Motive for Saving: A Survey of why People Save

Abstract

The aim of the paper is to contribute to the body of knowledge that exists in the area of savings by examining household saving behaviour and the reasons of saving in Sunyani Township. A sample of 185 respondents selected using convenient sample method was used. Primary data was collected using self designed questionnaire, administered at the work places and places of residence. Results indicated that respondents have good saving behaviours and save for various reasons with the three most important reasons been saving for business, old age and for peaceful mind. Policies to induce savings should focus on demographic and social variables.