Assessing the Determinants of Savings Behavior of Financial Intermediaries in Ghana: A Case of Ho Municipality
Author(s)
Felix Kwame Nyarko , Kong Yusheng , Ethel Dzidefo Asimah , Dominique Jean Jacques Beraud , Mary Bossman ,
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Abstract
the study investigated the determinants of saving behavior of financial intermediaries in the Ho Municipality. The population consisted of individuals who constitute the employees and management, customers and market men and women of some selected financial intermediaries in the Ho Municipality of the Volta Region of Ghana. A sample size of 152 was drawn from the population using the probability and non-probability sampling techniques. Descriptive and inferential statistics were used to analyze the data collected. The findings showed that in general, the majority of the individuals save with the financial institution in the Ho municipality. It also showed that many individuals’ choice of the financial institutions was encouraged by interest rates. It was also realized that a majority of the individuals within the Ho municipality have fewer dependents that triggered saving behavior in the Ho municipality. Also, the findings showed that a majority of individuals use the Automated Teller Machines (ATMs) to either withdraw or deposit and this encourages other individuals to save the financial institutions. However, the study concluded that the determinants of saving behavior vary from person to person as they have diversified purposes of saving and consuming money. Finally, it was recommended that financial institutions in the Ho municipality should publicize their services to create awareness in the public domain and train them on how to use the Automated Teller Machines (ATMs). Also, the study recommended that individuals must plan their expenditure against their income and join fewer social groups to have enough income to save
Keywords
Savings Behavior; Financial Intermediaries; Economic Growth
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