Dynamics of Savings Culture in Gahna
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.
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