MATTU UNIVERSITY

COLLAEGE OF BUSINESS AND ECONOMICS

DEPARTMENT OF ACCOUNTING AND FINANCE

ASSESMENT FACTORS AFFECTING RURAL HOUSEHOLD’S

OF
SAVINGS HABIT IN MATTU WOREDA, ILUBABOR ZONE , OROMIA
REGIONAL STATE.

RESEARCH PROPOSAL SUBMITTED TO MATTU UNIVERSITY COLLEGE OF

BUSSINESS AND ECONOMICS DEPARTEMENT OF ACCOUNTING AND FINANCE
IN PARTIAL FULLFILLMENT OF THE REQURMENT OF BA DEGREE

PREPARED BY: KEYRU IBRAHIM (ID NO: -EV0349/13)

ADVISOR: MR. YOHANIS. (MSC)

January,2025
Mattu,Ethiop
Table of Contents
1CHAPTER ONE............................................................................................................................................................................................................................................... 2

1. INTRODUCTION........................................................................................................................................................................................................................................... 2

1.1. Background of the Study.......................................................................................................................................................................................................................... 2

1.2. Statement of the Problem....................................................................................................................................................................................................................... 3

1.3. Research Questions.................................................................................................................................................................................................................................. 3

1.4. Objectives of Study.................................................................................................................................................................................................................................. 4

1.4.1. General Objectives................................................................................................................................................................................................................................ 4

1.4.2. Specific objectives................................................................................................................................................................................................................................. 4

1.5. Significance of the Study.......................................................................................................................................................................................................................... 4

1.6. Scope of the study.................................................................................................................................................................................................................................... 4

1.7. Organization of the Study........................................................................................................................................................................................................................ 4

CHAPTER TWO................................................................................................................................................................................................................................................ 5

2. REVIEW OF RELATED LITERATURE.............................................................................................................................................................................................................. 5

2.1. Definition and importance of saving........................................................................................................................................................................................................ 5

2.2. Theoretical Literature.............................................................................................................................................................................................................................. 6

2.2.1. Saving and consumption theory........................................................................................................................................................................................................... 6

2.2.2. Overview of Rural Households’ Savings in.................................................................................................................................................................................. 7

[Link] of household savings......................................................................................................................................................................................................... 7

2.3.1 Income.................................................................................................................................................................................................................................................... 7

2.3.2. Interest rate......................................................................................................................................................................................................................................... 8

2.3.3. Demographic Characteristics............................................................................................................................................................................................................... 8

[Link] financial saving.......................................................................................................................................................................................................................... 9

2.5. Informal financial saving......................................................................................................................................................................................................................... 9

[Link] Review..................................................................................................................................................................................................................................... 10

CHAPTER THREE............................................................................................................................................................................................................................................ 11

3. RESEARCH METHODOLOGY...................................................................................................................................................................................................................... 11

3.1. Description of the Study Area................................................................................................................................................................................................................ 11

3.2. Research Design and Approach............................................................................................................................................................................................................. 11

[Link] of Data......................................................................................................................................................................................................................................... 12

3.3.1. Primary data source............................................................................................................................................................................................................................ 12

3.3.2. Secondary data Source....................................................................................................................................................................................................................... 12

[Link] Size and Sampling Techniques................................................................................................................................................................................................... 12

3..Method of Data Collection........................................................................................................................................................................................................................ 12

[Link] of Data Analysis....................................................................................................................................................................................................................... 12

CHAPTER FOUR: TIME AND BUDGET BREAKDOWN..................................................................................................................................................................................... 13

4.2 Budget Break Down................................................................................................................................................................................................................................ 13

REFERENCES.................................................................................................................................................................................................................................................. 14
CHAPTER ONE
1. INTRODUCTION
1.1. Background of the Study
Saving is important in improving the well-being and serves as a financial security at the time of
shocks for the households (Chowa, 2006). Loibl et al., (2011) noted that “the habit of savings
plays an important role in everyday financial decisions”. To them, the constant act of saving is
very important to the financial independence and stability of households. Even though habit
formation is not an easy act, once the habit of savings is formed, it affects one‟s saving ability.
Habit formation improves a persons’ perception and intention towards saving Loibl et al., (2011).
Allesie and Lusardi (1997) also believe that once the habit is formed, it tends to have an effect on
an individual‟s consumption and savings.

