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
Views 3927      Downloads 133
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
Article Tools
Follow on us
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.
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
Copyright © 2015 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License ( which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Amenta, E. and Ramsey, K. M. (2010). Institutional Theory. Springer Science Business Media.
Brumberg, R.L. (2004). Women and gender equity in Development Theory and Practice.
CARE (2011). Women’s Empowerment. 15/11/2013
Collins, D., Jonathan, M., Stuart, R., & Orlanda, R. (2009). Portfolios of the poor: How the World’s Poor Live on $2 a Day. Princeton: Princeton University Press.
Deaton, A. (2005). Franco Modigliani Life-Cycle Theory of Consumption.
Diana, F., & Lisa, K. (2011). Rural women’s access to financial services Credit, savings and Insurance ESA Working Paper No. 11-07.
Esplen, E. (2007). Putting Gender Back in the Picture: Rethinking Women’e Economic Empowerment (17/2/2014).
Eyben, R., Kabeer, N., & Cornwall, A. (2008). Conceptualising empowerment and the implications for pro- poor growth Paper prepared for OECD-DAC POVNET. Brighton: Institute of Development Studies.
GoK (2005). Sessional Paper No. 2. Development of Micro and Small Enterprises for Wealth and Employment Creation for Poverty Reduction. Government Printers, Nairobi.
Golla, A.A., Malhotra, P.N., & Mehra, R. (2011). Understanding and measuring women’s economic empowerment definition, framework indicators. Washington DC: International Centre for Research on Women.
Gupta, S.P., & Gupta, M.P. (2001). “Business Statistics,” Pg 539. Sultan Chand & Sons New Delhi.
Kabeer, N. (2012). Women’s economic empowerment and inclusive growth: labour markets and enterprise development. 17/2/2014.
Kato, P.M., & Kratzer, J. (2013). Empowering Women through Microfinance: Evidence from Tanzania. ACRN Journal of Entrepreneurship PerspectivesVol. 2(1).
Lewis, S., & Messy, F. (2012). “Financial Education, Savings and Investments: An Overview”, OECD Working Papers on Finance, Insurance and Pensions, No.2 OECD Publishing.
Mayoux, L., & Hartl, M. (2009). Gender and rural microfinance: reaching and empowering women.
Modigliani, F., & Brumberg, R. (1954). “Utility analysis & the consumption function: an interpretation of cross-section data”, in Kenneth, K. Kurihara, ed, post Keynesian Economics, new Brunswick, NJ. Rutgers University Press pg 388-436.
Negash, A. (2006). Economic Empowerment of Women. 2/12/2013.
Organization for Economic Co-operation and Development, (2010). Women’s Economic Empowerment. (2/12/13).
Pascaline, D., & Jonathan, R. (2007). Savings Accounts for Rural Micro Entrepreneurs in Kenya.
Rutherford, S. (2000). The Poor and Their Money. New York: Oxford University Press.
Pitt, M.M., Khanker, S.R., & Cartwright, J. (2006). Evidence from Bangladesh. Empowering women with micro-finance. Economic Development and Cultural Change, 54(4), 791-831.
Sheela, M., & Kala, N. (2013). Study on Impact Of Ngo Interventions on the Empowerment Of Women. Journal of Business Management & Social Sciences Research (JBM&SSR) ISSN No.2319-5614 2 (3).
Tromp, D.L.A. & Kombo, D.K. (2006) Proposals and Thesis Writing: An Introduction. Paulines Publication Africa, Nairobi.
UNDP,(2013). Economic Empowerment of Women 27/8/2015
UNDP,(2015). Women's economic empowerment 27/8/20
Wolfgang, F., & Borko, H. (2013). Saving is the key to future growth for Kenya (19/3/2014).
Wiersma, W. & Jurs, G.S. (2005). Designing a Research Project 22/9/2015.
World Bank. (2009). Enterprises surveys: World Bank global financial development report: rethinking the role of the state of finance 2011, Washington DC.
Science Publishing Group
1 Rockefeller Plaza,
10th and 11th Floors,
New York, NY 10020
Tel: (001)347-983-5186