An investigation of the role played by the youth fund in the economic development as measured by the weekly incomes of the youth: a case study of Nyamitanga Division

Abstract

This research project intended to investigate the role played by youth fund in the economic development as measured by the weekly incomes of the youth in Nyamitanga Division. It was carried out as a step by step project until it was successfully completed. The research findings were based on a sample size of 96 which was determined using Cochran’s formula (1963) at 5% level of precision and an online survey was conducted with a designed questionnaire in kobo collect and predetermined questions. The data collected was analyzed in STATA at the univariate, bivariate and multiple regression levels and inference was made from the analysis. Following the results from the analysis, it was found that the weekly income of the youth is significantly influenced by the single, married, weekly savings. The results showed that the single earn less weekly income by 536910.1 than those who are married, divorced and widowed, (coefficient = -536910.1, p-value = 0.000) while on average, youth who are married earn less weekly income by 474275.6 than the divorced and widowed. (Coefficient = -474275.6, p-value = 0.000). It was also found out that, an increase in the weekly savings of the youth increases their weekly income by 1.3877 (coefficient = 1.3877, p-value = 0.000). Recommendations were further made basing on the research results from this study as; from the results, the youth who are single were found to have a significant influence on the weekly income thus were encouraged to remain single as this provides them with an opportunity to whip their finances into shape, build wealth and have a secure financial future. In addition, married youth were also encouraged to stay married as this offers peace of mind. Knowing that the married have a certain amount accumulated for times of their need, gives them the peace of mind and also gives their family security in case of an unfortunate event. Furthermore, the youth were encouraged to save more as this helps protect them in the event of a financial emergency. Saving money can help them pay for large purchases, avoid debt, reduce on their financial stress, leave a financial legacy and provide them with a great sense of financial freedom.