This study was conducted on the phenomenon of low saving behavior among Indonesian society, particularly among the millennial generation. Given the importance of saving for personal financial management and its contribution to the country's economic growth, improving saving behavior is crucial. The aim of this research was to comprehensively analyze the factors influencing saving behavior with the presence of saving intention among millennial communities in Surabaya. Using purposive sampling, data was collected from 230 respondents aged 26 to 41 in the millennial population in Surabaya, through online questionnaires. The study employed a conclusive causal approach and the Structural Equation Modeling (SEM) analysis technique using AMOS software version 24. The findings revealed that peer influence, attitude, financial literacy, and subjective norms significantly positively influence saving behavior. However, the self-control variable showed no significant impact on saving behavior. The research also demonstrated that several variables influence saving behavior through saving intention. Peer influence showed no significant impact on saving intention, while self-control, attitude, financial literacy, and subjective norms reinforced individuals' intention to save. This study provides insights for the millennial generation, the government through financial authorities, and financial institutions to understand the determinants of saving behavior in society.
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