Saving Behavior and Factors Influencing the Purchase of Savings Certificate of BAAC among Employees of the Bank for Agriculture and Agricultural Cooperatives

Abstract

This article aims to study the (1) saving behaviors, (2) factors influencing the purchase of Savings Certificates of BAAC among employees of the Bank for Agriculture and Agricultural Cooperatives. Data were collected from a sample of 417 respondents through an online questionnaire and analyzed using descriptive statistics and Chi-square tests. The results indicate that most respondents are working-age employees (under 40 years old) based in branch offices with a bachelor’s degree. Their saving behaviors lean toward low-risk financial products, such as savings accounts, fixed deposits, Savings Certificates of BAAC, and endowment life insurance, primarily for wealth accumulation and retirement preparation. Regarding purchasing patterns, the majority prefer 2-year Savings Certificates, buying them 1–2 times per year with moderate investment levels and showing a strong tendency to reinvest upon maturity. In terms of influencing factors, age, income, and education level, as well as internal organizational communication and purchasing incentives, show a significant relationship with purchasing behavior in certain dimensions. Key product-related factors include interest rates and redemption conditions. However, no significant relationship was found between financial literacy, attitudes toward saving, or specific certificate features and purchasing behavior. Based on these findings, the Bank should prioritize developing products with competitive returns and flexible terms, while enhancing internal communication and tailoring product designs to match the specific demographics and income levels of employees to promote more effective and continuous saving habits.