hadiza project
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ANALYSIS OF INVESTMENTS BY WORKERS: A STUDY OF ABU
CONGO CAMPUS
CHAPTERONE: INTRODUCTION
1.1 BACKGROUNDOFTHESTUDY
Investment can be viewed from two perspectives. Deposit of savings
in bank accounts or used for payment of premiums of a life policy also
called money investments. The other perspective is the purchase of previous
metals or land with the hope selling in the future. Investment can be seen as
the acquiring of new assets like plants, equipment and machinery, which
provides the means of production of goods and services.
The importance of investment to national development and to the
investing individual cannot be overemphasized. It is when people invest into
profitable ventures such as manufacturing, that there will be increase in
goods and services leading to high gross domestic product (GDP). And it
will bring about job opportunities thereby increasing per capita income. In
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addition, it helps in human resources development, which contribution to
national economic growth and development is very vital.
Institutions and individuals alike invest at one or the other. Institutions
invest to increase the earnings of its shareholders. James (2004) identified
some basic factors to be considered before decision to invest is made. They
are: the generation of investment proposals; estimation of cash flows for the
proposals; evaluation of cash flows; selection of projects based on
acceptance criterion; and finally, continual re-evaluation of investment
projects after their acceptance. These factors can also be said to be the
generally accepted factors that affect decisions to take a project by a
business firm.
On the other hand, individuals when making a decision to invest have
factors to consider. They include, among others, marketability of the
business; tax status and size of investment units or denomination. Other
factors include age of the worker, that is, older peoples attitude towards
investment is different from the younger people; level of income and family
size. These are the general factors that influence peoples choice to invest.
However, this study is set out to know those factors that affect individual
workers decisions to invest in Nigeria. In this vein, we shall try to see
whether the general factors applicable in developed countries really affect
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Nigerian workers and to what extent. This shall be done by paying closer
attention to the earning of the workers most especially seeing that they have
a stable and regular flow of income (salary). The major assumption here is
that level of income is determined by the grade level of the worker.
1.2 STATEMENTOFTHEPROBLEM
In developed economics, like USA, Britain and Canada there is a
considerable interest in investment behaviour of individuals on the part of
business strategists, public officials and ordinary people. This is especially
true where the growth of mutual funds and self-directed retirement accounts
in the past few decades have transformed the assets holdings of millions of
middle-class individuals.
This is somehow far from what obtainable in Nigeria, most especially
among workers. Workers are paid salary at the end of every month. The
income level depends on period of service, level of education and unit or
place of work among others. Some of these workers are observed to invest a
considerable portion of their salary and they tend to live better as well as
suffer little or nothing even after retirement from active service. Another set
of workers are also observed not to invest any part of their income. These
are those workers who are said to live from hand to mouth. They suffer after
retirement.
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The question one may pose is what exactly is responsible for what is
obtainable in Nigeria (to workers) as opposed to in other countries? What
really motivate some workers to invest and others not to invest, can it be that
there is enough capital or not to invest, or there is awareness or no awareness
on part of the workers of the benefits inherent in investment, or are there
other factors that really affect workers investment decision?.
1.3 OBJECTIVESOFTHESTUDY
The following are the objectives of this research.
1. To find out the factors affecting workers investment decision inA.B.U. Congo campus,Zaria.
2. To find ways of encouraging workers to invest part of theirmonthly/annual income.
3. To find out various investments undertaken by workers of Congocampus.
1.4 STATEMENTOFHYPOTHESIS
In carrying out this research, two hypotheses shall be stated:
Hypothesisone
Ho: salary does not affect workers decision to invest.
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H1: salary affects workers decision to invest.
Hypothesistwo
Ho: Number of dependents does not affect workers decision to invest.
H1: Number of dependents affects workers decision to invest.
1.5 SCOPEOFTHESTUDY
The study will concentrate mainly on the factors influencing ABU
Congo individual workers investment decision, paying close attention to
their incomes (salaries). The period 2006 to 2010 was chosen because this is
a period in which workers salaries have been increased significantly and it
will be rational to study their investment decision in this period.
1.6 SIGNIFICANCEOFTHESTUDY
One of the major beneficiaries of this research work will be the
corporate entities, as the findings of this study will give them a guide to what
to do to attract investors and who should be their targets, for example if age
has influence on investment decision, then they will know which age group
to target most and if salary has affect on investment decision they will target
mostly those on higher salary scale
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Researchers wishing to write on this topic in a larger scope will find
this work a useful reference, while others researchers writing on related
topics will also find it useful.
