Key factors that determine the saving habit in the Millennial generation.

Abstract

 This study aims to identify the key factors that determine the saving habit in the Millennial generation. The research adopts a quantitative approach, collecting data from a sample of 120 Millennials residing in Medellín, Colombia. A conceptual model is proposed to explain the saving behavior of this generational group, analyzing the relationships among six main constructs: Financial education, Family influence, Low attachment to the material, Cost of living, Motivation for saving, and Low income. The statistical analysis was carried out using Cramer's V coefficient to measure the strength of association between variables. The findings reveal that the cost of living exerts a positive effect on both low income and the motivation to save. Additionally, financial education positively influences family dynamics, and in turn, family influence has a direct positive relationship with low income, which emerges as a determining factor in the decision to save. These results suggest that savings behavior in Millennials is shaped not only by economic factors but also by educational and cultural components transmitted through family structures.