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An Exploratory Study of Parental Savings for Higher Education

Noraina Mazuin Sapuan, Azlina Abdullah and Nor Hamisham Harun (Universiti Tenaga Nasional)

Abstract:

The cost of higher education (HE) has increased dramatically in recent years especially in private universities. At the same time, very limited amounts of goverment's scholarship and loans available for pursuing HE. One of the alternatives for financing sources is parental saving. However, it has been reported that there is low awareness level among parents on the importance of saving for their children HE. This study attempts to explore on parental savings for children's HE among parents based on their different demographic characteristics. A convenient sampling method was applied to conduct a survey among parents in Pahang. This study measures two variables : first, parents' savings behavior, and second, savers; confidence level in continuing their savings for their children's HE. The findings of this study revealed that many parents aware of the importance to start saving for their children HE since their early childhood. There is a positive correlation between savings behavior with respondents' income level, occupation, saving behavior, education level and value of assets owned. It is hoped that the findings from this study will give directions for additional research on parental savings for HE, of which there is currently very little especially in Malaysia.

 

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JMIFR - Vol 8, No.1 2011 - Part 2.pdf

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The Journal of Muamalat and Islamic Finance Research (JFIMR) , Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, 71800 Nilai. Negeri Sembilan. Malaysia. Telephone: +606-798 6401  Fax: +606-798 6302  Email: This email address is being protected from spambots. You need JavaScript enabled to view it.   2013 © Fakulti Ekonomi & Muamalat (FEM), USIM