Also, the government will appreciate the findings of this study as it
will help in devising ways of inculcating means of encouraging workers to
invest. The findings will help government officials in recommending ways
of helping workers save for rainy days. In addition, workers will find the
study very useful as those workers who currently invest will appreciate the
recommendation on how to invest further while those who do not invest will
see the benefits inherent in investing and as such be motivated to start
investing.
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CHAPTERTWO
LITERATURE REVIEW
2.1 INTRODUCTION
This chapter is concerned with looking at the literature on investment
decision. In doing this, we shall look at different scholars perspectives on
the concept of investment, studies on investment behaviour, types of
investment, and risk associated with investment, also, the chapter will
discuss major constraints to investment choices faced by individuals.
2.2 CONCEPTOFINVESTMENT
Investment or investing is a term with several closely-related meanings in
business, management, finance and economics. It is related to saving. The
term is seen by different authors to be different thing. Chandra (2008)
defines investment as a sacrifice of current money or other resources for
future benefits, while Marx (2006) defines investment as the current
commitment of money, based on fundamental research, to real and/ or
financial assets for a given period in order to accumulate wealth over the
long term.
Gitman and Joenhk (2008) define investment as any vehicle into
which funds can be placed with the expectation that it will generate positive
income and/or preserve or increase its value. The rewards or returns from
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investing are received in either of two basic forms; current income or
increase value. For example, money invested in a bank savings account
provides current income in the form of periodic interest payments. Similarly,
buying a piece of raw land is an investment, because the land is expected to
increased in value between the time it is purchased and the time it is sold.
Investment, therefore, is the choice by the individual to risk his savings with
the hope of gain. Rather than store the goods produced, or its money
equivalent, the investor chooses to use that goods either to create a durable
consumer or producer goods, or to lend the original interest or share of the
profits.
Fischer and Jordan (2005) define investment as a commitment of
funds made in expectation of some positive rate of return. They further said
if the investment is properly undertaken, the return will commensurate with
the risk the investor assumes.
Sharpe, Alexander and Bailey (2003) say investment in its broadest sense
means the sacrifice of current dollars for future dollars, , they added that
two different attributes are involved in investment i.e. time and risk, the
sacrifice takes place in the present and is certain, the reward comes later, if
at all, and magnitude is generally uncertain.
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Gup (1993) defines investment as committing funds for the
purchase of securities or real assets in order to gain a profit or interest
securities are claims organization sell in order to raise money to meet their
financial needs. Real assets consist of tangible items like real estate, antiques
germs, gold and works of arts. Investment in these has aesthetic value
because one can appreciate antiques, wear germs, and enjoy looking at
works of arts.
2.2.1 TYPESOFINVESTMENT
Choice of investment depends on a combination of resources, investment
goals, and personality of the investor. Phillip and lund (1979) divided
investment into five separate classes consisting of human potentials,
intangible assets, financial assets, stocks and work-in-progress and finally
fixed assets. However we shall adopt the types of investment given by
Gitman and Joenhk(2008) who gave the following types of investment as:
1) securitiesorpropertiesThese are investments that represent evidence of debt or ownership (of a
business or other assets) or the legal rights to acquire or sell on ownership
interest (in a business or other assets) are called securities. The most
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frequently used types of securities are stocks, bonds, and option. Property on
the other hand, consists of investments in real property or tangible personal
property, real property is land, buildings and that which is permanent affixed
to the land. Tangible personal property includes items such as gold, art work,
antiquities and other collectibles.
2) DirectOrIndirectA direct investment is one in which an investor directly acquires a claim on
a security or property. It includes buying stocks, bond, a parcel of real estate,
or a rare coin in order to earn income or preserve value. An indirect
investment is an investment made in a portfolio, or collection of securities or
properties, typically constructed to meet one or more investment goals.
3) Debt, EquityOrDerivationUsually, an investment represents either a debt or an equity interest. Debt
represents funds lent in exchange for interest income and the promised
repayment of the loan at a given future date. Buying a debt instrument like
bond, in effect is lending money to the issuer, who agrees to pay a stated rate
of interest over a specified period of time, at the end of which the original
sum will be returned.
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Equity represents ongoing ownership is a specific business or property. An
equity instrument may be held by title to a specific property or as security.
