Determinants of Savings and Investment Practices among Rural Women in Wassa Amenfi Central in The Western Region of Ghana

Patience Andohkwaw, Kasim Smith, Juliana Asantewa and Esther Warewaa Ampaw
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Patience Andohkwaw: Department of Home Economics, Gushegu Senior High School, Gushegu, Ghana.
Kasim Smith: Department of Home Economics, Gushegu Senior High School, Gushegu, Ghana.
Juliana Asantewa: Department of Pre-Vocational Studies, Kibi Presbyterian College of Education, Kibi, Ghana.
Esther Warewaa Ampaw: Department of Pre-Vocational Studies, Kibi Presbyterian College of Education, Kibi, Ghana.

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Abstract: This study examines the determinants affecting savings and investment practices among rural women in Ghana's Wassa Amenfi Central District. The research aims to discover the multifaceted factors influencing these women's financial practices, bridging the information gap regarding female savings and investing strategies in rural contexts. The study employs a quantitative research methodology, utilising a descriptive research design to gather and analyse pertinent data. The study population comprises rural women involved in diverse income-generating activities in the Wassa Amenfi Central District. A straightforward random cluster sampling method was used to select 367 respondents from a total population of 7,578, guaranteeing representation across five communities within the district through a lottery selection process. Data was collected using a standardised (structured) interview schedule to obtain information about savings and investment practices and their affecting factors. The tool, utilising a Likert Scale format, underwent validation to confirm face validity, reliability, and clarity. This resulted in a Cronbach's alpha coefficient of 0.79, signifying adequate reliability. Descriptive statistics, such as percentages, means, and standard deviations, were utilised for data analysis to analyse participant replies. This thorough assessment provided insights into the impact of socio-economic conditions, education, and financial literacy on the savings practices of rural women. The findings highlight the essential requirement for specialised financial literacy initiatives and enhanced access to financial services, intending to economically empower rural women and promote advantageous saving and investment behaviours to improve their overall well-being.

Date: 2025-05-22
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Published in Journal of Economics, Management and Trade, 2025, 31 (6), pp.114-129. ⟨10.9734/jemt/2025/v31i61302⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05081273

DOI: 10.9734/jemt/2025/v31i61302

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