Unlocking Financial Prosperity: The Power of Strategic Saving Habits
Keywords:
Financial Prosperity, Strategic Saving Habits, Income Level, Financial Planning
Abstract
This research investigates the intricate interplay between strategic saving habits, income level, financial planning, and financial prosperity among customers at KEB Hana Bank Bali. Utilizing a quantitative approach with 80 randomly sampled bank customers, the study employs path analysis and Smart PLS to analyze the direct and indirect effects of these variables. The findings reveal a significant positive association between strategic saving habits and financial prosperity, mediated by financial planning, highlighting the importance of disciplined saving behaviors and professional financial guidance in achieving financial well-being. While income level directly influences financial prosperity, its impact is not significantly mediated by financial planning in this context. These insights underscore the importance of promoting strategic saving habits and facilitating access to comprehensive financial planning resources across diverse income levels to empower individuals in achieving their financial goals and fostering long-term prosperity.
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[3] B. Management, “Nibm working paper series,” 2023.
[4] W. J. Yan, “From Sustainability to Prosperity: The Impact of Energy Investments on Personal Finance,” J. Sains dan Seni ITS, vol. 6, no. 1, pp. 51–66, 2023, [Online]. Available: http://repositorio.unan.edu.ni/2986/1/5624.pdf%0Ahttp://fiskal.kemenkeu.go.id/ejournal%0Ahttp://dx.doi.org/10.1016/j.cirp.2016.06.001%0Ahttp://dx.doi.org/10.1016/j.powtec.2016.12.055%0Ahttps://doi.org/10.1016/j.ijfatigue.2019.02.006%0Ahttps://doi.org/10.1
[5] Omotayo Bukola Adeoye, Wilhelmina Afua Addy, Adeola Olusola Ajayi-Nifise, Olubusola Odeyemi, Chinwe Chinazo Okoye, and Onyeka Chrisanctus Ofodile, “Leveraging Ai and Data Analytics for Enhancing Financial Inclusion in Developing Economies,” Financ. Account. Res. J., vol. 6, no. 3, pp. 288–303, 2024, doi: 10.51594/farj.v6i3.856.
[6] N. Zotova and J. H. Cohen, “Corporate Governance And Financial Prosperity: Insights From Pakista,” Remit. Rev., vol. 1, no. 1, pp. 5–16, 2016, [Online]. Available: https://journal.tplondon.com/index.php/rem/article/view/744
[7] A. Agarwal and K. N. Pandey, “Central Bank Digital Currency (Digital Rupee), M5 as Money Supply & Financial Inclusion for Economic Prosperity: Review of Literature,” Financ. India, vol. 37, no. 4, pp. 1105–1148, 2023.
[8] A. Mujtaba, Z. Dr, S. Asad, and A. Shah, “Fintech contribution towards economic prosperity in Pakistan,” Pakistan Rev. Soc. Sci., vol. 4, no. 1, pp. 1–14, 2023, [Online]. Available: https://journals.pakistanreview.com/index.php/PRSS/article/view/180
[9] A. Roshanpoor, A. Kythreotis, and M. Soltani, “The moderate role of national culture and prosperity index on the effectiveness of the fraud triangle to prevent financial statement fraud: a cross-country meta-analysis approach,” Int. J. Accounting, Audit. Perform. Eval., vol. 1, no. 1, 2024, doi: 10.1504/ijaape.2024.10061969.
[10] A. Ramadan and A. Morshed, “Optimizing retail prosperity: Strategic working capital management and its impact on the global economy,” J. Infrastructure, Policy Dev., vol. 8, no. 5, pp. 1–16, 2024, doi: 10.24294/jipd.v8i5.3827.
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[12] P. I. Setyoko and . R., “Impact of Digitalization for MSME Actors in the Era of Adapting New Habits,” KnE Soc. Sci., vol. 2023, no. 3, pp. 56–65, 2023, doi: 10.18502/kss.v8i5.12988.
