An Empirical Analysis of the Determinants of Saving Behaviour by Households in Ho, Ghana: A Case Study of Ho Municipality, An Individual Level Analysis

Emmanuel Mensahklo, Daniel Delali Kornu, Bernard Dom


The study focused on the empirical analysis of the determinants of savings behaviour by households in Ghana. The population consisted of individuals who constitute the employees and management, customers, 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 analyse the data collected. The findings showed that, in general, 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, majority of the individuals within the Ho municipality has fewer dependents and this promotes saving behaviour in the Ho municipality. Also, in the findings, it was revealed that majority of individuals used the Automated Teller Machines (ATMs) to either withdraw or deposit and this encourages other individuals to save with the financial institutions. However, the study concluded that the determinants of saving behaviour vary from person to person as they have diversified purposes of saving and consuming money. 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: Expenditure, Propensity to Consume,

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