The role of demographic and attitudinal influences on the financial saving behaviour of employed adults in Botswana

Abstract

The objective of this study is to investigate the influence of demographic and attitudinal factors on the financial saving behaviour in Botswana. A structured questionnaire was administered to 998 employed adults at their work places in four towns/cities. The results revealed that financial saving behaviour was influenced by one s income, age, marital status, education, family size, financial risk, and time horizon. A typical saver was found to be a middle-income earner, who was highly educated, living with few children, and willing to take substantial financial risk. This individual used ordinary savings account for the long term. Interestingly, economic conditions and cultural practices emerged as key environmental barriers for saving. While cultural practices were not influenced by demographic and attitudinal factors, economic conditions and marketing related factors were. The findings of the study have practical implications for policy makers and financial institutions.