INTRODUCTION
Today,
the spending power of the youth has grown exponentially while their
understanding of financial matters is abysmally low. Credit cards have become
all too common among the youth and at the end of the month when they have to
pay their bills, they are very confident about the fact that they can rely on
their parents’ financially any time. Saving is ‘the excess of income over all
expenditure’ where the expenditures are also mentioned as consumption, which is
life contributions and insurance (if any), and the saving behavior is the money
keeping activity after they use it for their own wealth (Denton, Fretz, &
Spencer, 2011).
