Author: Okeke Uju
Department: Cooperative Economics and Management
Affiliation: Nnamdi Azikiwe University Awka

This study examines the determinants of savings among members of cooperative societies in Anambra state. Specifically, it provides empirical evidence on the socioeconomic characteristics of members of the co-operatives and ascertains which of the socio-economic characteristics significantly determine savings mobilization among members of the cooperative groups. It also ascertained the range of savings of the members of the cooperative groups and identified the cooperative members reasons for saving. Data for the study were obtained from 100 cooperative members’ with the aid of well structured questionnaires through a simple random sampling technique. Data were analyzed using descriptive statistics and multiple regression analysis. Results obtained showed that on the average the members save N12,241.57 every month. The major reasons for saving as indicated by the respondents are for security, statutory savings as cooperative member, investment and to obtain Loans. The R2 value of 0.916 obtain indicates that about 91.6% of observed variation in savings by farmers could be attributed to the combined influence of the various independent variables included in the regression equation. The F-statistic with 95.342% was significant at 0.000 level of significance. Five variables (Duration of Cooperative Membership, Age, Distance to the savings Institution, Household Income and Household Expenditure) are identified to have significant influence on savings. Consequently, the study recommends among others that to increase the farmers savings potentials, saving should be made statutory as cooperative member. The members should also be encouraged to invest more no matter how small. Members should have predefined reasons before saving to enable them make judicious use of whatever amount saved. There is the need to improve the livelihood strategies of the farmers to bridge the noticeable gap that exist in the farmers savings range.

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