Determinants of savings frequency among tomato farmers in Ghana

Figures & data

Table 1. Distribution of conscious effort to save among respondents

Conscious effort to save	N	%
Make conscious effort to save	496	88
Do not make conscious effort to save	66	12
Total	562	100

Source: Field Survey, 2018

Table 2. Ranking of motives for non-saving

MOTIVES FOR NON-SAVING	MEAN	RANK
Income too small	6.151515	1
Too many financial commitments	5.166667	2
Recurring emergencies like sicknesses etc.	4.818182	3
I have a very busy schedule	3.378788	4
No convenient place to save	3.08	5
You cannot deposit small amounts	2.76	6
Inconvenient hours of opening and closing of financial institution	2.651515	7
Number of observations (N)		66
Kendall’s W		0.402203857
Chi-square		159.2727273
Df.		6
Asymptotic significance		0.00000

Source: Field Survey, 2021

Table 3. Ranking of motives for saving

MOTIVES FOR SAVING	MEAN	RANK
To take care of future consumption	11.06855	1
To serve as insurance against emergencies	9.737903	2
To raise capital for investment	9.582661	3
To raise capital for expanding my business	9.913306	4
Social security	8.945565	5
Meet basic household needs	8.949597	6
To start a business	7.653226	7
To control expenditure	7.381048	8
Financial freedom	2.453629	9
Safe custody of wealth	3.419355	10
To buy an expensive item	4.177419	11
Social reasons (Weddings, bride price etc.)	4.096774	12
To pay back loan	3.620968	13
Number of observations (N)		496
Kendall’s W		0.597081285
Chi-square		3553.827809
Df.		12
Asymptotic significance		0.00000

Source: Field Survey, 2021

Table 4. Distribution of respondents’ frequency of savings

Frequency of Savings	FREQ	%
Weekly	58	12
Monthly	139	28
Seasonally	299	60
TOTAL	496	100

Source: Field Survey, 2018

Table 5. Distribution of respondents’ average amount saved per period

Average Amount saved per given period (GH¢)	Ashanti Region (N=116		Brong Ahafo Region (N=223)		Upper East Region (N=157)		All households (N=496)
	N	%	N	%	N	%	N	%
<= 500	74	63.8	135	60.5	151	96.2	360	72.6
501–1000	16	13.8	59	26.5	6	3.8	81	16.3
1001–1500	25	21.6	29	13.0	0	0.0	54	10.9
>1501	1	0.8	0	0.0	0	0.0	1	0.2
TOTAL	116	100.0	223	100.0	157	100.0	496	100.0

Source: Field Survey, 2021

Table 6. Model fitting information

Model	2 Log Likelihood	Chi-Square	df	Sig.
Intercept Only	898.907
Final	605.557	293.350	8	.000

Source: Field Survey, 2018

Table 7. Likelihood ratio tests

Effect	-2 Log Likelihood of Reduced Model	Chi-Square	Df	Sig.
Intercept	605.557	0.000	0
Respondents’ total income (Income)	613.628	8.070	2	.018
Number of years of education (Yrsedu)	622.974	17.417	2	.000
Average amount saved per period (Aveamt)	664.852	59.294	2	.000
Engagement in non-farm income generating activities (Non-farm)	720.868	115.311	2	.000

Source: Field Survey, 2021

Table 8. Parameter estimates of the results of frequency of saving

FREQUENCY OF SAVINGS^a		Coefficient (B)	Std. Error	Wald	df	P-value	Exp(B)	95% Confidence Interval for Exp(B)
								Lower Bound	Upper Bound
WEEKLY	Intercept	−4.825	1.202	16.110	1	.000
	Income	.000	.000	4.656	1	.031**	1.000	1.000	1.001
	Education	.064	.036	3.182	1	.074**	1.066	.994	1.144
	Amount saved	−.005	.001	26.859	1	.000***	.995	.993	.997
	[Engagement=1]	3.592	1.027	12.228	1	.000***	36.312	4.849	271.917
	[Engagement=2]	0^b			0
MONTHLY	Intercept	−5.838	1.148	25.861	1	.000
	Income	.000	.000	6.577	1	.010**	1.000	1.000	1.001
	Education	.116	.029	15.675	1	.000***	1.123	1.060	1.190
	Amount saved	−.003	.001	28.633	1	.000***	.997	.996	.998
	[Engagement=1]	4.749	1.019	21.723	1	.000***	115.433	15.670	850.336
	[Engagement=2]	0^b			0

a. The reference category is: SEASONALLY. b. This parameter is set to zero because it is redundant.***significant at 1%, **significant at 5%, *significant at 10%