An Investigation of Economic Empowerment on Savings: A Case of Women Retailers at the Nakuru County, Kenya
International Journal of Economics, Finance and Management Sciences
Volume 3, Issue 6, December 2015, Pages: 657-667
Received: Oct. 25, 2015; Accepted: Nov. 3, 2015; Published: Dec. 5, 2015
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Authors
Teresia Atieno Dima, Department of Accounting, Finance & Management Science, Egerton University, Nakuru, Kenya
Richard Akuno Nyang’aya, Department of Accounting, Finance & Management Science, Egerton University, Nakuru, Kenya
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Abstract
It is important to save because it significantly influences a person’s financial well-being and economic development. Despite its importance, most women farm produce retailers in Nakuru main market do not save. Literature reveals that women’s ability to save is affected by their financial empowerment among other factors (Mayoux & Hartl, 2009). This study investigated the effect of economic empowerment on the savings of women farm produce retailers in Nakuru main market. The study conceptualized that economic empowerment of women affects their level of saving from their business. Age, level of education, marital status and household size were considered to be the moderating factors. The study adopted a descriptive research design. A sample of 65 women selected using stratified, proportionate to size and simple random sampling techniques took part in the study. Data was collected using the women farm produce retailers’ questionnaire. Experts from the Department of Accounting, Finance and Management Science, Egerton University examined the face and content validity of the instrument. The reliability of the questionnaire was pilot tested using a sample of 15 women retailers drawn from Shabaab municipal market and the Cronbach alpha method. The data collection tool yielded a reliability coefficient of 0.865. The data was analyzed with the aid of the Statistical Package for Social Science (SPSS). Hypotheses were tested at the 0.05 level of significance using the Pearson’s Correlations, multiple regression and hierarchical regression. The results of the study showed that the independent variables effect on savings was 17.7%, the moderator variables accounted for 4.6% variation on savings. When the independent variables were added to the equation there was an improvement in R2 from 0.046 to 0.241. The inclusion of the independent variables in the analysis led to 0.195 change in R2. The governments/NGOs interventions were however not significantly related to savings. The combined effect indicates that there are other factors that affect women’s’ savings whose broader inclusion and further studies could help reveal.
Keywords
Savings, Economic Empowerment, Access
To cite this article
Teresia Atieno Dima, Richard Akuno Nyang’aya, An Investigation of Economic Empowerment on Savings: A Case of Women Retailers at the Nakuru County, Kenya, International Journal of Economics, Finance and Management Sciences. Vol. 3, No. 6, 2015, pp. 657-667. doi: 10.11648/j.ijefm.20150306.11
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Copyright © 2015 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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