The most popular type of equity security is common stock.
Derivative securities are neither debt nor equity. They derive their value
from and have characteristics similar to those of an underlying security or
asset options are an example.
4) LowOrHighRiskInvestments are sometimes differentiated on the basis of risk. As used in
finance, risk refers to the chance that the value or return on investment will
be less than expect. The broader the range of possible values or return
associated with an investment, the greater the risk.
Although each type of investment vehicle has basic risk characteristics, the
actual level of risk depends on the specific vehicle. For example, stocks are
generally believed to be more risky than bonds. Low-risk investments are
those considered safe with regard to the receipt of a positive return. High-
risk investments are considered speculative; their levels of income and
future are highly uncertain.
5) ShortorLongTerminvestmentThe life of an investment can be described as either short or long term.
Short-term investments typically mature within one year. Long-term
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investments are those with longer maturities or, like common stock with no
maturity at all.
2.3 STUDIES ON BEHAVIOUR OF INVESTORS
Literature suggests that major research in the area of investors behavior has
been done by behavioral scientists such as Weber (1999), Shiller (2000) and
Shefrin (2000). Shiller (2000) who strongly advocated that stock market is
governed by the market information which directly affects the behavior of
the investors. Several studies have brought out the relationship between the
demographics such as Gender, Age and risk tolerance level of individuals.
Of this the relationship between Age and risk tolerance level has attracted
much attention.
Horvath and Zuckerman (1993) suggested that ones biological,
demographic and socioeconomic characteristics; together with his/her
psychological makeup affects ones risk tolerance level. Malkiel (1996)
suggested that an individuals risk tolerance is related to his/her household
situation, lifecycle stage and subjective factors. Mittra (1995) discussed
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factors that were related to individuals risk tolerance, which included years
until retirement, knowledge sophistication, income and net worth.
Guiso, Jappelli and Terlizzese (1996), Bajtelsmit and VenDerhei (1997),
Powell and Ansic (1997), Jianakoplos and Bernasek (1998), Hariharan,
Chapman and Domain (2000), Hartog, Ferrer-I-Carbonell and Jonker (2002)
concluded that males are more risk tolerant than females.
Wallach and Kogan (1961) were perhaps the first to study the relationship
Between risk tolerance and age. Cohn, Lewellen et.al found risky asset
fraction of the portfolio to be positively correlated with income and age and
negatively correlated with marital status. Morin and Suarez found evidence
of increasing risk aversion with age although the households appear to
become less risk averse as their wealth increases. Yoo (1994) found that the
change in the risky asset holdings were not uniform. He found individuals to
increase their investments in risky assets throughout their working life time,
and decrease their risk exposure once they retire. Lewellen et.al while
identifying the systematic patterns of investment behavior exhibited by
Individuals found age and expressed risk taking propensities to be inversely
related with major shifts taking place at age 55 and beyond.
Rajarajan V (1997, 1998, 2000 and 2003) classified investors on the basis of
their demographics. He has also brought out the investors' characteristics on
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the basis of their investment size. He found that the percentage of risky
assets to total financial investments had declined as the investor moves up
through various stages in life cycle. Also investors' lifestyles based
characteristics has been identified. The above discussion presents a detailed
picture about the various facets of risk studies that have taken place in the
past. In the present study, the findings of many of these studies are verified
and updated.
2.4 FACTORS AFFECTING INDIVIDUAL INVESTMENT
DECISION
Many scholars have attempted over time to study those factors responsible
for individual investment. Every investor has certain personal factors that
govern or limit how he or she should invest. The basis investment problem is
to maximize investment returns within the framework of these financial,
constraints. Many scholars consider emotions, finance, economy, annual
income and age as the major constraints to investment decisions. However,
BryantandSylvia (1989) summarized the major constraints as follows
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1) Ability to risk loss of investment income and principal. This in turn isinfluenced by a number of personal factors such as:
a) Earnings and the nature and ability of employment;b) Other sources of income;c) Age, health, family responsibilities and other obligations,d) Overall assets, liabilities and net worth position (personal balance
sheet):
e) Whether one has closely held business interests or other relatingnon-marketable assets;
f) Plans to use investment principal for particular purpose, such aseducational expense, retirement, failure gifts, and estate settlement
cost;
g) The extent to which one needs current living investment incomefor personal or business current living expenses.
h) The degree and duration of price inflation (or deflation) felt are being risked and how other assets and sources of income will be
affected by inflation (or deflation).
