Determinants of Personal Saving Levels in South Sudan: Evidence from Selected Areas of Juba City
Mading, Samuel Maker
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The purpose of this study was to establish the determinants of personal saving levels in South Sudan: evidence from selected areas of Munuki Block in Juba City. The objectives of the study included to examine the demographic factors that influence the personal saving levels; to identify the personality aspects or traits that influence the personal saving levels; to establish the economic situations that influence the personal saving levels; and to assess the relationship between the demographic factors, personality aspects/traits, economic situations and personal saving levels. The study employed cross sectional research design and both quantitative and qualitative research approaches were used. Both primary and secondary data sources were used for the study. A survey was conducted by administering questionnaires to 181 respondents. Questionnaires were used in gathering primary data and the secondary data sources included journals, internet, textbooks and newspapers. Statistical package for social sciences (SPSS) was used for data analysis. Frequencies, descriptive, Pearson’s correlation and regression analyses were used to establish the influence and relationship between the study variables. Specifically, the results of the study showed that all the dimensions of demographic factors, personality aspects and economic situations had different effects on some forms of personal saving levels.The study concluded that level of education, level of income, and aggregate economic situations had significant positive relationship with aggregate personal savings while aggregate personality aspects and interest rates had non-significant positive relationship with aggregate personal saving levels in the selected areas of Munuki Block in Juba City, South Sudan. The researcher mainly recommended that government and financial institutions should provide favorable environment for savers by curbing inflation, setting up saving schemes, providing financial trainings, increasing interest rates for the savers to earn more interest on their saved capital. Individuals should involve in income generating activities such as business, agriculture and well-paying jobs so as to increase their earnings and create a better room for savings,avoid impulsive shopping and reduce on the levels of consumption of expensive goods and services, stick to the monthly saving routine, monitor and assess their savings, budgets and make sure that savings are always at the optimal levels.Furthermore, future research could use the same or other data collection methods so as to obtain more objective data to establish whether similar results could be obtained.