Determinants of Savings among Rural Women in Borno State, Nigeria

Abstract

The study analysed the determinants of savings among rural women in Borno State. Primary data for the study were obtained through the used of structured questionnaires from 600 respondents selected through multi-stage sampling procedure. Frequency distribution, percentages, mean, bar chart and pie chart were used to examine the socio-economic characteristics of the respondents in the study area. Logit regression model was used to determine the effects of factors (socio-economic, institutional and cultural) on the probability of savings of the respondents. The study revealed that majority (88%) of the respondents were married. It was also evident from the study that about 90% of the respondents fell within the age range of 20-50 years. The mean household size was 6. The study also revealed that majority (64%) had Agriculture as their main livelihood activity, and many (54%) had no formal education. The result showed that income was obtained from farming and non- farming livelihood activities. The study went further to reveal that majority stored grains as assets. It was revealed by the study that many (41%) of the women in the study area were involved in Rotating Savings and Credit Association (ROSCAs) as a financial saving tool. Based on the finding of this study, it is recommended that there is need to implement policies that will boost the productivity and improve the income of rural women. Institutions that are involved in developmental projects need to increase support to improve the business environment of rural women.