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Socio-Demographic Impacts on the Personal Savings Portfolio Choice: A Decision Tree Approach

Socio-Demographic Impacts on the Personal Savings Portfolio Choice: A Decision Tree Approach
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Author(s): Milijana Novovic Buric (University of Montenegro, Montenegro), Milan Raicevic (Lovcen Osguranje AD, Podgorica, Montenegro), Ljiljana Kascelan (University of Montenegro, Montenegro) and Vladimir Kascelan (University of Montenegro, Montenegro)
Copyright: 2022
Volume: 9
Issue: 1
Pages: 23
Source title: International Journal of Business Analytics (IJBAN)
Editor(s)-in-Chief: John Wang (Montclair State University, USA)
DOI: 10.4018/IJBAN.288511

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Abstract

Insufficiently developed financial system, poor standard of living and inappropriate education of citizens on the saving products, lead to low level of investment in the financial market of developing countries. In this paper special attention is paid to examining the socio-demographic profile of Montenegrin citizens that invest their funds in some of the offered form of savings, as well as examining main factors that restrict their investment. For this purpose, data collected through the survey of Montenegrin citizens were processed using Decision Tree method. Survey results have shown that there is a low level of savings, as well as that citizens prefer deposits and life insurance products rather than pension plans and debt securities. Also, the results indicate that the main causes of the current state of savings in Montenegro are low standard of living, citizens┬┤ poor awareness and the financial system which causes the insufficiently attractive supply of savings.

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