The impact of the COVID-19 pandemic on the level of savings of students in Makerere University. A case study of Third-Year BsQE AND BStat students
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This study seeks to examine the impact of the covid-19 pandemic on the level of savings of students in Makerere University, particularly students pursuing BSTAT and BsQE. The study was carried out between March 2021 to December 2021. The research design adopted was the cross-sectional design in that students were interviewed once and the researcher did not perform a follow-up on the participants. A questionnaire was sent electronically using google forms to obtain the data regarding the level of allowances, financial literacy, parental socialization in savings, age, sex and academic course offered. The collected data were first processed, cleaned using Microsoft Excel 2019 and later, it was imported to Stata version 15.0 for analysis. Under the univariate analysis, a total of 150 respondents participated in the study, with 74 males (49.33%) and 76 females (50.67%) taking part. Out of the participants, 6 participants (4.0%) were aged less than 20, 82 participants (54.67%) were aged between 21 to 22, and 62 participants (41.33%) were aged 23 and above. Under the bivariate analysis, the independent variables Academic course offered, Age and Parental socialization in savings had a relatively significant effect on the difference in means of allowances. From the multivariate analysis, the difference in means of allowances before and during the covid-19 pandemic was explained by financial literacy and the academic course offered (with P=0.043, P=0.036 respectively). Although there was an emergence of the Covid-19 pandemic, students who had financial literacy about their expenditure and BsQE students had a higher difference in means of allowances before and during the covid-19 pandemic. From this study, the research paper recommended that there should be an improvement in the sensitization of the students about the significance of saving. Also, students are encouraged to join SACCOS, savings clubs and minimize expenditure on unnecessary commodities as well as services.