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Challenges Faced by Student Entrepreneurs in Managing Income and Savings in Higher Institutions: Evidence of Ondo State, Nigeria

Author

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  • Ojo Johnson Adelakun

Abstract

Purpose: The study "Investigating the Societal and Economic Implications of Student Entrepreneurship in Ondo State, Nigeria". Design/Methodology/Approach: It focuses on describing the socioeconomic characteristics of the respondents, determining their savings and income levels, examining their savings and investment patterns, identifying sources of capital for investment, and determining factors that affect their income, savings, and investment patterns. Data was collected using a multi-stage random sampling technique from 120 respondents and analyzed using descriptive statistics and multiple regression. Findings: The study found that the mean age of the respondents was 23 years, with an average income of N25,563.64, average savings of N13,636.36, and average investment of N34,136.36. It also identified that age, skills acquired, and income level were significant factors responsible for 30% of the observed variation in savings, while household size, skills acquired, savings level, access to loans, and money owed were responsible for 46% of the observed variations in investment. Practical Implications: The study recommends that student entrepreneurs form cooperative societies to pool resources, access credit, and increase their income, savings, and investment levels. Originality/Value: It is recommended that entrepreneurs should be encouraged to acquire more skills and undergo continuous on-the-job training to enhance their knowledge and boost their income.

Suggested Citation

  • Ojo Johnson Adelakun, 2024. "Challenges Faced by Student Entrepreneurs in Managing Income and Savings in Higher Institutions: Evidence of Ondo State, Nigeria," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 87-98.
  • Handle: RePEc:ers:ijebaa:v:xii:y:2024:i:4:p:87-98
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    More about this item

    Keywords

    Student entrepreneurs; income management; savings behavior; higher institutions; financial literacy; entrepreneurship challenges.;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General

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