Zhi Yang Lu 

BSc [Hons] Applied Psychology

Hi everyone. My name is Zhiyang Lu and I am an undergraduate student on the BSc Applied Psychology at IADT. I will graduate in November 2021. I am particularly interested in exploring individuals’ attitudes in relation to social trends. Other areas of research I am interested in include sport psychology, clinical psychology, organizational psychology, and counselling.

An Investigation of Individuals’ Saving and Spending Attitude During COVID-19 Pandemic

The current study employed a quantitative research design combined with a qualitative component. An online survey consisted of a quantitative scale and one open ended qualitative question to assess individuals’ saving and spending attitudes and behaviors. 137 participants were recruited using convenience and snowball sampling methods via social media. The sample ranged from 18-63 years of age. Data of participants’ gender and educational level were used for statistical analyses. The responses to the open-ended qualitative question were used for thematic analysis.

Project Objectives

Individuals’ saving and spending attitudes have been examined extensively in the field of economic psychology. Gender has been identified as an important factor influencing individuals’ saving and spending attitude. In recent years, research on the role of educational level in individuals’ saving and spending attitude has been neglected. Moreover, the COVID-19 pandemic may have affected individual’s saving and spending attitude. Due to this shift in social circumstances, the current study aimed to examine the impact of gender and educational level on individuals’ saving and spending attitude during the COVID-19 pandemic.

Project Outcomes

No significant difference was found in saving or spending attitude based on educational level. However, a significant difference was found in saving attitude based on gender, indicating that females possessed more positive attitudes than males. A thematic analysis of the open-ended responses identified the COVID-19 pandemic as the most influential factor on participants’ saving and spending behaviors during the past year. The results of the current study may be applied to help individuals to understand their financial behaviors during the COVID-19 pandemic.