2) The degree of liquidity and marketability needed to maintain inportfolio.
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3) How well one is able to withstand the ups and particularly the downsin the securities markets. That is to say, can one afford to hold on to
securities during a bear market and wait for better times?
4) Overall tax and estate status, including consideration of income andestate tax positions.
5) The quality of investment management services available to theinvestors.
6) Investors attitude and emotional tolerance for risk.
2.5 PRINCIPLESOFINDIVIDUALINVESTMENT
The investment principles adopted by institutions are not far different
from those adopted by individual. There are many sources of advice for
investors including newspaper columns and magazines articles on personal
investing, such as vanguard, Biznews and a lot of others. However, we
summarize the major principles as follows:
While there are some differences in advice provided by various sources, a
non exhaustive search indicates they generally agree on a set of practical
guidelines that we can summarize them as follows.
1) Investors should have an emergency fund invested in short-term safeassets. This find should be held outside of ones retirement account to
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avoid the tax and other penalties generally associated with having to
withdraw funds prematurely from a retirement account.
2) Funds saved for retirement should be invested primarily in equitiesand longer-term fixed-income securities.
3) The fraction of assets invested in equities should decline with age. A popular rule of thumb regarding the age-equity relationship is that the
percentage of ones portfolio to invest in equities should be too minus
ones age. So a person 30 years old should invest 70% in equities, and a
person aged 70 should invest 30% in equities. The fraction invested in
equities should increase with wealth because a wealthier individual
should be able to handle more risk.
4) Tax-advantaged assets, such as municipals bonds should be heldoutside of ones retirement account, and then at all. More generally,
assets that are taxed more heavily (such as taxable bonds) should be held
inside ones retirement account, while those that are taxed less heavily
(such as non-dividend paying equities) should be held outside ones
retirement account.
5) All investors should diversity their total portfolio across assetclasses, and the equity portion should be well diversified across
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industries and companies. There are two ways incorporate this principle
into investment selection process.
CONSERVATISM: Investors have a peculiar habit of extrapolating recent
events into the future. When times are good, they become overly optimistic
about the prospects of their enterprises; as Graham Dodd pointed out, the
chief risk is not overpaying for excellent business, but rather, paying too
much for mediocre business, but rather, prosperous times.
To avoid this sorry situation, it is important that investors err on the side
of caution, especially in the area of estimating future growth rates when
valuing a business to determine the potential return. For an investor with a
15 percent required rate of return, a business that generation N1per share in
profit is worth N14.29 if the business is expected to grow at 8 percent; with
expected growth of 14 percent, however, the estimated intrinsic value per
share is N100, or seven times as much!
6) Operating performance of this business should be yardstick.Investors should hold small pieces of excellent businesses with the same
tenacity they would if they owned the entire company. Over time, the
operating result and the share price are inextrinsicably linked. If a
company cannot continue to exist as a viable entity, the investors will
eventfully lose everything.
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7) Have a rational deposition toward priceThere is one rule of mathematics that is inaudible: the higher a price you pay
for an asset in relation to its earnings, the lower you return. Its that simple
the same stock that was a terrible investment at N40 per share may be a
wonderful investment at N20 per share.
8) Be Alert AlwaysEvery potential investor who desires to make a portfolio and maintain a
minimum risk with high return must set his or her eyes open at all times.
This will help in capturing and utilizing any opportunity. It goes beyond
reading through pages of investor advisor magazines for information.
9) Allocate Capital By Opportunity CostInvestors should answer questions like: should I pay off my debt or invest?
Buy government bonds or common stock? Go with a fixed rate or interest
only mortgage? The answers to financial question such as these should
always be made based upon expected opportunity cost. All of the sources we
consulted recognize that the optimal asset mix for a particular household
might differ from the general mix they recommend because of the special
circumstances or risk-preferences of the given household. For example
married couples with both partners working might want to invest a larger
fraction of their wealth in equalities than otherwise identical single people.
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Or, people with uncertain job prospect, might want to invest less in equities
than people with relatively predictable labour income. (Magaji, 2008 ).
