Ghana and most developing parts of the world, families feel that it’s
troublesome or skirting on hard to save as a result of low levels of wages
(Boateng, 1994). The low profit of Ghanaian families is a result of the low
levels of budgetary improvement consolidated with distinctive components, for
instance, unlucky deficiency of training. The purpose of the study was to find out the determinants of savings
culture in Kumasi, the second capital of Ghana. Quantitative methodology was
used and sample was obtained from selected households in Kumasi. The
study assembled and made utilization of primary data through the organization
of organized surveys. Questionnaires
were used as a data collection tool and SPSS a statically tool was used to analyze
the data. It was discovered in the study that, relatively high
level of savings culture among the people of Kumasi metropolis. Respondents
preferred to save more for the future, they planned life ahead of time, saving
money was a virtue, respondents paid
close attention to how much money they spend, and before they purchased
anything, they compared prices on similar items. The study recommends that financial
institutions improve their operational and marketing strategies to attract all
persons in the qualified age bracket being it male and female and also governing bodies like the Bank of Ghana, must take drastic measures to close
down all these illegal financial institutions in the system that is dragging
the reputation of the rest into the mud.
[1.] Abdelkhalek, T., Arestoff,
F., de Freitas, N. E. M., & Mage, S. (2009). A micro econometric analysis of households saving determinants in
Morocco. The 1st GDRI DREEM
Conference, Istanbul, pp. 21-23.
[2.] Adams, D. W. (1978).
Mobilizing Household Savings through Rural Financial Markets. Economic
Development and Cultural Change, 26(2),
[3.] Ahmed M. S.
(2002). Management in living for senior
secondary schools (2nd edition). Ghana, Kumasi: Bayoba Graphics
[4.] Artus, P. (2002). Allongement
de l'esperance de vie etchoix du systeme de retraite.Revue Economique, 53(4), pp. 809-824.
[5.] Athukorala, P., & Sen,
K. (2004). The determinants of private saving in India. World Development,
32(1), pp. 491-503.
[6.] Attanasio, O. P., &
Banks, J. (2001). The assessment of household savings – Issues in theory and
Policy. Oxford review of Economic Policy, 17(1), pp. 23-41.
[7.] Bersales, L. G. S., &
Mapa, D. S. (2006). Patterns and
determinants of household saving in the Philippines, EMERGE Technical
Report. Makati City, EMERGE
[8.] Beverly, S., &
Sherraden, M. (1999). Institutional determinants of savings: Implications for
low- income households. Journal of Socio-Economics, 28(2), pp. 457-473.
[9.] Boateng, I. K.
(1994). Basic business knowledge and
consumer skills. An Unpublished Master’s Thesis, University of Ghana,
[10.] Borsch-Supan, A. (1992).
Saving and consumption patterns among the elderly: The German case. Journal
of Population Economics, 5(6),
[11.] Brown S., & Taylor, K.
(2006). Financial Expectations, Consumption and Saving: A Microeconomic
Analysis. Fiscal Studies, 27(3),
[12.] Browning, M., &
Lusardi, A. (1996). Household saving: Micro theories and micro facts. Journal
of Economic Literature, 34(4), pp.
[13.] Chakrabarty, D., Katayami,
H., & Maslen, H. (2008). Why do the rich save more? A theory and Australian
evidence. The Economic record, 84(special
[14.] Clayton, G. E.,
& Brown, J. E. (1983). Economics
principles and practice. Columbus: Charles E. Merill Publishing Company.
[15.] Collins, S. M. (1989). Saving behaviour in ten developing countries.
Paper presented at the NBER Conference on Savings, Maui. National Bureau of
Economic Research, Cambridge, MA
[16.] Deaton, A. (1985). Panel
data from time cross-sections. Journal of Econometrics, 30(1),pp. 109 – 126.
[17.] Dell’Amore, G. (1977).
Household Propensity to save: The Pre-requisites’ in Mauri, A. (1977). Mobilization
of Household savings: A tool for Development, Cassa di
risparmiodelleprovincie Lombarde, Milan.
[18.] Watts, H. W. (1958). Long-Run Income Expectations and Consumer
Saving.Cowles Foundation Paper no. 123. Yale University: New Haven Conn
[19.] Woodstock Institute.
(2000). Community-bank partnerships creating opportunities forthe unbanked
(Number 15). Chicago, IL: Woodstock Institute.
[20.] World Bank (2009). World
Development Indicators and World Development Finance. World Bank Group,
[21.] Zhong, L. X., & Xiao,
J. J. (1995). Determinants of family bond and stock holdings. Financial
Counseling and Planning, 6(1), pp.