Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia

Birhan Ambachew Taye; Aychew Kassa Belete; Bantie Getnet Yirsaw

doi:doi:10.11648/j.ijber.20241302.12

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Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia

Birhan Ambachew Taye^*

, Aychew Kassa Belete

, Bantie Getnet Yirsaw

Published in International Journal of Business and Economics Research (Volume 13, Issue 2)

Received: 9 April 2024 Accepted: 22 April 2024 Published: 17 May 2024

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Abstract

Introduction: Saving behaviour is a critical aspect of financial planning, where individuals defer present consumption to enhance their quality of life and meet future needs. The study aims to gain a comprehensive understanding of their financial behaviours, identify the factors that influence their financial decision-making, and compare the financial behaviours among different groups of academic employees. Methods: Employing a quantitative research approach, this study utilizes a structured questionnaire to gather data from academic employees. The questionnaire evaluates variables such as income level, education, job security, and financial goals to examine their impact on saving behaviours and financial readiness. Binary logistic regression analysis is employed to assess the influence of each factor on the dependent variable. Results: The findings indicate that a majority (83.3%) of academic employees have not previously saved, while a minority (16.7%) have managed to accumulate some savings. Statistical analyses, including chi-square tests, demonstrate significant associations between saving habits and variables such as gender, age, marital status, monthly expenses, and housing. The binary logistic regression analysis further highlights the significance of factors such as gender, age, education level, expenses, housing, additional income, and participation in savings groups in shaping employees' saving behaviours. Conclusion: This study contributes to the understanding of Ethiopian savings practices and personal finance by examining and comparing saving behaviours and financial preparedness across different academic institutions. It provides insights into the factors influencing financial decision-making and proposes strategies for enhancing financial literacy.

Published in	International Journal of Business and Economics Research (Volume 13, Issue 2)
DOI	10.11648/j.ijber.20241302.12
Page(s)	36-45
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Saving Habits, Financial Preparedness, Academic Employees, Ethiopia, Logistic Regression

References

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APA Style

Taye, B. A., Belete, A. K., Yirsaw, B. G. (2024). Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia. International Journal of Business and Economics Research, 13(2), 36-45. https://doi.org/10.11648/j.ijber.20241302.12

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ACS Style

Taye, B. A.; Belete, A. K.; Yirsaw, B. G. Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia. Int. J. Bus. Econ. Res. 2024, 13(2), 36-45. doi: 10.11648/j.ijber.20241302.12

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AMA Style

Taye BA, Belete AK, Yirsaw BG. Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia. Int J Bus Econ Res. 2024;13(2):36-45. doi: 10.11648/j.ijber.20241302.12

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@article{10.11648/j.ijber.20241302.12,
  author = {Birhan Ambachew Taye and Aychew Kassa Belete and Bantie Getnet Yirsaw},
  title = {Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia
},
  journal = {International Journal of Business and Economics Research},
  volume = {13},
  number = {2},
  pages = {36-45},
  doi = {10.11648/j.ijber.20241302.12},
  url = {https://doi.org/10.11648/j.ijber.20241302.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20241302.12},
  abstract = {Introduction: Saving behaviour is a critical aspect of financial planning, where individuals defer present consumption to enhance their quality of life and meet future needs. The study aims to gain a comprehensive understanding of their financial behaviours, identify the factors that influence their financial decision-making, and compare the financial behaviours among different groups of academic employees. Methods: Employing a quantitative research approach, this study utilizes a structured questionnaire to gather data from academic employees. The questionnaire evaluates variables such as income level, education, job security, and financial goals to examine their impact on saving behaviours and financial readiness. Binary logistic regression analysis is employed to assess the influence of each factor on the dependent variable. Results: The findings indicate that a majority (83.3%) of academic employees have not previously saved, while a minority (16.7%) have managed to accumulate some savings. Statistical analyses, including chi-square tests, demonstrate significant associations between saving habits and variables such as gender, age, marital status, monthly expenses, and housing. The binary logistic regression analysis further highlights the significance of factors such as gender, age, education level, expenses, housing, additional income, and participation in savings groups in shaping employees' saving behaviours. Conclusion: This study contributes to the understanding of Ethiopian savings practices and personal finance by examining and comparing saving behaviours and financial preparedness across different academic institutions. It provides insights into the factors influencing financial decision-making and proposes strategies for enhancing financial literacy.
},
 year = {2024}
}

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TY  - JOUR
T1  - Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia

AU  - Birhan Ambachew Taye
AU  - Aychew Kassa Belete
AU  - Bantie Getnet Yirsaw
Y1  - 2024/05/17
PY  - 2024
N1  - https://doi.org/10.11648/j.ijber.20241302.12
DO  - 10.11648/j.ijber.20241302.12
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 36
EP  - 45
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20241302.12
AB  - Introduction: Saving behaviour is a critical aspect of financial planning, where individuals defer present consumption to enhance their quality of life and meet future needs. The study aims to gain a comprehensive understanding of their financial behaviours, identify the factors that influence their financial decision-making, and compare the financial behaviours among different groups of academic employees. Methods: Employing a quantitative research approach, this study utilizes a structured questionnaire to gather data from academic employees. The questionnaire evaluates variables such as income level, education, job security, and financial goals to examine their impact on saving behaviours and financial readiness. Binary logistic regression analysis is employed to assess the influence of each factor on the dependent variable. Results: The findings indicate that a majority (83.3%) of academic employees have not previously saved, while a minority (16.7%) have managed to accumulate some savings. Statistical analyses, including chi-square tests, demonstrate significant associations between saving habits and variables such as gender, age, marital status, monthly expenses, and housing. The binary logistic regression analysis further highlights the significance of factors such as gender, age, education level, expenses, housing, additional income, and participation in savings groups in shaping employees' saving behaviours. Conclusion: This study contributes to the understanding of Ethiopian savings practices and personal finance by examining and comparing saving behaviours and financial preparedness across different academic institutions. It provides insights into the factors influencing financial decision-making and proposes strategies for enhancing financial literacy.