CHAPTER THREE: Research Methodology
3.1 INTRODUCTIONThis chapter shall look at the methodology of this research, where the
research design used, sources of data for the study, methods of data
collection and analysis and the reasons for adopting the methods chosen
will be highlighted
3.2 RESEARCH METHODOLOGY
Research design means the structuring of investigation aimed at
identifying variables and their relationships to one another. This is used for
the purposes of obtaining data to enable the researcher test hypothesis or
answer research questions. It is an outline or a scheme that serves as a useful
guide to the researcher in his efforts to generate data for his study.
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In this research, this study used the survey method of research to carry
out the investigation into the factor that affect workers investment habits in
A.B.U Congo campus.
3.3 POPULATION AND SAMPLE OF THE STUDY
Sample is a sub set of population. Whereas population deals with a large
group, sample is only an integral part of that large group. The population of
the research is entire member of staff of A.B.U Congo campus, Zaria, which
will include academic staff, non-academic staffs, senior and junior alike,
while the sample used consists of fifty (50) workers.
The sampling technique adopted was random sampling method. In
doing this, convenience rather than seeking to get representatives was
employed because it is so easier.
3.4 SOURCES OF DATA
Data is raw information. Basically, there are two sources of data for
every research. It can either be primary or secondary data.
Osuala (2005) defines primary data as data expressly collected for a
specific purpose. The collection of facts and figure relating to the
population in the census provides primary data. The main advantage of
obtaining such data is that information wanted is obtained. In the present
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study, the researcher used responses of the respondents to serve as the
primary data.
3.5 METHODS OF DATA COLLECTION
Data can be collected using different instrument or tools. Each tool
used is to a greater extent determined by the type of research method
adopted.
For the purpose of this research, questionnaires and observations were
selected as the main instruments for collecting primary data. Questionnaires
were designed and distributed to respondents. The questionnaires were in
both open and close ended form. In the open ended questionnaires,
respondents were allowed to say their views and opinion while the close-
ended limited the respondents views by providing alternatives to select. In
order to verify data got through this source, observation was also adopted.
3.6 METHODS OF DATA ANALYSIS
To be useful, research must be interpreted in the light of the condition
under which it was done. In addition, consistency of results should be
considered in arriving at conclusions regarding the applicability of the
interpretation in various research studies. Data analysis is the ordering and
breaking down of data into constituent parts. It consists of the statistical
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calculation performed with the raw data to provide answers to the questions
initiating the research.
The tool adopted to test the hypothesis is chi-square (X2). This is used
in testing hypothesis concerning difference between a set of observed
frequencies of a sample and a corresponding set of expected or theoretical
frequencies. It is computed thus:
X2= (fo - fe)
2
fe
Where X2= chi-square
f = Observed frequencies
f = expected or theoretical frequency
= summation sign
3.7 JUSTIFICATION OF ADOPTED METHOD
Survey research method was chosen because of its advantages and
simplicity in collecting and analyzing data. This was complemented using
questionnaires and observation in collecting the primary data so as to cover
much within the little time available. The population was divided into two
groups, senior and junior staff and the random sampling method was
adopted so as to get the response of all the representatives and because it is
easier.
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CHAPTER FOUR: Data Presentation and Analysis
4.1 INTRODUCTION
This chapter will cover data presentation and analysis, historical
background of ABU Zaria will be discussed.
4.2 HISTORICAL BACKGROUND OF A.B.U
The Ahmadu Bello University was founded on October 4, 1962 as the
University of Northern Nigeria by the Northern Region Government and
was taken over as a Federal Institution in 1975. The university was
established and suggested by Ashby.
As stated in part (ii) of its principal law, the university was created to,
among other things, produce high level and middle level manpower, secure
the diffusion of knowledge, research and community service in Northern
Nigeria and Nigeria in general, and to function as a centre of excellence.
Ahmadu Bello University operates two main campuses, Samaru and
Kongo campus. The Samaru campus, hosts the Administrative offices,
sciences, social-sciences, Art and languages, education and research
facilitates. The Kongo campus hosts the faculties of law and administration
consists of Accounting, Business Administration, local Government and
development studies, and public Administration departments.
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4.3 DATA PRESENTATION AND ANALYSIS
In the course of conducting this research, fifty (50) questionnaires
were distributed to the sample workers of Ahmadu Bello University Zaria,
congo campus. The questionnaire was constructed in such a way that
respondents will either tick or make comments. However, thirty (30)
questionnaires were duly filled and returned. As such, presentation of the
data here shall be based on the thirty (30) questionnaires returned.