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[14] B. Saunders and K. R. More, “Some habits are more work than others: Deliberate self-regulation strategy use increases with behavioral complexity, even for established habits,” J. Pers., no. August 2023, pp. 1–14, 2024, doi: 10.1111/jopy.12926.
[15] E. Sinnewe and G. Nicholson, “Healthy financial habits in young adults: An exploratory study of the relationship between subjective financial literacy, engagement with finances, and financial decision-making,” J. Consum. Aff., vol. 57, no. 1, pp. 564–592, 2023, doi: 10.1111/joca.12512.
[16] R. W. McGee and S. Benk, “Income Level and Attitudes Toward Bribery,” Ethics Bribery Theor. Empir. Stud., pp. 213–225, 2023, doi: 10.1007/978-3-031-17707-1_12.
[17] D. Druelinger and L. Ma, “Missing a golden opportunity? An analysis of publication trends by income level in the Directory of Open Access Journals 1987–2020,” Learn. Publ., vol. 36, no. 3, pp. 348–358, 2023, doi: 10.1002/leap.1543.
[18] A. O. Bankole et al., Factors affecting sanitation coverage in three income levels and potential toward achieving SDG 6.2, vol. 25, no. 2. 2023. doi: 10.2166/wp.2023.181.
[19] Y. He and T. H. Yoo, “Financial development impact on domestic investment: does income level matter?,” Cogent Econ. Financ., vol. 12, no. 1, p., 2024, doi: 10.1080/23322039.2024.2321811.
[20] S. Tambun and F. Nurwanti, “Moderation of Intellectual Intelligence on the Effect of Financial Skills and Financial Planning on Women’S Financial Literacy Capacity,” Int. J. Res. Commer. Manag. Stud., vol. 05, no. 03, pp. 108–121, 2023, doi: 10.38193/ijrcms.2023.5308.
[21] S. N. Salamah, “Financial Management Strategies to Improve Business Performance,” J. Contemp. Adm. Manag., vol. 1, no. 1, pp. 9–12, 2023, doi: 10.61100/adman.v1i1.3.
[22] M. Asta Patma Nugraha, V. Violin, S. P. Anantadjaya, A. Lahiya, P. Pelayaran Sumatera Barat, and S. Wira Bhakti Makassar, “Improving Financial Literacy Through Teaching Materials on Managing Finance for Millenials, Markus Aska Patma Nugraha Improving Financial Literacy Through Teaching Materials On Managing Finance For Millennials,” J. Ekon., vol. 12, no. 01, p. 2023, 2023, [Online]. Available: http://ejournal.seaninstitute.or.id/index.php/Ekonomi
[23] Z. Huang, C. Che, H. Zheng, and C. Li, “Research on Generative Artificial Intelligence for Virtual Financial Robo-Advisor,” Acad. J. Sci. Technol., vol. 10, no. 1, pp. 74–80, 2024, doi: 10.54097/30r2kk80.
[24] K. Ye, “Financial Architecture Of Ukrainian Companies For Business Digitalization,” High. Educ. student, pp. 77–81, 2023.
[25] A. Jejen, R. Y. Naulina, I. I. D. A. Y. Wilyadewi, P. H. Susanti, and A. Rosid, “Enhancement Financial Literacy of Rural Communities Through Training and Mentoring: Case Study in South Toapaya Village, Toapaya Bintan, Riau Islands,” IJCS Int. J. Community Serv., vol. 2, no. 2, pp. 182–196, 2023, doi: 10.55299/ijcs.v2i2.642.
[26] C. Shen and X. Zhao, “How does income inequality affects economic growth at different income levels?,” Econ. Res. Istraz. , vol. 36, no. 1, pp. 864–884, 2023, doi: 10.1080/1331677X.2022.2080742.
Published
2024-06-21
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Articles
Copyright (c) 2024 Wawan Suryathi, Andes Goutama, Lioni Indrayani
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