The Correlation between Financial Literacy and Personal Saving Behavior in Vietnam

Abstract

This study investigated factors impacting personal saving behavior in Vietnam. By using 692 respondents from a 63-province survey, the binary regression results showed that financial literacy, finance major, married status, financial attitudes, and advanced financial behavior were factors positively and significantly influencing individual saving behavior while gender, student, and basic financial behavior were factors negatively and significantly impacting saving behavior. It highlighted the result that, women had a higher probability of saving than men. The implications for financial education in Vietnam from the policy makers as well as personal perspective are also discussed.