Table 4.1: Sex of the Respondents
Options No of respondents Percentage (%)
Male 20 66
Female 10 34
Total 30 100
SOURCE: Questionnaire administered 2011
Table 4.1 above shows that 20 (66%) of the respondents are males
while 10(34%) are females. This shows that most of the respondents are
males.
Table 4.2: Age
Options No of respondents Percentage (%)
21 30 3 10
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31 40 10 33
41 50 12 40
51 and above 5 17
Total 30 100
SOURCE: Questionnaire administered 2011
From table 4.2 above, out of the thirty (30) respondents, 3(10%) are
between ages 21 30, 10 (33%) are between ages 31 40 and those of ages
41 50 years are 12 (40%). Also, those whose ages are above 50 years are 5
(17%).
Table 4.3: Marital Status
Options No of respondents Percentage (%)
Married 24 80
Single 5 17
Divorced 1 3
Total 30 100
SOURCE: Questionnaireadministered2011
The 4.3 shows the marital status of the respondents. From the table,
24 (80%) are married, while those who are single and that are divorced are 5
(17%) and 1 (3%) respectively.
Table 4.4: Educational Qualification
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Options No of respondents Percentage (%)
School certificate 5 17
NCE/OND 14 46
B.Sc./HND 6 20
Post graduate 5 17
Total 30 100
SOURCE: Questionnaireadministered2011
It is apparent from table 4.4 above, among the respondents who have
school leaving certificate and postgraduate either degree or diploma have the
same number of respondents, that is 5(17%) each. Those who have National
Certificate in Education (NCE) and Ordinary National Diploma (OND) are
the majority of the respondents with 14 (46%). Also, those who have either
B.Sc. or HND are 6 (20%) in number.
TABLE 4.5 Number of Dependent (s)
Option No of respondents Percentage (%)
Nil 0 0
1 3 6 20
4 6 12 40
7 9 8 27
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10 and above 4 13
Total 30 100
SOURCE: Questionnaireadministered20
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Respondents were asked number of their dependents and their
responses are shown in table 4.5 above. 6 respondents, represented by 20%
between 1 and 3 dependents, those who have 4 to 6 dependents are 12 (40%)
are in number. While those who have 7 to 9 dependents are 8 (27%). Also,
those who have more than 9 dependents are 4(13%).
Dependents in this respect include those whose living depends solely
on the income of the workers. They include children, aged parents and
relatives.
Table 4.6: Period of Service
Options Number of respondents Percentage (%)
Less than 5 2 7
6 10 4 13
11 15 5 17
16 20 9 30
21 and above 10 33
Total 30 100
SOURCE: Questionnaireadministered2011
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From table 4.6 above, respondents who have worked for less than 5
years are 2 (7%), those who have worked for 6 to 10 years are 4 in number
and are represented by 13%. 5 respondents, represented by 17% have
worked for between 11 and 15 years. Those who have served for between 16
to 20 years are 9 (30%) in number. Also, 10 (33%) have been in service for
more than 20 years. This means that most of the respondents (33%) have
been in service for long and some are even about to retire and become
pensioners.
Table 4.7: Current Grade Level
Options Number of respondents Percentage (%)
01 04 2 7
05 08 16 53
09 12 7 23
13 and above 5 17
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Total 30 100
SOURCE: Questionnaire administered 2011
As shown in the table above, 2 (7%) respondent are currently on grade
level 01 04, 16 (53%) are on grade level 05 08. Also, those on grade
level 09 12 are 7 (23%) while those on grade level 13 and above are 5
(17%) in number.
The grade level of each worker is determined by educational
qualification and period of services. Therefore, the number of respondents
currently on grade level 05 08 is the highest respondents, which
corresponds closely with data presented earlier in table 4.4.
Table 4.8: Aware of benefit of investment
Number of respondents Percentage (%)
Yes 23 77
No 7 23
Total 30 100
SOURCE: Questionnaire administered 2011
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Table 4.8 above shows the number of respondents who are aware of
benefits inherent in investment to be 23 represented by 77%. While 7(23%)
said they are not aware of the benefits inherent in investment.
The awareness as earlier stated is as a result of the campaigns
embarked upon by government to educate and enlighten the citizens of the
gains one derives by investing part of his income for future purpose. Also,
with the enactment of pension Reform Act 2004, many pension fund
administrators have been canvassing for workers patronage by advertising
their services thereby enlightening the workers of the benefits of investments
in form of requirement saving account (RSA).
