Do Young Students Save Well? Evidence from an Indonesian College

The purpose of this study is to investigate the influence of individual modernity, financial literacy, and financial inclusion on students' savings practices, with self-control acting as a moderating variable. We used all the students who participated in this study as samples. All participants are young students, and they are the best generation to adopt financial education, as they are change agents who are expected to bring about positive improvements. We gathered data for this study using observation and questionnaires. This study utilizes quantitative methods, specifically Structural Equation Modeling (SEM) and SMART-PLS 4 analysis tools. This study employs the Theory of Planned Behavior, and the findings indicate that individual modernity, financial literacy, and financial inclusion have a major impact on saving behaviors. Self-control does not moderate individual modernity, financial knowledge, or saving behavior. However, this study revealed a novel finding: self-control has the ability to regulate the relationship between financial inclusion and saving behavior. Through this study, it is hoped that young pupils would grasp the significance of learning saving habits, as early saving practices can help prevent debt and consumerism.