IMPACT OF THRIFT ORGANIZATION ON ECONOMIC WELL-BEING OF INDIVIDUALS AND ORGANIZATION (Case Study Of Enugu State)
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IMPACT OF THRIFT ORGANIZATION ON ECONOMIC
WELL-BEING OF INDIVIDUALS AND ORGANIZATION (Case Study Of Enugu State)
ABSTRACT
This study was undertaken to investigate the
impacts of thrift organizations on the economic well-being of individuals and
groups in Enugu. The first step was to find out the meanings of thrift means
the habit of saving money and carefully spending it so that none is wasted.
Organization we discovered means a group of people in business. From this we
deduce that thrift organization are a group of persons who encourage people to
save money, use money carefully to avoid wasting money. Banks mortgage
institution, micro credit institutions were also studied and were found to be
thrift organization. After reviewing the opinions of those involved in the
informal thrift organizations as well as reviewing relevant literature on the
formal ones banks co-operative society, data were collected by way of
interviewing, method of data analysis and presentation, sample size and
sampling techniques, and instrument for data collection. We found that most
potent thrift organizations are the mutual assistance groups organized in towns
and villages in Enugu State. In Enugu metropolis, it was found that traders
engage in (ISUSU) to help them improve and increase the wars in their shops
some buy Cars, Motorcycles etc. we recommended that Government should encourage
people though education on radio and television on the benefits of mutual aid
assistance to enable more people join the groups.
1.1 Background of the study
What is Thrift? The Oxford Advanced Learners
Dictionary define thrifts as the habit of saving money and spending it
carefully so that none is wasted.
Encyclopedic world dictionary defines thrift as economical management,
frugality and provident on its part. Chambers 20th century dictionary define
thrift as the state of thriving, frugality, economy, prosperity, increase of
wealth gain, profitable, occupation, savings etc. from these definitions we can
deduce that thrift is about saving money and sending money carefully so that
none is waste. Thrift is thus the avoidance of waste in the use of money. If
follows therefore that thrift increase wealth. It is also concerned with the
economic management of resources. From these definitions we are faced with the
fact that thrift result in increase of wealth. Let us at this point define
organization. Chambers again defines organization variously but the one that is
relevant to this study is “a group of people who form a business club etc
together in order to achieve a particular aim. Chambers 20th century dictionary
defines organization as a body, society etc.” Encyclopedic dictionary defines
organization as a body of persons organized for some end. Combining the
definition of thrift and organizations are those business organization for the
purposes of saving money and spending money carefully without wasting
money. Since the key word in the
definition of thrift as used in this research study is saving money and
spending some without waster, we should include in our thrift organizations
that institutions that encourage individuals and group to save money. These
institutions are, for the purpose of this study, divided into informal thrift
organization and formal thrift organization, informal thrift organization. These will include the locally organized.
Contribution by groups of workers, traders, house wives etc. who agree to
contribute certain some of money which may be shared among the contributors at
the end of an agreed period of time. The Local name for this is called “ISUSU”,
Isusu can also be organization in such a manner that the group contributes
certain amount of money for which is collected by a member of the group at the
end of every month or week until all the members in the group have receive
their contributions. The amount may range from a little as N500 to as much as
N100,000 depending on the expected income of members of the group. To be
include in the informal thrift organization on the monthly and daily
contribution organization or institutions. Details of the method operation of
daily contributions shall be discussed in chapter two. Formal thrift
organizations may include the co-operative societies, micro credit institution
mortgage institutions, as well as banker.
However, the study will concentrate on the
informal thrift organizations and the co-operative society
1.1 Impact and economic well being, impact has
been defined as the powerful effect something has on somebody or something. Another
authority defined impact as influence or effect exerted by a new idea, concept
etc. yet another authority defines impact as the impulse resulting from a new
idea or theory. Strong, effect, influence etc. The phrase economic well being
is not easily defined and to recourse it taken, to as connected with trade,
industry and development of wealth of a country’s an area or society, it is
also defined as process, a business or an activity etc. Well being is simply
define as welfare and welfare is defined as the general health, happiness and
safety of a person etc. it follows from the above, that for the purpose of this
research we are investigating or studying the influence effect on thrift
organization as defined above on the trade, industry and development of wealth
and the overall effect on the happiness of individuals and groups in Enugu. The
question that should now be posed and answered is that, why the study or the
impact of thrift organization on the economic well being of individuals and
organization important at even necessary. It is to this question that we shall
direct our attention presently.
1.2 Statement of the Problem
There is no doubt that Nigeria is a rich
country or at best a potentially rich country. However, the truth is that in
spite of the nation’s wealth, majority of our country men and women are poor.
According to Karl Maier (2000), half of Nigeria’s 130 million that people live
in abject poverty and Okoloagu posits that since Karl Maier conducted his
research in the year 200, poverty levels reduce to 300%. Similarly, the limited
nations humans development index ranks Nigeria as the Fifth protest country in
the world. The fact that Nigerians are extremely poor.
However, the view of the obvious excruciating
and the apparent mobility, unwillingness of governments at all level to lift
the people from poverty, it becomes necessary for individuals and groups to take
the initiative to help members out of poverty. Apart from poverty, development
requires the mobilization of funds for small and medium scale enterprises. It
follows therefore, that for real poverty alleviation programmes since it will
provide answers to questions of how to organize individuals and groups to take
the respector destinies in their own hands. So the researchers want to examine
the impact of thrift organization.
