The antecedents of Generation Z consumers’ saving behaviour in South Africa

Abstract

Focusing on Generation Z as a unique demographic group, this study tested their savings-related behavioural patterns using the Theory of Planned Behaviour. The study highlighted the Theory of Planned Behaviour as a well-established and extensively critiqued framework for understanding attitudes, subjective norms, perceived behavioural control, and intentions in relation to a specific behaviour. The research employed a quantitative approach, utilising data collected from a subset of individuals who completed an online survey. The participants of the study were situated in Tshwane. A total of 141 respondents participated in the survey, contributing in varying degrees to an online questionnaire distributed via Google Forms. The data was processed using IBM Statistical Package for Social Sciences v 19 and Smartpls 4.0 software. Although the influence of subjective norms and intention on the savings behaviour of Generation Z participants was determined to be statistically insignificant, it was observed that attitudes and perceived behavioural control exhibited positive relationships. In terms of theory, this meant that the evidence could not fully support all the hypotheses. This outcome is however not an anomaly as other studies have also shown variation, an outcome which the theory’s progenitor has dealt with in published works to demonstrate resilience of the theory of planned behaviour. The study contributes to the seminal work by demonstrating its continued relevance in behavioural choices and outcomes. In practical terms, the study presents findings which challenge policymakers and business to intervene. Here is a demographic with positive indicators on behaviours and attitudes, yet they are also constrained in how much they can save due to economic factors such as low income and high living expenses. Generation Z members reflect positive indicators on the model constructs; these indicators require support from policymakers and business.