Influence of socio-cultural factors on households savings among Maasai Community in Transmara District, Narok County

Abstract

This study sought to determine the influence of social cultural factors on household savings among Maasai community in Transmara District, Narok County. In economic theory, saving is required for investment to take place, and the investment is required to achieve economic growth. Hence, high savings means high investment, which results to high economic growth rate. Understanding savings in rural settings is critical as it helps rural dwellers to manage their financial resources. The study therefore sought to achieve the following objectives: To establish the influence of education on savings, to determine the influence of gender on savings, to examine the influence of individual attitudes on savings and finally to determine the influence of household sizes on savings among Maasai community in Transmara District.

The study sought to answer the following questions; how does the individual level of education influences savings, how does the gender influences savings, how does the individual attitude influences savings and finally how the household size influences savings. It is hoped that this study was useful to policy makers in government, non-governmental institutions, and scholars. The study reviewed related literature on the concepts of savings, important of savings and forms of savings. The influence of education, gender, attitude and household size on savings was also critically discussed. The study employed descriptive survey research design. The target population was 50923 households which covered entire Transmara District.

Stratified sampling was used to select the sample which was stratified into 5 strata's. A sample of 381 respondents was selected using random sampling as per Krejcie, R.Vand Morgan D.W Table (1970). The data was then collected through administration of questionnaires. Validity and reliability was tested using pretest and re-test method. After the data was collected the statistical Packages for social sciences was used to analyze and present the data. According to the findings education plays a big role in influencing household savings. Gender also influences household savings; individual 'attitude also determines household savings and the household size determine the level of household savings.

The study recommended the need for promoting education if reasonable household savings is to be achieved; it also recommended the affirmative action to ensure gender balances in development and also need to empowering people on important of savings in order to change their attitudes together with educating them on the need for maintaining reasonable number of children. The study finally recommends further studies on influence of social economic factors on savings and influence of socio and economic factors on investments which are not covered in the study.