1.3 Objectives of the Study
This study will be carried out with the
following objectives in view. (i) To investigate the existence of organization
on Enugu. (ii) To investigate the nature and activities of such thrift
organization in Enugu. (iii) To examine the level of awareness of the member of
the public of the existence of thrift organizations in Enugu. (iv) It members
of the public are aware of thrift organization whether the public, especially
the Urban, are making adequate and appropriate use of the services of such
thrift organization in Enugu (v) To examine the benefit which individuals and
groups derive for the activities of thrift organization provided above, to
investigate whether banks qualify as thrift organization in the context of the
study. (vi) To examine or determine whether Isusu and daily contribution or
monthly contribution organization and groups qualify as thrift organizations.
(vii) To determine whether co-operative societies can in described as thrift
organizations and if so, to determine the level of encouragement government at
all levels are giving to thrift organizations if any.
(vii) To suggest area of improvements in the
activities of thrift organizations and suggests ways of making more individual
aware of the benefits of membership of thrift organization to members of the
public especially the rural and urban poor in Enugu.
1.4 Significance of the study
This study is new in the sense that this is
the first time a study of the impact of thrift organization is being examined.
Perhaps there has seen so many studies on the impact of co-operative societies the
banks primary mortgage institutions, the formal thrift organization, but this
is the first time the informal thrift organization are focused on. This study
is therefore, not only highlight the activities of organizations of Isusu daily
and monthly contributions suggest ways of bringing such activities under formal
control, so as to protect members of the public especially urban and rural poor
on the benefit of organizing thrift organizations. This study will also be
useful to government and their agencies involved. The study will be useful to
non-governmental organizations involved in poverty alleviation. Students and
lecturers of higher institutions who are involved in the study extremely useful
as the report will provide answers to the questions posed by quality of
research materials of the oldest from of co-operative (Isusu), which has been
practiced in rural villages and towns by farmers, traders, market women,
workers their various offices yet no meaningful research which has been done on
the activities and impact of this form co-operatives. Finally the study will
increase the body of acknowledge and will provide materials for reference to
student and teachers in the area of thrift organization such as co-operative
societies etc. The result of this study will open a flood gate for similar
studies in the future. Since poverty and its deviating impacts is likely to
remain with us for a very long time, the study of institutions and activities
geared towards poverty alleviation, eradication or elimination are likely to be
interest or hold the attention of researcher for very long times.
1.5 Research Questions
The study will generally be guided by the
following question. (i) What are the thrift organizations? (ii) What are the
functions of thrift organization? (iii)
Are thrift organizations necessary? (iv) Have they any economic and social
relevance to people of Enugu. In other words, are they beneficial and if so how
can their activities be improved? (v) Is
poverty a problem in Enugu and if so are thrift organizations important in the
war against poverty? (vi) In what ways have individuals and groups benefited or
suffered from the activities of thrift organization? Mobilized for small and medium scale
entrepreneur against poverty. Be encouraging the masses to save and pool their
resources together. Thrift organizations as defined above will make and have
made a huge difference in the lives of rural and urban, poor. The problem is
therefore that in the face of government unwillingness or inability to come to
the aid of the poor. If is left for the poor to organize themselves, in thrift
organization through which they can save small amount of their money in order
to lift them selves from poverty by pooling their resources together to
establish micro, small and medium scale business units.
1.6 Scope of the study
The work will cover only Enugu State of
Nigeria. It will also study informal financial groups as exemplified by the
“Isusu” credit scheme. Emphasis will be placed on these group located in Enugu,
Abakaliki, Nsukka and Oji-River Local Government Areas. Ten informal financial
groups will be selected from each local government area while small scale
business entrepreneurs who will form part of the respondents will be selected
from each local government area, for the study.
All the delimitations enumerated above are
considered normal for a study of this nature in a developing country like
Nigeria, with paucity of information and data. None of them should be
considered serious as to invalidate the results.
1.7 Limitations of the study
Like any other human activity, this study has
its limitation and constraints. Due to high cost of materials and increasing
transport fares, financial resources constituted a major constraint. Time
considerations and the distance involved in collecting the primary data is
another limitation of the study. This is because the time lapse between the end
of course work and the submission of the project is greatly inadequate.
Moreover interview bias and attitude of respondents constituted a constraint on
the researcher as some respondents gave inaccurate information or failed to
return their questionnaires. Another constraint to the study is the same size.
Not all the informal financial groups in the local government areas of interest
were considered. 40 informal groups and 500 small scale business entrepreneurs
chosen for the study do not cover all the groups and people concerned in the
study.
Finally, there is a limitation on the
generation of the study because the work is a case study of the informal groups
in Enugu state. Although the limitation have been high lighted, it is import to
state that this will in no way invalidate the findings of the study.
1.8 Formulation of Hypotheses
For the purpose of this study, and in order to
give direction for the achievement of the stated specific objectives set by
study, four hypotheses were formulated. The null hypotheses each dealing with a
specific objective were formulated. The rejection of the null hypothesis
automatically means the acceptance of the alternative hypothesis. The
formulated hypotheses are: i The informal financial groups in Enugu state do
not help in the formation of savings habits among members. ii The quantum of
financial assistance to members by the groups are too small to support any
meaningful economic activities. iii Members of the informal financial groups do
not obtain credit more easily form the groups than from other financial
institutions.
iv The issue of default in the repayment of
loans granted is not a major problem for the informal groups.
1.9 Definition of Terms i. Thrift: Means
saving money and careful spending of money to avoid waste of money. ii.
Organization: In the context of this study, means individuals and groups that
are engaged in thrift business or who are likely to enjoy the benefit of
thrifting. iii. Individuals: In this context are people who save their money
with thrift organization expecting all kinds of benefits from the activities of
thrift organizations. iv. Impact: Means
in the context of this study the effect or influence which the activities of
thrift organization is like to make in the economic and social lines of
individuals and groups who are members of thrift organization.
v. Well-being: Means the manifestations in the
form of improved economic and social status of individual and groups engaged in
thrift as members and organizing etc.
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