VL  - 13
IS  - 2
ER  -

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Author Information

Birhan Ambachew Taye

Department of Statistics, Woldia University, Woldia, Ethiopia

Contact Email

http://orcid.org/0000-0002-2789-9963
Aychew Kassa Belete

Department of Sports Science, Woldia University, Woldia, Ethiopia

http://orcid.org/0009-0006-5195-5255
Bantie Getnet Yirsaw

Department of Epidemiology and Biostatistics, University of Gondar, Gondar, Ethiopia

http://orcid.org/0000-0002-0685-2218

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APA Style

Taye, B. A., Belete, A. K., Yirsaw, B. G. (2024). Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia. International Journal of Business and Economics Research, 13(2), 36-45. https://doi.org/10.11648/j.ijber.20241302.12

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ACS Style

Taye, B. A.; Belete, A. K.; Yirsaw, B. G. Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia. Int. J. Bus. Econ. Res. 2024, 13(2), 36-45. doi: 10.11648/j.ijber.20241302.12

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AMA Style

Taye BA, Belete AK, Yirsaw BG. Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia. Int J Bus Econ Res. 2024;13(2):36-45. doi: 10.11648/j.ijber.20241302.12

Copy | Download

@article{10.11648/j.ijber.20241302.12,
  author = {Birhan Ambachew Taye and Aychew Kassa Belete and Bantie Getnet Yirsaw},
  title = {Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia
},
  journal = {International Journal of Business and Economics Research},
  volume = {13},
  number = {2},
  pages = {36-45},
  doi = {10.11648/j.ijber.20241302.12},
  url = {https://doi.org/10.11648/j.ijber.20241302.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20241302.12},
  abstract = {Introduction: Saving behaviour is a critical aspect of financial planning, where individuals defer present consumption to enhance their quality of life and meet future needs. The study aims to gain a comprehensive understanding of their financial behaviours, identify the factors that influence their financial decision-making, and compare the financial behaviours among different groups of academic employees. Methods: Employing a quantitative research approach, this study utilizes a structured questionnaire to gather data from academic employees. The questionnaire evaluates variables such as income level, education, job security, and financial goals to examine their impact on saving behaviours and financial readiness. Binary logistic regression analysis is employed to assess the influence of each factor on the dependent variable. Results: The findings indicate that a majority (83.3%) of academic employees have not previously saved, while a minority (16.7%) have managed to accumulate some savings. Statistical analyses, including chi-square tests, demonstrate significant associations between saving habits and variables such as gender, age, marital status, monthly expenses, and housing. The binary logistic regression analysis further highlights the significance of factors such as gender, age, education level, expenses, housing, additional income, and participation in savings groups in shaping employees' saving behaviours. Conclusion: This study contributes to the understanding of Ethiopian savings practices and personal finance by examining and comparing saving behaviours and financial preparedness across different academic institutions. It provides insights into the factors influencing financial decision-making and proposes strategies for enhancing financial literacy.
},
 year = {2024}
}

Copy | Download

TY  - JOUR
T1  - Examining the Impact of Socioeconomic Factors on Academic Staff Saving Behaviors and Financial Readiness in North Wollo Zone, Amhara, Ethiopia

AU  - Birhan Ambachew Taye
AU  - Aychew Kassa Belete
AU  - Bantie Getnet Yirsaw
Y1  - 2024/05/17
PY  - 2024
N1  - https://doi.org/10.11648/j.ijber.20241302.12
DO  - 10.11648/j.ijber.20241302.12
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 36
EP  - 45
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20241302.12
AB  - Introduction: Saving behaviour is a critical aspect of financial planning, where individuals defer present consumption to enhance their quality of life and meet future needs. The study aims to gain a comprehensive understanding of their financial behaviours, identify the factors that influence their financial decision-making, and compare the financial behaviours among different groups of academic employees. Methods: Employing a quantitative research approach, this study utilizes a structured questionnaire to gather data from academic employees. The questionnaire evaluates variables such as income level, education, job security, and financial goals to examine their impact on saving behaviours and financial readiness. Binary logistic regression analysis is employed to assess the influence of each factor on the dependent variable. Results: The findings indicate that a majority (83.3%) of academic employees have not previously saved, while a minority (16.7%) have managed to accumulate some savings. Statistical analyses, including chi-square tests, demonstrate significant associations between saving habits and variables such as gender, age, marital status, monthly expenses, and housing. The binary logistic regression analysis further highlights the significance of factors such as gender, age, education level, expenses, housing, additional income, and participation in savings groups in shaping employees' saving behaviours. Conclusion: This study contributes to the understanding of Ethiopian savings practices and personal finance by examining and comparing saving behaviours and financial preparedness across different academic institutions. It provides insights into the factors influencing financial decision-making and proposes strategies for enhancing financial literacy.

VL  - 13
IS  - 2
ER  -

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