Abstract:
This study examined whether self-control moderates the association
linking social influence to saving behavior among small business
owners. Using a standardized questionnaire, the study utilized a cross-
sectional design to collect data from 402 micro and small business
owners based in Kampala City. Process macro was used to analyze the
interactive impact of self-control and social influence on saving
behavior. The findings showed a significant interactive effect of self-
control and social influence on saving behavior in Kampala, Uganda.
Also, the results showed that the social impact on micro and small
business owners' saving actions, at any degree of self-control, has a
significant impact. These findings provide the literature and theory in
behavioral finance with valuable insights. The study employed a cross-
sectional design, rejecting a longitudinal analysis.
Furthermore, we focused on Kampala City, leaving out other
Ugandan cities. For those with low self-control, the government can
implement deliberate government policies that impose savings in
national social security funds and scale up the percentage of social
security system savings for all individuals with strong self-control. The
study points to the moderating effect of self-control on the link
between social influence and saving behavior.