| dc.description.abstract | This study was designed to assess the consumption of saving plans for child education among parents. Therefore, it aims at finding out whether age, marital status, income level, level of education, level of employment and number of children have a significant relationship with saving for child education. A questionnaire designed in google form aided in obtaining the data, Microsoft excel was used to clean the data and STATA was used to analyze the data. A total of 106 respondents took part in the study and analysis was done using frequency distributions, Pearson chi-square and Logistic regression.
In the results, those who do not save for education were fewer (20.75%) than those who save for education (79.25%). Over three quarters of the respondents did not have an education cover (85.85%). And half of the respondents would choose to save with insurance (50%) while half would not choose to save with insurance (50%). In the bivariate analysis the following variables were significant in determining whether parents save for child education; age, marital status, having other husbands, level of education, level of income, and having an education cover.
In the multivariate analysis, parents who were below 25 were 93% less likely to save for their children’s education compared to parents who were between the ages 25 – 30 (p<0.05). Parents who were separated were 92.25% less likely to save for child education than parents who were cohabiting (p<0.05). Also, parents who were single were 84.5% less likely to save for their children’s education compared to parents who were cohabiting (p<0.05) and parents having other husbands were 93.75% less likely to save for child education than parents without other husbands (p<0.05).
The study recommendations that were suggested included; the need for insurance companies to sensitize parents about the importance of saving plans and also the need to design saving plans that are affordable by low-income earners. | en_US |