Many people hold they do not know the view that, saving is a moral habit, and that person will
need to save since the future (Olson & De Frain, 2000). There is the belief that many individuals
and families in both developed and developing countries believe that savings serve as a form of
financial security to them. For those individuals and families who hold the view that they have to
spend whatever they earn today and allow the future to provide for itself, savings is not an option
(Olson & De Frain, 2000). Several studies have revealed that several factors like socio economic,
institutional, demographic determine savings at the household level. Rehman et al., (2011)
investigated the factors affecting saving of different income groups in Pakistan. In Sub-Saharan
Africa, as stated by Devaney, (2007) many rural households have poor saving culture. As a
result, low level of household savings is said to be one of the reasons for slow and stagnant
economic growth in the developing countries. In addition as stated by Quartey and Blankson,
(2008) have done in Ghana, stated that many factors that influence the level of household
savings. Some of the factors they identified were age, income, marital status, education level,
employment, expectation. JU Page - 2 - In Ethiopia the rural households‟ saving habit is found to
be limited and only six million households save money in formal financial institutions with an
average of 875 Birr per year (Aron et al., 2013)

Rural families in the study area are predominantly farming communities. Most of the households
are farmers who cultivate in mainly agricultural products including coffee and chat production as
well as vegetables and most of their earnings are considered permanent. As a result, the incomes
of these families are likely to be only enough to meet their basic needs. In situations where
family income is only able to meet the needs of the family, savings, is usually not a
consideration. Given that rural savings have the ability to drive rural development, a valueadded
understanding of the social and demographic factors that determine rural household saving is
imperative. This will not only inform relevant policy formulation by government but also serve
as a guide to various development initiatives for proper targeting and enhancement of rural
household saving. Households saving is, therefore, one of the most important components of the
national saving that needs emphasis. This study therefore aims to assess the factors influencing
rural households saving habit in Mattu Woreda.

1.2. Statement of the Problem

In most African countries there are various reasons, including low and irregular income and lack
of access to financial services, have been contributing to the low savings rate particularly in
SSA. In addition, institutional factors, and higher expenditure patterns have found to be
associated with lower levels of saving in SSA (Beck et al., 2008). On the basis of review of
previous studies it is found that various studies are conducted on issues like relationship between
saving and investment, determinants of rural and urban saving behavior, factors affecting saving
and investment preferences etc. Thus, the first motive to undertake this study will be to fill gaps
identified on existing empirical studies, so far reviewed. This study will intend to examine
factors affecting saving habits; the case of Mattu woreda , Ilubabor Zone to extend the literature
by addressing the subject matter from the perspectives of households saving. Further, the study
introduced additional variables to provide a comprehensive measure of financial markets
practices in order to fill the gap identified on conceptual definition of rural household saving
practices. Therefore the present study was bridged the gap of methodology by using regression
analysis & Correlation analysis. There exists a study gap in this area. Therefore, the current
research paper will seek to analyze the socio-economic, demographic and institutional factors
affecting rural household’s savings in Mattu woreda.

1.3. Research Questions

The study will address the following basic research questions

1. What are the factors affect rural household saving habit?

2. Do a socio-economic factors influence the rural households saving habit in the study area?

3. What are the effects of institutional factor on saving habit in rural households in study area?

1.4. Objectives of Study

1.4.1. General Objectives
The general objective of the study is assess factors affecting rural household’s savings habit in Mattu
woreda, Ilubabor Zone , Oromia Region.

1.4.2. Specific objectives

The specific objectives of the study will as follows:

 To analyze the influence of demographic factors on saving habits among rural households in the
study area.
 To identify the effects of socio-economic factors on rural households saving habit in Mattu
Woreda .
  To investigate the effects of institutional factors on rural households saving habit in Mattu
Woreda.

1.5. Significance of the Study

In a country, which majority of the people lives in rural areas, formal financial saving has the
highest importance for promoting rural households’ savings by investigating or assessing the
factors affecting saving habit among the rural household’s in the study area. Moreover,
conducting this research, the researcher will believe that various stakeholders will benefit from
its findings.

Doing research on household saving will important for policy makers and serves as an input for
concerned bodies including banks and micro finance institutions. So that those institutions can
mobilize deposits from those households’ as they will learn the saving habit of the households. In
addition, the study results will serve as a reference and gives an indication for other researchers.
The recommendations given by the researcher are also important to formulate strategy and policy
for Mattu Woreda concerning sectors and financial institutions.

