marital status, monthly income, and savings per month. The outcome is based on responses from 225 respondents. The correlation analysis's findings indicate a positive relationship between the Nepalese employee's saving habits and the impacts of their parents and peers. Furthermore, this value demonstrates a somewhat positive association between the saving habits of Nepalese workers and the effects of their parents and peers. The correlation's findings demonstrate that the Pearson Correlation There is a positive correlation between Nepalese employees' saving behavior and their financial literacy and self-control. Furthermore, this figure demonstrates a weak but positive association between the saving habits of Nepalese workers and their level of self-control and financial knowledge. Furthermore, there is a notable influence from parents on the saving habits of the Nepali worker. Getting financial education leads to increases in one's ability, willingness, and total savings. When their parents urge their children to save, Nepalese employees are more likely to continue good saving habits because parents facilitate and promote saving behavior. There was a proverb in Nepal that said "home is the first school to learn" and "parents are the first teachers." Therefore, a Nepalese employee's saving behavior is influenced by their parents