An analysis of spending and saving patterns of undergraduate students in select colleges in Pune city

Globalization has led to a boom in the consumer product market and Consumerism has permeated and changed the fabric of contemporary Indian Youth. Students when they turn consumer, the consumption seems to have emerged as a big marker of identity rather than a simple act of Purchase. The college students are spending more because of a number of reasons. The increase in the sheer number of options for socializing such as dining, parties, cinema, shopping, entertainment, etc. Also, in recent years, these options have become less exclusive and thus, more accessible to larger socioeconomic strata which will increase spending. The influx of online retail and fast fashion in India and Gentrification of the areas around the colleges is impacting spending by students. In this context, the paper aims to understand the spending and saving pattern of college-going students. It also investigates the gender-wise spending and saving pattern and analyses factors affecting spending and saving of college students. The college students referred to in this study is undergraduate students studying in Pune city from the faculty of Arts, Commerce and Science in Age group (18–23). The paper analyzes the primary survey data, collected through online interface. The sample used in this analysis is selected via non probability sampling technique. The findings are ascertained by using a combination of different statistical tools i.e. Chi-square, Coefficient of variation, Central tendency and Ranking method.