COLLECTIVE ENTREPRENEURSHIP INFLUENCE ON SAVINGS HABITS OF COOPERATIVE INVESTMENT AND CREDIT SOCIETIES LIMITED MEMBERS IN OSUN STATE, NIGERIA

Abstract

This study became necessary to establish the extent of the influence and nature of the relationship that exists between collective entrepreneurship and saving habits among members of Cooperative Investment and Credit Society Limited (CICSL) in Osun state. A multistage sampling technique was used to obtain data from 864 members of CICSL in Osun state. Data obtained were analyzed with descriptive and analytical statistics models. Results from the data analyzed were discussed, and some findings were revealed. Findings revealed that there is a side-by-side increment in the amount of money invested by the members in collective enterprises and the usage of savings facilities among cooperative members. The correlation coefficient of 0.74 implies amount invested in the collective enterprise has a positively strong relationship with how often the members use the savings facilities of CICSL. Evidence from the result also revealed that a correlation coefficient of .857 with a probability (P) value of 0.024 indicated that there is strong evidence that a positive relationship exists between collective ownership of enterprise and how often or how many times the cooperative members use savings facilities of the CICSL. As such, the policy implications are considered necessary; the cooperative should endeavour to design more flexible financial services and products that will focus on access; usage and quality of savings among members.