Determinants of Generation Z Saving Behavior: The Mediating Role of Self-Control
DOI:
https://doi.org/10.26905/jmdk.v14i1.17132Keywords:
Financial Literacy, Financial Attitude, Self-Control, Saving Behavior, and Generation Z.Abstract
Generation Z faces increasing challenges in developing consistent savings habits, particularly due to limited income and a tendency toward consumer behavior in a digital environment. This study aims to examine the influence of financial literacy and financial attitudes on savings behavior, with self-control as a mediating variable, among Generation Z in Cirebon. A quantitative approach with a causal-associative design was used, and data were collected from 150 respondents through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that financial literacy and financial attitudes have a positive and significant influence on self-control and savings behavior. Furthermore, self-control significantly influences savings behavior and mediates the relationships between financial literacy and financial attitudes, and between financial literacy and savings behavior. These findings suggest that financial knowledge and positive attitudes alone are insufficient to encourage savings behavior without the ability to regulate spending impulses. This study provides important insights into the behavioral factors underlying financial decision-making among Generation Z. Strengthening self-control can enhance the effectiveness of financial literacy and attitudes in shaping consistent savings behavior. These findings offer practical relevance for financial education programs, policymakers, and financial service providers in designing strategies that not only increase financial knowledge but also support behavioral control in managing personal finances.
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