A STUDY on HABITS SAVING MONEY OF STUDENTS

The habits of saving habits among ISBA first-year studentsA Study on habits saving money of students freshmen in ISBA byNguyen Ha Trang _ F14239Class: F14J Lecture: Nguyen Thi Ngoc BichC

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International School of Business

A STUDY

on HABITS SAVING MONEY OF STUDENTS

Lecturer: Ms Nguyen Thi Ngoc BichStudent : Nguyen Ha TrangStudent’s ID: F14239Class: F11JCourse: Project 2

Hanoi – 2021

TIEU LUAN MOI download : skknchat@gmail.com

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The habits of saving habits among ISBA first-year students

A Study on habits saving money of students freshmen in ISBA

byNguyen Ha Trang _ F14239Class: F14J

Lecture: Nguyen Thi Ngoc BichCourse: Project 2

Abstract

Online commerce has gained significant popularity around the world, creating concerns and interests among Vietnamese in particular The purpose of this paper is to explore the online

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The habits of saving habits among ISBA first-year students

shopping behaviors of university students from International Trading Program (ITP) in Vietnam, in terms of the degree of popularity of online shopping and the decisive factors related to purchase and repurchase intention A survey in the form of questionnaire was conducted, which included 150 randomly selected participants Paper questionnaires were handed out to participants with twelve questions, and then categorized based on the backgrounds into two groups: Hanoi and other areas students The results demonstrate that both survey groups are familiar with making online purchases but on a quite low level

of frequency Also, when finding the suitable websites, the respondents mostly concentrated

on promotions and sales and products characteristics including quality and price Furthermore, shipping and customer service, aside from products aspect, can decide whether the purchase will be made It is also indicated that products quality and price are the two factors affecting repurchase intentions of the participants For the significance of the paper, these findings not only develop a sophisticated understanding of the habits of the subjects when conducting a purchase but they also offer useful knowledge to those involved in the online shopping industry whose targeted consumers are university students.

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The habits of saving habits among ISBA first-year students 3

TABLE OF CONTENTS

Abstract 2

List of Figures 4

1 Introduction 5

2 Method 6

3 Findings/ Results 6

4 Discussion of findings 9

4.1 The degree of popularity 9

4.2 The motivating factors to purchase 10

4.3 The decisive factors to repurchase 11

5 Recommendations 11

6 Conclusion 11

References 13

Appendices 14

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LIST OF FIGURES

Figure 1: Students’ having made online purchases 7

Figure 2: Students’ shopping online frequency 7

Figure 3: Most concerning factors when choosing an online website 8

Figure 4: Most decisive factors whether to make an online purchase 8

Figure 5: Students’ motivating factors to repurchase 9

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on the savings habits of students has become one of the concerns of many research institutes, especially in universities.

Like everyone else, college students need to be knowledgeable about the mostaffordable and economical spending possible Since they now have to move to anotherplace to study, the money management will be managed by them It is a fact that students

do not know how to use money scientifically, there are many things to buy, so they oftenspend extravagantly on unnecessary things instead of saving However, this does not lastlong because they realize they need to manage money properly because of the budget ofeach family and besides, saving money is a natural thing for everyone, especially students

It makes it more comfortable for students to spend every day and has a small amount ofmoney when urgently needed However, there is a difference in the habits of saving money

in the separated groups like men and women or juniors and seniors Thus, to understand thecomplexity of the issue, the participants of the groups would be divided into 2 groups:those are female and male who are first-year students in ISBA

In order to investigate the saving habits among university students, especially thosecoming from ISBA where I am currently studying this study is conducted to answer the five

following questions: “How often do ISBA freshmen in both genders save money? How

much money can be saved in a month? In what way do they use to save money? What do they save money for? and How do they make a plan of spending and saving?” Furthermore,

there would be highlights of the contrast between university female first-year students and

university male first-year students, along with possible solutions to the freshmen’sproblems related to the habits saving habits of students

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2 Method

This research project aimed at investigating the saving habits of university students

in ISBA, so the Bryman (2012, p.35) gave the definition of quantitative research as, “Aresearch strategy that emphasizes quantification in the collection and analysis of data…” Itmeans quantitative research denotes amounting something Besides, Payne and Payne(2004, p 180) stated that: “Quantitative methods seek regularities in human lives byseparating the social world into empirical components called variables which can berepresented numerically as frequencies or rate” Thus, the quantitative findings are likely to

be generalized to a whole population or a sub population because it involves the largersample which is randomly selected (Carr, 1994) Besides sampling, data analysis is lesstime-consuming as it uses the statistical software (Connolly, 2007)

The data used in this report was acquired from a survey carried out within ISBA ofBanking Academy At the beginning, a questionnaire which consisted of … questionsincluding … multiple-choice questions, … partially-closed questions was designed withrespect to my three research questions In the next step, 200 first-year students from thementioned-above university were randomly selected, and each of them was required tocomplete all the questions in it by filling and circling the options which were suitable forthem In fact, the survey method could help the researcher obtain information from largesamples of the participants Besides, surveys are inclusive in the types and number ofvariables that can be studied, require minimal investment to develop and administer, andare relatively easy for making generalizations (Bell, 1996, p.68)

3 Findings/ Results

The participants of this research project were categorized into two groups: 100 first-yearfemale students and 100 male freshmen coming from ISBA of Banking Academy Asexpected, the acquired results fully reflect the differences between the habits of savingamong students of both mentioned groups

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20 million 30.00%

32.00%

Figure 1: The amount of money that ISBA freshmen in both groups had in a month

As can be seen from Figure 1, the number of female students with the monthly allowance

of 2-3 million VND in a month was 32 out of 100 chosen participants However, 30 out of 100

male freshmen chosen to had from 3 to 4 million VND per month.

