The analysis of psychological factors affectingsavers in Malaysia

Abstract

Malaysia has managed to sustain a high level of saving rate. However, to combat with the stiffer competition between local and foreign retail banks, the local retail banks are urged to understand the savings behavior of savers in Malaysia better, so that, appropriate marketing strategies can be developed in tapping and penetrating this group of people. Thus, the aim of this paper is to explore the effects of psychological factors, such as, social influence, attitude towards savings, and self-control on savers in Malaysia. Based on the ordinal regression analysis, the findings shown that those who able to exercise self-control and receive parental influence during childhood are tending to save more. However, attitudes towards saving do not have significant impact on the saving patterns of savers. This study will help retail banks to craft out better products and marketing strategies so that they can be more competitive in attracting and retaining customers. Retail banks are to urge to think of scrutinizing the strengths and weaknesses of their financial products so that better financial products can be developed in meeting savers’ needs.

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