DETERMINANTS OF SAVING BEHAVIOR THROUGH SAVING INTENTIONS: AN EMPIRICAL EVIDENCE FROM THE SERVICE SECTOR

Abstract

This study is conducted on the societal phenomenon of saving behavior and saving intentions of the people of developing countries as increment and economic stability depend upon the savings and investment of the country. This research aims to thoroughly analyze the primary determinants for saving behavior in the presence of saving intentions in Pakistan's service sector. The data were collected from 269 respondents. Employees of the service sector in Lahore, such as banks, hotels, education, and industries, were the targeted population of this study. The non-probability, convenience sampling technique was used. The pre-structured questionnaire was used to collect the data is an indication that this is a quantitative study. The researcher verified the data through AMOS version 23 and SPSS version 22. Using SEM in AMOS, the outcome of the study shows that the key determinants of saving behavior, such as financial literacy, attitude towards saving, subjective norms, and future orientation have a significant association with saving intentions. This study is helpful for the financial institutions in understanding the determinants for saving behavior of the people and making the appropriate policies.