Volume 18, Issue 1, October 2016, Pages 252–261
Johnson Temidayo Oluwoyo1 and Onuche Enemali2
1 Department of Economics, Kogi State University, Anyigba Nigeria, Nigeria
2 Department of Economics, Kogi State University, Anyigba Nigeria, Nigeria
Original language: English
Copyright © 2016 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
The inability for the formal sectors to effectively accommodate the growing needs and demand of the teeming population necessitated the need for the informal sector It is however pertinent to note that in spite of the enormous importance the sectors plays it is still being neglected owing to the fact that it is saturated with players who lack or have inadequate formal education, requires no formal certification to start-up, no barrier to entry and questionable saving culture. Conversely, despite the negligence it has evolved thus becomes a reasonable part of the economy that cannot be overlooked. It is on this backdrop that the research seeks access the saving culture among street vendors of the Informal Sector in Kogi State, Nigeria. The study is an attempt at exposing the percentage of income save, channels of saving and reasons for saving. Primary Data was used and collected through well-structured questionnaires distributed among 300 respondents sampled using multi stage sampling techniques analysed using descriptive statistics. The findings revealed that the Street Food Vending business of the informal sector is characterised by Female gender, low literacy rate, average propensity to save is 0.36 (save only 36% of their profit) and whose major reason for saving is to meet daily life cycle needs and prefers informal saving group. The study hence recommend that Financial institutions should be indigenous in nature so as to ensure financial inclusion of the informal sectors who have no formal education to perform transaction and lack the understanding of the complexity of the convention financial institution.
Author Keywords: Saving, Street Vendors, Informal Sectors, Esusu.
Johnson Temidayo Oluwoyo1 and Onuche Enemali2
1 Department of Economics, Kogi State University, Anyigba Nigeria, Nigeria
2 Department of Economics, Kogi State University, Anyigba Nigeria, Nigeria
Original language: English
Copyright © 2016 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
The inability for the formal sectors to effectively accommodate the growing needs and demand of the teeming population necessitated the need for the informal sector It is however pertinent to note that in spite of the enormous importance the sectors plays it is still being neglected owing to the fact that it is saturated with players who lack or have inadequate formal education, requires no formal certification to start-up, no barrier to entry and questionable saving culture. Conversely, despite the negligence it has evolved thus becomes a reasonable part of the economy that cannot be overlooked. It is on this backdrop that the research seeks access the saving culture among street vendors of the Informal Sector in Kogi State, Nigeria. The study is an attempt at exposing the percentage of income save, channels of saving and reasons for saving. Primary Data was used and collected through well-structured questionnaires distributed among 300 respondents sampled using multi stage sampling techniques analysed using descriptive statistics. The findings revealed that the Street Food Vending business of the informal sector is characterised by Female gender, low literacy rate, average propensity to save is 0.36 (save only 36% of their profit) and whose major reason for saving is to meet daily life cycle needs and prefers informal saving group. The study hence recommend that Financial institutions should be indigenous in nature so as to ensure financial inclusion of the informal sectors who have no formal education to perform transaction and lack the understanding of the complexity of the convention financial institution.
Author Keywords: Saving, Street Vendors, Informal Sectors, Esusu.
How to Cite this Article
Johnson Temidayo Oluwoyo and Onuche Enemali, “An Evaluation of Saving Culture among Street Food Vendors in Informal Sector of Kogi State, Nigeria,” International Journal of Innovation and Applied Studies, vol. 18, no. 1, pp. 252–261, October 2016.
