Dynamics of Savings Culture in Ghana

Abstract

In Ghana and most developing parts of the world, families feel that it’s troublesome or skirting on hard to save as a result of low levels of wages (Boateng, 1994). The low profit of Ghanaian families is a result of the low levels of budgetary improvement consolidated with distinctive components, for instance, unlucky deficiency of training. The purpose of the study was to find out the determinants of savings culture in Kumasi, the second capital of Ghana. Quantitative methodology was used and sample was obtained from selected households in Kumasi. The study assembled and made utilization of primary data through the organization of organized surveys. Questionnaires were used as a data collection tool and SPSS a statically tool was used to analyze the data. It was discovered in the study that, relatively high level of savings culture among the people of Kumasi metropolis. Respondents preferred to save more for the future, they planned life ahead of time, saving money was a virtue, respondents paid close attention to how much money they spend, and before they purchased anything, they compared prices on similar items. The study recommends that financial institutions improve their operational and marketing strategies to attract all persons in the qualified age bracket being it male and female and also governing bodies like the Bank of Ghana, must take drastic measures to close down all these illegal financial institutions in the system that is dragging the reputation of the rest into the mud.