FACTORS AFFECTING TABLE BANKING ON INVESTMENT AMONG WOMEN IN MOMBASA COUNTY
Abstract
The study sought to investigate the role played by table banking in promoting economic empowerment of women in Kenya through investment and in particular women in the Mombasa County. The specific objectives were to determine the effects of financial literacy on table banking investment decisions among women in Mombasa County, evaluate the effects of cost of finance on table banking investment decisions among women in Mombasa County, establish the effects of expected returns on table banking investment decisions among women in Mombasa County and assess the effects of business status on table banking investment decisions among women in Mombasa County. The study used Social Cognitive Theory, The Pecking Order Theory and Prospect Theory. The study used descriptive research design. The target population was 206 Table Banking Groups in Mombasa County. This study used stratified method to put the entire population into two strata. The strata comprised of members from the Women Groups who were engaged in table banking. The sample size of the study was made up of 179 respondents in the 6 constituencies in Mombasa County. Pilot study was conducted and the piloted questionnaires were subjected to a sample of 18 (10% * 179) staff members that were not included in the study. The pilot data was not included in the actual study. A self-administered semi-structured questionnaire was administered to the members of the group where 85% response rate was achieved. The data from the study was analyzed qualitatively and quantitatively using tables with the aid of Statistical Package for Social Sciences (SPSS) version 24. Bivariate – ANOVA statistical data analytical technique was used. A regression model to establish the relationship between the independent and dependent variables was also generated. The findings of the study indicated that financial literacy affects investment choices of individuals. Financial literacy skills enable individuals to navigate the financial world, make informed decisions about their money and minimize their chances of being misled on financial matters. The study recommended that table banking leaders should look for financial experts who will be able to take members through financial literacy training programs as this will not only be beneficial to their personal lives but also better position in managing their funds and be in a position to convince other people to join the groups.
Key terms: Access to Capital,Business Status, Cost of Finance,Expected Return, Financial Literacy, Investment, Investment Decisions, Returns on investment, Table banking
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DOI: http://dx.doi.org/10.61426/sjbcm.v5i2.674
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