SAVINGS AND SPENDING HABITS OF THE YOUNGER GENERATION- A STUDY WITH REFERENCE TO COLLEGE STUDENTS IN CHENGALPATTU AND CHENNAI DISTRICT

Abstract

The life of a student is fraught with challenges. Throughout their academic journey, students encounter a myriad of difficulties, whether during their school years, university studies, or even in the pursuit of postgraduate education. A common struggle for many students is the need to manage their financial resources effectively, balancing their expenditures against their limited income. Support from family members, social organizations, and financial institutions plays a crucial role in helping students navigate their financial obligations during their educational pursuits. Instilling a habit of saving from a young age is essential, as it equips children with the skills necessary to manage their finances responsibly. Additionally, learning to avoid procrastination can prevent unnecessary expenditures and reinforce the importance of financial discipline.

Many students operate within strict financial constraints, making it challenging to cover their living expenses while also setting aside funds for future needs. Nevertheless, cultivating sound saving practices during their academic years can have a profound influence on their long-term financial stability. This study examines the significance of saving for students and proposes strategies for developing effective saving habit.