INFLUENCE OF SOCIO-DEMOGRAPHIC FACTORS ON THE SAVINGS BEHAVIOUR OF LECTURERS IN COLLEGES OF EDUCATION, BAUCHI STATE, NIGERIA

Abstract

The study investigated the influence of socio-demographic factors on the savings behaviour of lecturers in colleges of education in Bauchi State, Nigeria. One objective, one research question and one hypothesis were formulated to guide the study. Survey research design was adopted for the study. The population of the study was made up of all 1.070 lecturers from the three government accredited Colleges of Education. The sample size of the study was 82 respondents drawn from the three colleges. A self-structured questionnaire was used for data collection. The instrument was validated by three experts. The reliability of the instrument was found to be 0.99. The data collected were analysed using descriptive statistics of mean and standard deviation, for answering the research questions and inferential statistics of ANOVA, for testing the hypothesis at 0.05 level of significance. A mean score of 3.50 and above was used as the benchmark for effecting decision. The study found that socio-demographic factors which included income level, marital status, family responsibilities, educational background, age and gender roles significantly influenced the savings behaviour of lecturers in Colleges of Education in Bauchi State. The ANOVA result showed that there was a significant difference in the mean scores of lecturers regarding the socio-demographic factors that influenced their savings behaviour across the three colleges. This demonstrated that lecturers in the three institutions experienced the influence of socio-demographic factors differently, likely due to variations in institutional and personal circumstances. The study concluded that socio-demographic factors significantly influenced the savings behaviour of the lecturers in the three colleges. Based on the findings, the study recommended that Colleges of Education in Bauchi State should develop targeted financial support programmes that consider the unique socio-demographic needs of their lecturers, such as structured savings schemes, financial planning workshops and welfare initiatives. so as to reduce financial pressure.