Tertiary education brings many benefits for individual, people, society and country. However, the accessibility to education is limited due to the cost. Nowadays, children need to take loan to finance their study at tertiary level and parents’ saving considered as an alternative to finance children’ education. Nevertheless, a key issues raise up now, which are do parents do saving for their future generation, how much they do saving, what are the medium of saving they use for save and what are the factors that contribute to their saving for children’s tertiary education. Therefore, this paper focuses on three main objectives. The first objective: to identify parents’ saving for children’s tertiary education, second: to identify the medium of saving for children’s tertiary education, third: to analyze the factors that contribute to the parents’ saving for children’s tertiary education. The findings indicated that 195 out of 260 parents that have children studying at tertiary level do saving for their children’s tertiary education. Besides that, own saving accounts were identified as the most popular medium of savings for parents. The result of multiple regression analysis found that the independent variables which are income, people surrounding, expectation and institutions are significant positive. Whereas, awareness are not significant with parents’ saving for children’s tertiary education. As such, to encourage saving habits, all parties should work hard together to provide some saving scheme to help parents finance their children’s education in future or financial plan to provide understanding about the important of saving.
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In-Text Citation: (Fang & Hadi, 2020)
To Cite this Article: Fang, T. X., & Hadi, F.-S. A. (2020). Factors that Affecting Parents’ Saving for Children’s Tertiary Education. International Journal of Academic Research in Business and Social Sciences, 10(6), 706–717.
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Published by Human Resource Management Academic Research Society (www.hrmars.com)
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