The contribution of SACCO services to the welfare of secondary school teachers in Kalungu District
Nantongo, Mary Beatrice
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The purpose of the study was to assess the contribution of SACCO services to the welfare of secondary school teachers in Kalungu district. The study was based on three specific objectives, that is; to establish the contribution of SACCO services to secondary school teacher's level of savings in Kalungu district, to establish the contribution of SACCO services to secondary school teacher's level of investment in Kalungu district, and to establish the contribution of SACCO services to secondary school teacher's level of consumption in Kalungu district. To achieve these objectives, the study adopted a cross-sectional survey design. Data were collected through questionnaires, face-to-face interviews, and focus group discussions. Quantitative data were analyzed using SPSS software, while the qualitative data were analyzed using thematic analysis. The findings revealed that SACCOs have greatly contributed to the welfare of secondary school teachers in Kalungu district. This was evidenced through their increased levels of savings, investments, and consumption. Conclusively, SACCO services contribute to teachers‟ level of savings. This is because SACCOs contribute much to improving the financial means of their members through the provision of different types of loans at a low interest rate. SACCO services contribute to teachers‟ level of savings through access to loans and using the acquired loans to improve the standards of living. SACCO services improve teachers‟ levels of consumption. This is done through improving their lifestyles (for example readiness to access financial services, financial support and improved social status. The following recommendations were made; (i) There is a need to lower interest rates on loans to enable more teachers to acquire them. (ii) There is a need to increase teachers‟ salaries and making saving mandatory among teachers. (iii) SACCO administrators should involve all stakeholders in the review of the service terms and the same terms should be properly communicated to all those concerned and should allow its members to withdraw their savings as needed and the minimum balance should be friendly to the members.