Open AccessThe Habit of Savings among College students
Author(s) -
David Doe Fiergbor
Publication year - 2020
Publication title -
global economics science
Language(s) - English
Resource type - Journals
eISSN - 2717-5618
pISSN - 2717-560X
DOI - 10.37256/ges.11202069.38-43
Subject(s) - possession (linguistics) , habit , financial management , financial literacy , money management , aside , business , higher education , debt , value (mathematics) , economics , finance , public relations , marketing , psychology , economic growth , political science , social psychology , art , philosophy , linguistics , literature , machine learning , computer science
It is not easy to come by money however, money can easily ‘leave' one's possession if not properly managed. Money management skills are therefore important skills for life especially in the youthful days as wealth creation is not entirely about how hardworking an individual is but factors such as his/her ability to understand how money works and apply its management principles are of essence. Savings play an integral aspect of an individual’s financial management skills since it is the bedrock of personal financial success. Savings is not just about setting money aside for future use but also has to do with keeping anything of economic value. Savings are securing assurance today for tomorrow's uncertainties. This paper sought to examine the habit of savings among the college students. The result indicated that the majority of the college students do not save as a result of certain contributory factors such as meager salaries and economic hardships. Also, the majority of the college students do not have definite financial management plans such as savings as a result of inadequate financial literacy. The study concluded on the need for public education on key money management skills such as savings which is a recipe for wealth creation.