The relationship between saving practices, financial literacy, parental support, and peer influence

Savings has an essential role to every student to help them avoid financial burden in the future. The success of saving practices includes saving regularly, budgeting, monitor expenses, goal setting, and securing bank deposit. This study determined the relationship between saving practices and financial literacy, parental support, and peer influence, conducted in a Higher Education Institution at Cagayan de Oro City, specifically to the students under the College of Management and Accountancy (CMA) department. The survey utilized to use the descriptive survey method. The questionnaires distributed to three hundred thirty-two students using Cochran formula. Statistical techniques such as mean, standard deviation, and Pearson correlation were applied to examine the relationship between the indicators and saving practices. After the data analysis, the findings of the study concluded that among the three factors parental support has the highest mean 4.13, followed by financial literacy and peer influence and that all factors have a positive influence towards saving practices. Pearson correlations showed that the factors: financial literacy, parental support, and peer influence have a significant relationship on the saving practices of the students. The findings of the study concluded that the students in the CMA department agree that the factors have affected the saving practices and that they often practiced such saving practices.