Debt Management and Savings Planning among the Working-Age Population

Abstract

     This research aims to study debt management and savings planning among the working-age population. It is a quantitative study using a questionnaire as the research instrument. Data were collected from 400 purposively selected respondents, with 100 respondents from each generation. The statistical method used in the study was one-way analysis of variance (ANOVA). Overall, it was found that working age population at a high level of decision-making in debt management. When considering each aspect, it was found that working age population gave a level of decision-making in debt management and reducing expenses are first. followed by in terms of increasing income, Asset sales and debt restructuring. When considering each item, it was found that debt management and reducing expenses were of working age population. focus on reducing variable expenses such as food costs, travel expenses, and tourism expenses. As for savings planning for working age population Overall was at a high level. When considering each aspect, it was found that Working age population were planning to save money for use in emergencies at a highest level of planning. Second, Working age population were planning for saving money for investment at a high level, Working age were planning to save money for the future and Planning to save money for happiness population plan at a moderate level.
     Analysis of differences in working age towards debt management found that each working age group had differences in debt management, which was statistically significant at the 0.05 level. When comparing the differences in debt management in each working age group by pair using the Bonferroni test, it was found that Generation C had different decisions in debt management from Generation Baby Boomers, Generation X and Generation Y at a statistical significance level of 0.05. Analysis of differences in working age towards savings planning found that each working age group had differences in savings planning, which was statistically significant at the 0.05 level. When comparing the difference in debt management in each working age group by pair using the Bonferroni test, it was found that the savings plan of Generation Baby Boomers and Generation Y, Generation Baby Boomers and Generation C were significantly different at the 0.05 level.

Article history: Received 14 March 2025
                            Revised 7 April 2025
                            Accepted 8 April 2025
                            SIMILARITY INDEX = 3.97 %