Table 4.9: Familiar types of Investment
Option Number of
respondents
Percentage
Shares and stocks 11 37
Real Estate and Properties 5 17
Precious Stones and Gels 2 7
Self-owned business 4 13
All of the above 8 26
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Total 30 100
SOURCE: Questionnaire administered 2011
Respondents were asked the types of investment they were familiar
with so as to know the one they are involved with or will to into if
circumstance warrants. The responses obtained are presented in table 4.9
above, with those familiar with investment into share and stocks having the
highest number of respondents that is 11 (37%). Those who are familiar with
real estate and properties that is investment into lands and buildings are 5
(17%), Also, those who are familiar with precious metals and gels (including
women Jewelries) are 2 (7%), while those who are familiar with owning and
running a business are 4 (13%),. 8 respondents represented by 26% are
aware of all the listed forms of investment as well as other which include
farming and animal husbandry.
The fact that most respondents (37%) are familiar with shares and
stock is not far from the governments emphasis or enlightenment on need to
purchase the stocks and shares of its privatized agencies.
Table 4.10: Whethernumberofdependentsaffectsdecisiontoinvest
Options Number of respondents Percentage (%)
Yes 19 63
No 11 37
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Total 30 100
SOURCE: Questionnaire administered 2011
The responses on whether the number of dependents affects workers
decisions to invest are presented in table 4.10 above. From the table, 19 of
the respondents, represented by 63% are of the view that dependents affect
their decisions to invest. However, 37% of the respondents have a contrary
view.
Table 4.11: WhethersalaryisEnoughforonetoInvest
Options Number of respondents Percentage (%)
Yes 9 30
No 21 70
Total 30 100
SOURCE: Questionnaire administered 2011
Table 4.11 above shows that 9 (30%) of the respondents are of the opinion
that their monthly earnings in form of salary is enough for them to invest. A
contrary view is held by the majority (21) of the respondents represented by
70%. This means that the monthly income of workers in Nigeria is not
enough for them to invest. They have family immediate and extended issues
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to attend to, size of the income and other factors affect the sufficiency of the
income to think of investment.
Table 4.12:WhetherGovernmentgivesanyincentiveforinvestment
Options Number of respondents Percentage (%)
Yes 4 13
No 26 87
Total 30 100
SOURCE: Questionnaire administered 2011
Table 4.12 above shows responses obtained on whether government
gives them any incentive/allowance to invest. 4 respondents, represented by
13%, are of the opinion that there is an incentive from government to invest,
while 26 (87%) of the total respondents opined to the contrary. This means
that there is no any incentive from the government given to workers in order
to invest. In order to encourage workers to invest, there should be an
incentive given either at the end of every year or biannually.
Table 4.13: Reasonsforinvestment
Option No of respondents Percentage (%)
To increase wealth 7 23
To save for rainy days 13 43
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To make name 2 7
To create job opportunities 8 27
Total 30 100
SOURCE: Questionnaire administered 2011
The responses in table 4.13 above shows that those who invest to
increase wealth are 17 (23%), those who believe that investment is to save
for rainy days are 13(43%), and those who invest to make name are 2(7%).
Also others are of the opinion that investment is to create job
opportunities for the unemployed youths roaming the streets. These are 8 in
number and are represented by 27%.
4.4 TEST OF HYPOTHESIS
Earlier in chapter one of this project, hypotheses to be tested were
stated. Also, in chapter three, the tool to be used in testing the hypotheses
was stated to be chi-square. Therefore, in this section we are going to test all
the hypotheses. Chi-Square is given as the follows:
X2
= (fo fe )2
fe
Where: = Summation sign
fo= Observed Frequencies
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fe = Expected or theoretical frequencies=total frequency/no of
categories=30/2=15
Hypothesis one
Ho: salary does not affect workers decision to invest.
H1: salary affects workers decision to invest.
To test this hypothesis response to question on table 4.11 will be used.
fo fe fo_- fe (fo fe) (fo fe)2
fe
9 15 -6 36 2.4
21 15 6 36 2.4
X=4.8
The table value X IS 3.84 and the calculated value is 4.8. Therefore, since
the calculated value is greater than the table value we reject the null
hypothesis, which states that salary does not affect workers decision to
invest, and accept the null hypothesis which states otherwise.
