Analysis of Socio-Economic Factors Affecting the Saving and Investment Habits of Local Government Employees in Nasarawa State

Abstract

Saving is very important and is responsible for preventing any emergency met by the individuals or the households or any other users, as well as essential for capital formation of any Economy. Savings is referred to as the amount of money which we keep aside from our income. Saving is a significant macroeconomic variable which is studied under the economic scenario of   any individual as well as household. This study seeks to empirically explore the socioeconomic factors affecting savings habits of local government employees in Nasarawa state. For analyzing the effect, a questionnaire was prepared to study the impact of income, family Size etc. The sample selected involved 395 Respondents. The results revealed that, most of the respondents saved money, and saving is one of the key qualities of a successful entrepreneur. The study established that savings and investment habits are significantly affected by income, household size, age and financial wellbeing. On the other hand, educational level, spouse spending habit, availability of credit facility, inflation and societal norms has no significant effect on savings and investment habits of the respondents.