MILLENNIAL GENERATION’S PERCEPTIONS AND BEHAVIOURS OF SAVING PRACTICES: A PRELIMINARY SURVEY

Abstract

Financial management begins with exposure to saving practices. This review aims to
examine the Millennial Generation's perception of saving practices and whether there
are saving practices among millennials in Malaysia. This quantitative survey uses a
questionnaire as the study instrument. Data is analyzed descriptively and thematically
using SPSS software. The results show that the majority of millennials have savings
and believe that the concept of saving is for future needs. The four main perceptions
of respondents about savings are for future planning and achieving goals, financial
security and self-sufficiency, financial learning responsibilities and experience, and
lifestyle aspirations. In conclusion, the Millennial Generation has knowledge of
financial literacy, but it needs to improve for more transparent financial management
practices. The study’s implications include the willingness of the relevant parties to
provide more frequent advocacy programs to the Millennial Generation to support
Sustainable Development Goal 1 (SDG 1), which is to tackle poverty and promote the
economic stability of individuals and families.

Keywords: Saving habits, Millennial generation, Financial literacy, Poverty