Savings Dynamics of Low-Income Households: Evidence from Chattogram, Bangladesh

Monir Ahmmed
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Monir Ahmmed: Associate Professor; Department of Economics & Banking; International Islamic University Chittagong (IIUC)

International Journal of Latest Technology in Engineering, Management & Applied Science, 2023, vol. 12, issue 10, 59-70

Abstract: Saving is one of the most imperativerudiments in a developing country's ability to advance that needs to be moredeveloped.Thegoal of this research is to inspect the influential factorsthat have a dynamic connection with the savings behavior of a sample of individuals who were randomly chosen in a low-income group in Chattogram District,the commercial capital of Bangladesh. For this purpose, data were collected from 2000 people selected onasimple random basis,both rural and urban families, of Chattagram district, Bangladesh to determine the saving habits of lower-income groups.To better understand household savings behavior among low-income groups, we used various regression analytic methods to estimate the values of the slope and intercept coefficients of the regression model.According to the results, the samples that answered the questionnaire had the following features in common: Men and females were ranging in age from 31 to 40 years old, married or not, and with just a primary level of education; the majority of them are non-service holders with incomes less than or equal to 10,000.00 Tk.The inferential statistics revealed that the factors of income and the function of financial institutions are significant in the connection between saving behavior and every component of the economy, excepting other independent variable such as age, marital status, domicile, employment status, education, family size, financial knowledge, saving institutions, motivators of saving which also affects savings behavior but these were statistically insignificant.

Date: 2023
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