Empirical Determinants of Saving Habits among Commercial Drivers in Ghana. Issue 1 (2nd January 2021)

• Record Type: Journal Article
• Authors: Sakyi, Daniel; Onyinah, Patrick Opoku; Baidoo, Samuel Tawiah; Ayesu, Enock Kojo
• Is Part Of: Journal of African business. Volume 22:Issue 1(2021)
• Page Start: 106
• Page End: 125
• Publication Date: 2021-01-02
• Subjects: Domestic savings -- commercial drivers -- financial literacy -- probit regression -- Ghana; Africa -- Commerce -- Periodicals; Africa -- Economic conditions -- Periodicals; 338.96
• DOI: 10.1080/15228916.2019.1695188
• Languages: English
• ISSNs: 1522-8916

Abstract

ABSTRACT: This study investigates the determinants of saving among individuals in the informal sector of Ghana with a focus on those engaged in commercial driving activities. The paper relies on primary data and employs descriptive analysis and the binary probit model as the estimation technique. The results reveal that commercial drivers who own the vehicle themselves, have a secondary occupation and have financial institutions close to their stations are more likely to save. In addition, the study reveals a negative relationship between age, education, financial literacy and saving. Based on these findings, relevant policy suggestions have been provided.