ABSTRACT

The primary research objective aimed to empirically assess the influence of peer influence, self-control, financial education, and parental influence on the financial saving behaviour mediated through the financial literacy of university students in Saudi Arabia. A sample of 260 students participated in the study, selected using purposive sampling, and data were collected through a self-administered questionnaire. The study employed a quantitative research approach with a cross-sectional research design. The empirical regression results revealed positive and statistically significant impacts of parental and peer influences, financial education, and self-control on financial literacy. Mediation analyses further indicated a significant mediating effect of financial literacy in the relationship between peer influence, self-control, parental influence, financial education, and financial saving behaviour. Drawing from the aforementioned study, the research contributes insights endorsing financial education initiatives and collaborative endeavours among stakeholders to cultivate a holistic environment conducive to financial literacy. The study contributes theoretically by incorporating financial education and self-control into established frameworks and practically by advocating curriculum reforms within Saudi Arabian universities. Limitations encompass the study's singular country focus and the absence of moderating variables, prompting a call for future research to delve into cultural variations, introduce moderators, and adopt mixed-method approaches for a more comprehensive understanding.