Factors affecting household head saving in urban areas of Uganda
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The study examines the key factors influencing household head savings in urban areas of Uganda. The study employed the binary logistic regression to analyze the collected data. Drawing on a comprehensive analysis of the existing literature and empirical research, the study identifies and explores the following factors: Gender of household head, Education level of household head, household size, source of income of household e.g., rental income, wage salary, and agriculture (maize crops), and marital status of household head. The study used the 2018 Finscope data which covered a total of 3003 households across all districts in Uganda, both rural and urban. For the purposes of this study a sample of 370 households was considered. The analysis is made at four stages. At preliminary stage, univariate stage (descriptive statistics), bivariate stage and multivariate analysis which presents the determinants of households’ saving using a binary logit model. The study revealed that household head that depended on wage employment had an association with household head saving while gender of household head, education level of household head, household size, marital status, household that depended on agriculture(food crops) and rental income were not associated with household head saving in urban areas. Considering the research findings, the study recommended provision of quality education to household head in urban areas this will improve their financial knowledge and be able to save. There is need for government intervention on the saving culture i.e., offering investment incentives, tax incentives, a conducive working environment this will encourage household head to work hard as there is reduced cost of production. This will encourage household heads to save in urban areas.