1.6. Scope of the study

This study will restrict only to know the factor that affecting saving habits; the case of Mattu
Woreda. The study is delimited of geographical, conceptual, methodological and time scope. The
geographical scope of the study will focus on Mattu Woreda, Ilubabor Zone Oromia regional
state. The content of the study will focus on determinants of saving in rural households.
Methodologically, the study will employ socio-economic methods of data collection and
analysis.

1.7. Organization of the Study

The research paper will organize into five chapters. Chapter one will contain background of the
study, statement of the problem, research questions and hypothesis , research objectives,
significance of the study, limitation of the study, definition of terms. The second Chapter will
focus on reviewing related literature. It includes a brief description of the literature review such
as theoretical reviews and empirical findings, the conceptual framework of the study. Chapter
three will provide description of the study area, research design, types and source of data, target
population, sampling design and procedures, data collection, pilot test of the study and methods
of data analysis. The fourth chapter will provide with the result and discussion of the study. The
last chapter will provide findings, conclusions and recommendations of the study
CHAPTER TWO

2. REVIEW OF RELATED LITERATURE

2.1. Definition and importance of saving
Saving can be known as the cash or physical products set aside for future use. Peoples in rural
and other low-income communities can save when they are guided and encouraged by the
government and financial institutions. As Romer (1996) presented, the saving may be used for
conventional consumption later in life, or bequeathed to the individual’s children for their
consumption, or even used to erect monuments to the individual upon his or her death. But as
long as the individual does not value saving initself , the decision about the division of income
between consumption and saving is driven by preferences between presents and future
consumption and information about future consumption forecast. For peoples in rural region,
saving is made through traditional way in secret place such as in wall, underground, roof, and
pot. Gradually, the traditional way of saving in rural region has been minimized; and the people
shifted their saving pattern in form of physical assets like gold, land and house
( Subhashree,2013) .Households need fund or saving in the future for various reasons; such as: to
purchase durable consumer goods, children education, acquiring a home and health care ( Marie-
Therese, 2007). As Keynes(1936) study was indicated household save ;in order to build a reserve
against unforeseen contingencies, for smoothing consumption at different stage in life cycle due
to income fluctuations, to enjoy interest and appreciation and to enjoy a gradually increasing
expenditure and to enjoy a sense of financial freedom and independence. Furthermore, saving
creates to have a decent standard of living when the households are retired and saving can
provide income if the households are unemployed or ill to work. In addition according to
Gregory and Joe (2010), saving can play in alleviating material hardship for low income
households. Yetin a strong economy, households across the economic range are subjected to
unanticipated changes in economic needs or resource, commonly referred to as economic shocks.
Events which areaffecting income can take a number of forms and can be described generally in
three ways: first reduce earnings;for instance, loss of jobs, and exit from the household of an
income earning member through separat ion, divorce; second reduced public income support
such as loss of eligibility or reduction in benefits, as through termination of time-limited benefits,
unintended noncompliance with procedural requirements or a change in program eligibility
criteria; and third reduced private income support example loss of child support, informal child
care, or other financial support from extended family, friends or charitable organization. Then
when all these unexpected income change happened the households need income which may be
deposited in terms of cash or in kind. However, there are different factors which affect the
household saving particularly in rural area. So, it is important to investigate those factors to
improve the rural household saving. Mostly, in the literature on economic development, much of
the attention in saving has been focused on the relation between saving and growth. However,
saving is not only about buildup or economic growth. It is about evenly distribute consumption
in the face of volatile and unpredictable income and helping to guarantee the living standard of
poor people whose lives are difficult and uncertain. As more recent theories emphasize, the main
motive for saving in poor income countries are likely to be for precautionary or against rando m
decrease in income as short-term shock absorber (Birdsall, 2000).It implies that future
consumption would be determined by current saving of the economies. In other words present
saving will determine sthe future consumption of households

