Agricultural Journal
ISSN: Online 1994-4616ISSN: Print 1816-9155
Abstract
This study examined income and savings pattern among 300
rural households in South-Western Nigeria. Data were collected using structured
questionnaire. Data were analyzed using descriptive statistics and probit regression
technique. Results showed that majority of the respondents were still within
the active age range with mean age of 40.7. Also, 75.2% of the respondents had
their annual income <
54,750
while 17.1% of the respondents earned between the range of 54,751
and 109,500. About 5.5% earned between the range of 109,501
and 219,000 while 2.2% earned annual income >219,000.
Also 54.7% of the respondents had annual savings of <10,000
while 23% of the respondents had their savings ranging between 10,001
and 20,000 annum-1. Also 16.5% claimed that their savings were between
20,000
and 52,100 and 5.8% savings were than 52,100.
However, different socio-economic factors influenced the savings pattern of
rural households. These are households’ income, gender of the households
head, marital status and years of formal education. The study therefore recommended
that financial institutions in the rural areas should be less formal in their
operation so as to meet the financial needs of rural households and there should
be accessible loan with proper monitoring.
How to cite this article:
Gabriel A. Shitu. Rural Households’ Income and Savings Pattern in South-Western Nigeria.
DOI: https://doi.org/10.36478/aj.2012.172.176
URL: https://www.makhillpublications.co/view-article/1816-9155/aj.2012.172.176