The Role of Youth Savings and Investment Groups in Financial Independence: Evidence from Bungoma South Sub-County

@article{1706994,
      author = {Florence Wanjala, Christine Julie Nabwire},
      title = {The Role of Youth Savings and Investment Groups in Financial Independence: Evidence from Bungoma South Sub-County},
      journal = {Iconic Research And Engineering Journals},
      year = {2025},
      volume = {8},
      number = {7},
      pages = {509-516},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1706994.pdf},
      abstract = {This study examines the role of youth savings and investment groups in promoting financial independence among young people in Bungoma South Sub-County, Kenya. Using a mixed-methods approach, the research analyzed data from 300 members across 30 youth savings groups to understand their structure, impact, and operational dynamics. The study employed both quantitative and qualitative data collection methods, including structured questionnaires and key informant interviews. Findings reveal significant improvements in members' financial outcomes, including a 92% increase in average monthly savings and a 200% increase in access to emergency funds. The research also identified critical success factors such as strong leadership (80%) and clear policies (70%), alongside challenges including irregular contributions (70%) and poor record-keeping (60%). The study contributes to both theoretical understanding and practical implementation of youth financial inclusion initiatives, offering recommendations for policymakers, financial institutions, and development partners. The findings suggest that youth savings groups, when properly structured and supported, serve as effective vehicles for promoting financial independence among young people in rural areas.},
      keywords = {Youth savings groups, financial independence, Rural finance, Kenya, Financial inclusion},
      month = {January},
  }