2.2. Theoretical Literature

2.2.1. Saving and consumption theory
Saving service has been one of service being delivered by financial institutions. People prefer
different options to put their money. A study conducted in India indicated that 51% respondents
put their money in the bank and 36% of the households still prefer to keep cash at home. The
national survey finding further has indicated that the Indian has got strong saving habit despite
the saving patterns differs in income, education level and occupation. The study has shown that
83% and 81% of the households have made saving for the key priority areas such as emergency
and children‟s education, respectively. Rural household saving in Africa and research from
Ghana showed that only 10 percent of the wealthiest households increase their savings along
with income (Aryeetey, 2004 cited in United Nation, 2007). The pattern of rural household
saving has been irregular in connection to the frequent swing between saving and no saving and
this irregularity of saving could result in changing the preference of saving instruments towards
the most liquid and accessible (Deaton, 1990 cited in United Nation, 2007). Besides, it is
indicated that the rural household saving instruments have been categorized into non- formal
saving, informal saving, and formal saving. These savings have been the determinant of financial
sources for investment and as the result they have been considered as course of any c household
savings consist mainly of physical assets and some financial savings held in the informal
financial sector. Thus, only a small part is available for productive investment to exemplify the
maximum and the minimum savings deposit rate was 6 percent and 3 percent respectively from a
1998/99 to 2003/04 and of course the maximum and minimum was unfortunately registered at
the beginning and ending of mentioned time interval EEA (2004/2005).

2.2.2. Overview of Rural Households’ Savings in

The financial sector in Ethiopia consists of formal, semi formal and informal institutions. The
formal financial system is a regulated sector which comprises of financial institutions such as
banks, insurance companies and micro-finance institutions. The saving and credit cooperative are
considered as semi-formal financial institutions, which are not regulated and supervised by
National Bank of Ethiopia (NBE). The informal financial sector in the country consists of
unregistered traditional institutions such as Iqub (Rotating Savings and Credit Associations) Idir
(Death Benefit Association) and money lenders (Mengistu, 2013)

[Link] of household savings

Households‟ saving is largely influenced by those who save, their ability, willingness, objectives
or motivations for saving and the opportunity to save. This deliberate decision on the part of the
household to save in order to meet future needs depends on a number of factors. The factors
normally considered as the determinants of saving include all the factors that affect the ability to
save, the will to save and the opportunity to save.

2.3.1 Income
One of the basic determinants of savings which almost all the studies in the area of savings have
tried to study is income. Different studies using different methods have been conducted in
different parts of the world and all have found a positive relationship between income and
savings. Based on the findings, some scholars have propounded certain theories. In Kenya,
household income was found to be a statistically significant predictor of savings among rural
farmers, entrepreneurs, and teachers (Kibet et al., 2009). A similar result was found in Uganda,
where higher permanent and transitory incomes significantly increased the level of net deposits
among households that reported owning bank deposit accounts (Kiiza & Pederson, 2001).

2.3.2. Interest rate

Mottura (1972) believes that the sum to be gained by interest rate, even if it is high, normally has
little economic significance to savers, who deposit or invest amounts in a small average volume.
Therefore the saving behavior is not merely motivated by the interest rate and savers do not seem
to be particularly interest-sensitive. Rather the formulation and accumulation of savings at the
household level appears to be strongly motivated by the following factors: the need for
insurance, the need for credit, the feeling of social obligation, and the planning of future
expenditure (consumption and investment).
 2.3.3. Demographic Characteristics
A. Gender
Denizer et al., (2000) in the analysis of the household savings in the Transition using data from
Bulgaria, Hungary, and Poland noted that households headed by women exhibit significantly
higher savings rates than that of men in these three countries. Embrey and Fox, (1997) noted that
the combination of lower earnings, lower savings, longer life spans, and higher risk aversion
pose greater challenges for financial educators and policy makers.

[Link]
As stated by Rehman et al., (2010) he found that age has a positive relationship with household
savings. The life-cycle hypothesis suggests that there exists a relationship between age and
saving rates. When the age of the households increases their saving status going decreases.

C. Education
Dell‟Amore, (1977) stated that individual n influenced by education, so far as it enlarges the
technical and social knowledge which directlyor indirectly governs all human actions.

[Link] size
It has been argued that the higher the household size, the higher the consumption pattern and all
things being equal, the lower the excess money left for consumption. The difference in the
findings of Elfindri, (1990) and Browning and Lusardi (1996) stems from the fact that Elfindri
looked at household size in general whiles Browning and Lusardi extended their study to include
composition. Thus, by composition, a household with many of its members working while have
a positive effect on savings whiles a household with many of its members being dependents will
have a negative effect on savings. But taking the household size as a whole, there is likely to be a
negative relationship with savings.

[Link] financial saving

These are institutions that have been engaged in saving and credit/loan service delivery for both
rural and urban community and having modern accounting and reporting systems e.g. Private
and government Banks and MFI.

