In the research of Kumar et.
al (2022) entitled "The Influence of Spending Behavior Among
University Students in Malaysia" the findings revealed that peer pressure can influence the spending
behavior of Malaysian university students. It was found out based on the information obtained through
the distribution of the questionnaire that customers usually spend more when they are with their
friends than when they are alone. This also supports the claim of Mohamad et. al that there is strong
relationship between peer influence and the spending behavior of University students (Laursen &
Veenstra, 2021).
The study concluded by Arshath et. al (2021) entitled "An Analysis of the Spending and Saving
Pattern of the Students of the University of Technology and Applied Science, MUSCAT" stated that
majority of the students relied on the Parental Advice for deciding their spending and saving pattern.
The objective of the study was to identify the spending and saving habit of youth of Oman. Additionally,
a study conducted by Chavali (2020) on "Saving and Spending Habits of Youth in Sultanate of Oman"
found out that there is a significant relationship between the influence of peers, parents and level of
literacy and the saving and spending habit of youth in Oman.
In their study, Lestai and Rusdarti (2017) indicated that the f amily environment is the first
educational environment because in the child's family will get upbringing and guidance, most of
the child's life is in the family so that the education most widely accepted by the child is in the
family.
Moreover, the study of Kim & Torquati (2018) on "Financial Socialization of College
Students: Domain-General and Domain-Specific Perspectives", the findings of the study showed
that parents financial behavior significantly predicted college students' financial attitudes. In
addition, Palmer et. al (2001) stated that college students tended to have more positive credit
card spending behavior when parents discussed credit cards with them. Furthermore, lack of
communication between parents and their children about financial matters was associated with
increased debt over time (Norvilitis and MacLean 2010). This study also agrees with the study
conducted by Cohen and Nelson (2011) and Ramsey (2004), children learn the basic of financial
literacy and adapt themselves how to spend wisely from the examples shown in their homes.
Another study conducted by Almeshal (2022) entitled "Peer and Parent Influence on
Consumer Behavior Buying Decision-Making: An Empirical Study Among Saudi Female
Consumer", the findings showed that the existence of peer/parents influence on young female
consumer choices in Saudi Arabi is strong using the basis of social power.
References:
Kumar, D., Sudin, H., Othman, J., & Salehuddin, S., (2022). The Influence of Spending
Behaviour Among University Students in Malaysia.
Arshath, T., Rawahi, K., Al Hinai, A., Al Shuraiqi, A., Hasani, H., (2021). An Analysis of the
Spending and Saving Pattern of the Students of the University of Technology and Applied
Science, MUSCAT".
Chavali K., (2020). Saving and Spending Habits of Youth in Sultanate of Oman. Journal of
Critical Reviews. Vol. 7, (Issue 2), 718-722.
Kim, Ji Hyun and Torquati, Julia C., "Financial Socialization of College Students: Domain-General and
Domain-Specific Perspectives"(2018). Faculty Publications, Department of Child, Youth, and Family
Studies. 204. http://digitalcommons.unl.edu/famconfacpub/204
Palmer, T. S., Pinto, M. B., & Parente, D. H. (2001). College students’ credit card debt and the role of
parental involvement: Implications for public policy. Journal of Public Policy & Marketing, 20(1), 105–
113. doi 10.1509/jppm.20.1.105.17293
Cohen, M., & Nelson, C. (2011). Financial literacy: A step for clients towards financial inclusion. Global
Microcredit Summit, 14–17.
Ramsey, P. G. (2004). Teaching and learning in a diverse world: Multicultural education for young
children (Vol. 93). Teachers College Press: New York.
Almeshal S.A., Almawash M.M. (2023), Peer and Parent Influence on Consumer Behavior Buying
Decision Making: An Empirical Study among Saudi Female Consumers. British Journal of Management
and Marketing Studies 6(1), 1-16. DOI: 10.52589/BJMMS- NLCB55EQ
