Abstract

Finance is of prime challenge to the growth of income in both agriculture and non-agriculture sectors where most low income households find themselves. Low savings or near absence of it has resulted into insufficient financing of agricultural production as well as scrawny exploitation of economic opportunities. Thus, the study of the socio-economic characteristics and saving culture among cooperative members in Ijebu Division, Ogun State. Mobilization of savings is indispensable if any society is toadvance into self-sustaining economic growth. Multistage random sampling technique was used to select 120 respondents from a population of 4,836 members of cooperative societies in the Local Government Areas in Ijebu Division, Ogun State, Nigeria. Both descriptive and inferential statistical tools were adopted in analysing collected data. Result showed that age, household size, environment and conduct of respondents had positively affected their savings pattern in that it increases their savings and aid their access to credit. Hence, for cooperative societies to improve their savings pattern and finance of their members, they have to work on the interest rate, credit accessibility, withdrawal restrictions, monthly savings target of members and equally give financial education to their members.

Key Words: Cooperatives, Finance, Savings, Interest rate and credit accessibility