I. Banks

Banks are the key financial institutions that provide financial services, thereby highly
contributing to the economy of a given country. According to Flamini (2009), the banks in most
sub-Saharan African countries have shown an increase to their return as compared to other banks
in other developing countries. Banks in Ethiopia have also shown a great improvement in their
return on asset (NBE, 2010), (Mengistu, 2013).
 II. Microfinance Institutions

Microfinance service has become one of the most prominent instruments in the development
programs and strategies of the country (Mengistu, 2013). Microfinance can be defined as the
provision of a broad range of client-responsive financial services to poor people through a wide
variety of institutions. Microcredit activities in rural Ethiopia were initiated by local and
international NGOs (Wolday, 2004).

[Link] and Credit Cooperatives

According to Wolday (2004), the cooperative movement in Ethiopia took birth in 1950s.
Actually the first saving and credit cooperative in Ethiopia was established by the employees of
the Ethiopian Road Authority in 1957.

SACCOs develop people's minds by providing motivation, creating initiative, promoting

selfdevelopment and self-reliance and providing leadership. They also develop material
wellbeing by raising the living standards of members, making possible regular savings and wise
use of money, providing loans at low interest rate and by making possible economic
emancipation of members (Wolff, et al., 2011).

2.5. Informal financial saving

In both rural and urban areas in Ethiopia, it is common that neighboring family households
organize themselves and develop their own institutions, popularly known as Community-Based
Organizations. In most communities, membership in traditional community associations such as
iddirs, iqqubs and mehabers are very common. More importantly, these traditional institutions
also play a crucial role in savings and beneficiary mobilization in the informal financial sector
Micro Ned (2007).

[Link] Review
Many researchers have analyzed the major determinants of household savings and have reached
different conclusions. Some of these studies are discussed below. Mark, et al (1999), researched
into determinants of household savings in Australia. They used the probit model to analyze the
effects of various factors that influence household savings behaviour. The empirical results they
arrived at were that, gender has significant impact on household savings. They stated specifically
that the male has significant positive impact on savings thus males save more than women and
the vice versa. They also found out that interest rate has no significant effect on household
savings. However, income level, age and household asset were found to have significant positive
effects on savings. Household size was also found to have significant and negative effects on
savings.

Alma and Richard (1988) in their attempt to analyze savings behavior among rural household in
the Philippians regressed income on savings. They found out that, income is the most important
economic variable affecting rural savings. Their further result shows that educational, household
size and transaction cost negatively influence household savings. However, Schulz (2005) who
researched into demographic determinants of savings in Asia found no significant impact of age
composition on savings. A household study of determinants of saving asserts that three factors
were influencing household saving behavior in Africa. One of these was the ability to save which
in turn depends on a households disposable propensity or willingness to save as influenced by
socio-cultural and Economic factors like the family obligation to educate children. The third one
was the opportunity to save and returns on savings (Newman et al., 2008; Orebiy`s et al., 2005).

Haruna (2011) employed multiple linear regression analysis in determining the influence of
various factors on savings behavior. He found out that income level, educational status, assets of
household heads, age and occupation have a positive significant impact on household savings
behavior. However, household size turns to have significant negative impact on household
savings. On the other hand, Qiuxia (2004), researched into the impact of rural enterprise on
household savings in China. He used logit regression analysis and found no significant impact of
age on household savings. Lawrence, et al., (2009), employs multiple linear regressions in
analyzing the determinants of household savings in rural areas of Kenya. The findings were that
education, interest rate, income, occupation and services provided by financial institutions have
significant positive impacts on savings, whereas transport cost and household size were found to
have a negative impact on savings. Also, further results show that gender has significant impact
on savings. They concluded male turns to save more than women.

A study conducted by Girma et al., (2014) identified determinants of rural households in East
Hararghe Zone, Oromia Regional State, Ethiopia. Nine significant determinant explanatory
variables of rural households saving were identified which includes household head‟s education
level,credit service,livestockincome,investment,holdings,training a participation, contact with
extension, forms of savings and saving motives. Besides, as reviewed the previous studies, there
is little attention given on a micro economic level on the factors affecting rural households‟
savings habit in western har

Therefore, this paper attempted objectively to identify major factors of the rural savings habit
among household level, focusing on the effects of the demographic, socio-economic,
institutional, and variables related to savi study is also intended to contribute to the existing
research gap through a better exploration of its factors.
 CHAPTER THREE
3. RESEARCH METHODOLOGY
This chapter will highlight research design and methodology which incorporates the following
subtopic such as description of the study area, research design both quantitative and qualitative
approaches which includes sources of data, population, sample size, sampling techniques, data
collection instruments, and methods of data analysis. Finally, it will discuss ethical
considerations of the study.