17.00%

1.5-2 million 2.00% 2.50% 6.00% 1.5-2 million 25.00%

Figure 2: ISBA male and female freshmen’s money spent in a month

It is clearly seen from Figure 2, the number of female first-year students spentbetween 1.5 to 3.5 million VND accounted for the greatest proportion of 50% of the total

On the other hand, 85 out of 100 male freshmen spent 4 million VND

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93 90

Female Male

Figure 3: ISBA first-year students’ habits of saving money

Looking at the details provided in Figure 3, the number of males and females who had the

habit of saving money was 93 and 90 out of 100 surveyed participants, respectively.

1.3-1.5 million 14.00% 1.3-1.5 million 17.00%

4.00% 10.00% 1.5-2 million 21.00% 1.5-2 million

11.00% 0.1-0.3 million

12.00%

0.1-0.3 million 4.00% 0.3-0.6 million 0.3-0.6 million 17.00%

Figure 4: The amount of money that ISBA male and female freshmen could save in a month

Interestingly, in Figure 5, the amount of money saved by freshmen of the two sexes

was quite different In females, 37 out of 100 respondents could save 0.1-0.3 million VND

the amount, while males saved from 0.6-1 million VND with 20 out of 100 chosen

participants with that choice

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12 10

Figure 5: Popular purpose of saving money among ISBA freshmen in both genders

As shown in Figure 6, the male and female students did not share the same opinions

on the intention of saving money Among them, female freshmen often saved money to

buy clothes, while men saved money to buy electronic devices, at 45 and 29 respectively

4 Discussion of findings

The findings presented above are by no means capable of covering all aspects of ISBA

freshmen’s habits of saving money of students because they came from only one university and in

quite a limited scope However, ISBA of Banking Academy – is currently hosting a fairly wide

range of students coming from different family backgrounds, I strongly confirm that a certain level

of generalization can be implied from the data obtained from the survey.

4.1 The way both genders save money

From the results as shown in Figure 1, page 7, it is concluded that the number of males and

females chosen between living alone and living with family quite different This result is not

beyond my expectation seeing that everyone has a different family background and different

location In detail, university is a place where many students from different regions come to study.

Especially ISBA of Banking Academy has a lot of students coming to study but most of them are

students living in Hanoi because this school is located in the middle of Hanoi capital For example,

When families live near the university, it means that almost all

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students will not need to rent or live in a dormitory, but on the contrary, students from other cities will have to choose between living in a hostel or living in a dormitory.

Therefore, living with a student's family will save a lot of money when you don't have to pay for accommodation or dormitory fees

4.2 Saving in a month

According to the results of Figure 5, page 9, it is noticeable that the amount of moneysaved in the two sexes in a month This result is not beyond my expectation, becausedifferent people's circumstances lead to different amounts of money they have, spend, andsave In detail, how much money college students can save depends on how much moneythey have each month and minus the amount they spend on necessities like accommodationand so on the amount they save will be less than students who live with their families Forexample, looking into figure 5, page 9, the number of men who save money from 0.1 to 1million is 40% while the number of women who save from 0.1 to 0.3 makes up 37% It can

be seen that male students living with their families save more money than female studentswhen they have to live away from their families

In addition, Every student has different spending needs like female students oftenneed to buy clothes, bags, and cosmetics resulting in the money they spend is veryexpensive leads to the money they spend on savings is less than men because malestudents often spend on electronic devices rather than clothes and cosmetics, resulting in arelatively small amount of money they spend compared to women

Therefore, to be able to save money for a month, students of both sexes who tried tosave after a month had to spend on necessities

4.3.

4.4.

4.5 Momey saving process

Another aspect that the project covers is for students to get into the habit of saving For saving to be effective, students need to plan specifically for each month how much they can save and give a purpose for why such savings and saving habits will be formed when there are specific goals To do that, students need to limit buying miscellaneous and unnecessary items, only buying things like daily necessities or school supplies Instead of eating outside, students can eat at home with their family or cook for themselves while living alone This

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ensures safety for health and saves a good amount of money because eating out is expensive and can be unhygienic, leading to food poisoning for some people If students stay in hostels, they should choose accommodation near the school to make it easier to travel and more convenient, students can walk instead of using transportation Besides saving money, students need to actively participate in learning achieved scholarships, students can participate in part-time jobs to earn extra income if they have free time, should not force themselves to work when their studies are not balanced Going to work helps students understand money, leading to more effective savings when they know how to appreciate the money they make.

Therefore, the formation of students to save at students is essential Because whenstudents have a habit of saving, they will help students balance their lives, avoidemergencies, and especially self-control

5 Recommendations

Based on the mentioned-above discussions of the findings, it is easily found out thatthe problem of the subjects in my study Thus, there are some following solutions that helpfirst-year students to habits of saving money of students First of all, university studentsneed to come up with a plan details when start saving money In detail, Step one sets thegoal, step two sets out the minimum amount of money to be saved, step three sets thedeadline for how long This will make students look at the set goal to try to save moneymost effectively, once they have a plan, they will easily achieve the goal Next, universitystudents need to limit spending on unnecessary things In fact, this way is very beneficial tostudents in terms of saving money Finally, restrict payment by credit card when studentspay by credit card, they will be deducted an amounts fees paying, if they regularly use cardpayment, it will lead to students losing an amount of money

6 Conclusion

To sum up, I fully hope that the findings of my research are able to promote the similar interests concerning habits of saving money of students who freshmen both genders of International faculty Banking Academy These subjects, as I have found out from the limitation of my own research, are extremely worthy of further and deeper investigations While investigating habits of saving of students, I recognize that there would also be a variety of students’ age groups or personal views, which affects directly the results of the study Thus, broadening the scope of the survey would be likely to bring up new and unconventional

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