Savings Practices of Elderly Women in Rural Areas of Uganda. A Case Study of Arua District Savings Practices of Elderly Women in Rural Areas of Uganda

Abstract

The objective of this study was to assess the savings practices of elderly women in rural areas of Uganda, specifically Arua. Therefore, it aims to find out whether education level, religious affiliation, marital status, mode of saving, source of knowledge, sector of economy, employment status, rental ownership, business ownership has a significant relationship on whether women saved up for old age. It used Primary data and collected using a questionnaire on a sample of 89 respondents from different villages in Arua. The analysis was done using frequency distribution, logistic regression and Pearson chi-square.

In the results, majority of the women didn’t save for old age (61.80%). A relatively small proportion of women attained secondary level (17.98%), majority were in the informal sector (67.42%), and majority of women were unemployed (67.42%).In the bivariate level analysis it was found out that the significant factors that influence women’s savings in rural areas were education level, employment status, sector of economy, knowledge on savings, mode of savings whose p-values were less than 0.1 In the multivariate analysis, having saved up for old age was influenced by secondary level vs no education were women who attained a secondary level of education were three times more likely to have savings compared to those of no education (OR=3.69), husband provision was also a significant factor were women whose husbands still provided for were two times more likely to have savings compared to those whose husbands did not provide (OR=2.5), prior knowledge on saving was also a significant factor were women who had prior knowledge about saving were four times more likely to have savings compared to those who had no prior knowledge on saving (OR=4.83).

The findings indicate the need to (i) promote access to education facilities for girls in rural areas of Uganda so as to enable girls’ access better education (ii) encourage workshops, seminars that will educate and equip women with prior knowledge on saving before their old age so as to they know the importance of saving for old age.

The objective of this study was to assess the savings practices of elderly women in rural areas of Uganda, specifically Arua. Therefore, it aims to find out whether education level, religious affiliation, marital status, mode of saving, source of knowledge, sector of economy, employment status, rental ownership, business ownership has a significant relationship on whether women saved up for old age. It used Primary data and collected using a questionnaire on a sample of 89 respondents from different villages in Arua. The analysis was done using frequency distribution, logistic regression and Pearson chi-square.

In the results, majority of the women didn’t save for old age (61.80%). A relatively small proportion of women attained secondary level (17.98%), majority were in the informal sector (67.42%), and majority of women were unemployed (67.42%).In the bivariate level analysis it was found out that the significant factors that influence women’s savings in rural areas were education level, employment status, sector of economy, knowledge on savings, mode of savings whose p-values were less than 0.1 In the multivariate analysis, having saved up for old age was influenced by secondary level vs no education were women who attained a secondary level of education were three times more likely to have savings compared to those of no education (OR=3.69), husband provision was also a significant factor were women whose husbands still provided for were two times more likely to have savings compared to those whose husbands did not provide (OR=2.5), prior knowledge on saving was also a significant factor were women who had prior knowledge about saving were four times more likely to have savings compared to those who had no prior knowledge on saving (OR=4.83).

The findings indicate the need to (i) promote access to education facilities for girls in rural areas of Uganda so as to enable girls’ access better education (ii) encourage workshops, seminars that will educate and equip women with prior knowledge on saving before their old age so as to they know the importance of saving for old age.