3.1. Research Design and Approach

The major focus of the study will description of information related to saving of rural
households by collecting cross sectional data from the study area. So, the research method uses
for the study will descriptive research design to answer research questions. This design will
prefer because it will enable the researcher to collect enough information necessary for
generalization and summarizes the essential features of data gathered from the study area.
Consequently, the quantitative research approach will employ by supplementing with the
qualitative research approach in order to answer all the basic research questions. The study will
apply both descriptive and explanatory type of research design; in order to enable to describe the state of
affairs as it will exist at the time of study period,

[Link] of Data
This study will use Both primary and secondary sources of data.

3.2.1. Primary data source

Primary data collected from manufacturing small enterprises, use of structured five point likert
scale questionnaire, interview, focus group discussion and observation.

3.2.2 Secondary data Source

The sources of secondary data will be library books, journals, newspapers on business, and
magazines on business; from this secondary source. The secondary data will be collected by
reviewing relevant documents, related journals and published and unpublished articles, different
electronic search engine such as the internet, and other published materials about the research
topic.

[Link] Size and Sampling Techniques

In this study multi-stage sampling technique will apply. In the first stage Ilubabor zone will select
purposively because there is little empirical evidence on determinants of household saving in this area
particularly in Mattu Woreda. In the second stage by taking into account time and scatter distributions
of households’ four kebele in Mattu Woreda have more or less homogenous in weather condition and
the population in the study area is more or less homogenous in terms of the activities of life, income
earning, production system and consumption. So, it will possible to apply random sampling to collect data
from the household heads. The final stage will random sampling technique will be used to select
samples from each stratum to take in to considerations. The sample from four kebeles will
determine through applying probability Proportional to Size sampling procedures

[Link] of Data Collection

To address the objectives of the study, survey questionnaires and FGD will use. Primarily, the
questions will prepare in English language and then swill translate to local languages Afan
Oromoo then the data collectors from household heads respondents.

[Link] of Data Analysis

The data will analyze, process, and interprete according to the nature of the data. Thus,Two
types of data will analysis, namely descriptive statistics and econometric analysis will be used
for analyzing the data.. This is the stage in which processed data will analyze to look for
patterns and relationship between and among data groups using Descriptive and inferential
analysis. Descriptive statistics (mean and standard deviation) and inferential statistics
(correlation) analysis will be done.
 CHAPTER FOUR: TIME AND BUDGET BREAKDOWN
4.1. TIME SCHEDULE
No Activities Jan Feb Mar Ap May June July Aug
1 Proposal preparation


Finalizing and submission


2 of proposal
3 Data collection 

Data organization and 

3 submission of first draft

4 Writing final draft 

5 Submitting final draft 

6 Defense 

4.2 Budget Break Down

No Stationeries Unit price Quantity Total price
birr cent Birr Cent
1 Paper - 1pac 1500 -
2 Pen 10 - 1pac 200 -

Other
1 Type write 5 - 35 page 105 -
2 Duplication 2 - 35page 70 -

Total 1,805.00
 REFERENCES

Abdelkhalek, T., Arestoff, F., de Freitas, N. E. M., & Mage, S. (2009). A micro econometric
analysis of households saving determinants in Morocco. The 1st GDRI DREEM Conference,
Istanbul, 21-23 May 2009.

Adeyeno R, and Bamire As. 2005. Saving and Investment patterns of Cooperative Farmers in
South Western Nigeria. Journal of Social Science, 11(3):183-192

Alma J. A. R and Richard M. (1988) ,Mumin Y. A., Razak A. and Domanban P. B., (2013).
Analysis on households-to-savewith financialheads institutions decisioninGhana

Ando, A., & Modigliani, F. (1963). The Life-Cycle Hypothesis of Saving: Aggregate
Implications and Tests. American Economic Review, 53(1), 55 84.

Aron Hailesellasie, Nigus Abera, Getnet Baye (2013). Assessment of Saving Culture among
Households in Ethiopia. Journal of Economics and Sustainable Development, Vol.4, No.15,
2013.

Aryeetey, E. (2004). Household Asset Choice among the Rural Poor in Ghana. Paper presented

at the 2004 author‟s workshop on "Unders Statistical, Social and Economic

Research, University of Ghana and Cornell University.