dc.description.abstract |
Financial literacy empowers SACCOs members 10 make informed financial decisions, including
investment choices regarding SACCOs products and services. This study aimed to assess financial
literacy and members ' investment decisions: case of Muungano Kikavu Chini saving and credit
cooperative society in Hai District, Kilimanjaro, Tanzania. It determined [he level of financial literacy
among members, factors influencing members investment decisions and examined the effect of
financial literacy elements on Muungano Kikavu Chini SACCOs members investment decisions. The
study employed a cross-sectional research design. Purposive and simple random sampling were used
to select 220 respondents. Primary and secondary data were collected by using structured interview
and survey questionnaires. The findings show that most of Muungano Kikavu Chini SACCOs members
had a high level of financial literacy. Also, cross tabulation result shows that Muungano Kikavu Chini
SACCOs members aged between 39 to 48, female, married status, members with secondary education
level, members with 6 to 10 years SACCOs membership and members who conducting agriculture
activities had high level of financial result. Furthermore, the findings show that major factors
influencing investment decisions among SACCOs members are age, location, expected profit and
male. Financial knowledge and financial behaviour have positive and significant effects on Muungano
Kikavu Chini SACCOs members' investment decisions. Therefore, the study recommends that
Muungano Kikavu Chini SACCOs should continue to play a role in improving the financial literacy of
their members by offering financial education programmes, providing one-on-one financial
counselling, and developing educational materials on financial topics in order to help their members
to make informed investment decisions. Furthermore, Muungano Kikavu Chini SACCOs management
should continue to focus on improving financial knowledge of their members in order to increase their
investment in share, deposits, savings, loan and SACCOS projects. This can be done through financial
literacy programmes, workshops, and seminars. Likewise, Muungano Kikavu Chini SACCOs can also
use the finding that financial behaviour is statistically significant to develop targeted marketing and
outreach campaigns. SACCOs could also target members who have poor financial behaviour with
educational resources and counselling services to help them improve their financial behaviour. |
en_US |