ANALYSIS OF SAVINGS MOBILIZATION DETERMINANTS AMONG RURAL HOUSEHOLDS IN KOGI STATE, NIGERIA.

Abstract

Successive governments and development partners in the country have always initiated programmes that stress availability of credit to rural farmers for agricultural development, while neglecting savings mobilization. Therefore, this study examined some important determinants of savings mobilization in Ijumu Local Government Area of Kogi State .Primary data were generated through field interview and structured questionnaires which were administered to 120 respondents using random sampling technique. The analytical tools used were descriptive statistic and multiple regression analysis. The result showed that 90% were within the age group of 30 to 69 years while about 79% had formal education. The average family size was six while about 37% of the sampled household heads had between 10 to 20 years experience in farming. Results of the regression analysis showed that gross income, age of household head and years of experience in farming were significant. The study further revealed that regular income was the most important determinant of savings mobilization such that an improvement in farm income and other economic activities will necessitate an improvement in savings capacity. It was therefore suggested that improved source of income will enhance savings.