Hypothesis two
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H0 = Number of dependents does not affect ones decision to invest.
H1 = Number of dependents affect ones decision to invest.
Table 4.4.1: Chi-square
fo fe fo_- fe (fo fe) (fo fe)2
fe
19 15 4 16 1.07
11 15 - 4 16 1.07
X2=2.14
At a significance level of 0.05 and one degree of freedom (i.e. 2 1 = 1)
Critical value is 3.84 (Chi-square table) and the calculated value is
2.14. Therefore, since the calculated value is less than the critical (table)
value we accept the null hypothesis, which states that number of dependants
does not affect worker s decision to invest, and reject the hypothesis which
states otherwise.
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CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 INTRODUCTION
This chapter discusses summary, conclusion and recommendation of
the whole work.
5.2 SUMMARY
In chapter one, a general introduction of the study was made, stating the
problem of the study and research hypotheses was developed, objectives,
scope of the study were stated in the chapter.
Related literatures were reviewed in chapter two of the research. The
concept of other authors view on the investment, studies on investor
behavior, types and risk and investment were considered.
In chapter three, the methodology adopted for the research was
discussed. Also, the source of data used was mentioned i.e. primary source.
The method used in analyzing data collected was chi-square. Chapter four
dealt with presentation and analysis of data.It was gathered from the analysis
of data and test of hypothesis that factors that affect workers investment
decisions are: number of dependents, salary level, and non-ability of funds to
invest among others.
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Finally, this chapter contains conclusion based on the findings of the
study and recommendations on the way forward.
5.3 CONCLUSION
The social security system of Nigeria is still at infancy stage. This is
can be seen as many retirees and aged people have difficulties fending for
themselves.
The inability of workers to invest is not far from the fact that their
income is not enough to cater for their immediate needs. The supposedly
take home pay does not really reach home not to talk of saving or
investing to gain profitable. However, this is not to say that Nigerian
workers do not get paid at all, but on the average, the income is not enough
to invest.
Workers in Nigeria know what it means to postpone current
consumption with hope of better one in the future investment, but the
economic condition, social welfare as well as peace of the society tend to be
some of the major factors that affect their decision to invest some workers
try as much to save a little even through there is so any incentive given to
them by government. Little one wonders, despite the fact that workers
receive salary every month yet there they do not invest. Rather they live
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hand to month, and after retirement, they are seen roaming about looking for
their entitlement.
5.4 RECOMMENDATIONS
The study conducted has made some discoveries. Hence, the
following recommendations are made concerning the investment habits of
workers in Nigeria:
1. Government should make provision for investment increasing the wages
and salaries of workers. This will not only help the worker, but the nation as
a whole by ensuring a constant amount for investment purpose.
2. Government should also encourage workers to collect loans from
financial institutions, after a through scrutiny, and serve as the guarantor. In
case of any default, government can easily default at the source of the
respective individual.
3. Business people should device ways of tapping the resources lying
idle in the hand of workers. The little amount in the hands of workers can be
turned into a great venture by effective and efficient business people.
4. Government should make provision for old people. Although pension is
given to those who served and retire there is need to give aged people grant
and also sto those who have never served government.
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5. Workers too should be disciplined in their expenses even though there
is no incentive from government to invest, the little they have should be
spend wisely as this will not only help them, but they too can contribute
towards national development.
6. Workers should not, in any way, think they know it all any time they
intend to embark upon any investment they should seek the advice of
professionals. This will not just help them in gain more about their
investment will not be lost.
Finally, it is strongly believed that if these recommendations are
implemented, the Nigerian worker will be a good investor. And at the same
put in the best he/she has towards the national growth and development.
BIOBLIOGRAPHY
Asika, L. (2006): Research Methodology in the Behavioral Sciences. Ikeja,
Longman Nigeria Plc.
Benton, G. E. (1993): The Basics of Investing. New York, John Wiley &
sons Inc
Briant, P. E. andSylvia, L.(1989): Personal Finance. Second Ed. New
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York, John Wiley & sons Inc.
Fischer D. E. and Jordan R. J. (2005):Security Analysis and Portfolio
Management. 8th Ed. New Delhi, Prentice-Hall, Inc.
Gitman, L. J. and Loehnk, M. D. (2008): Fundamentals of Investing.10th
Ed. New York, Pearson International Edition.
Hagin, R. (1979): Modern Portfolio Theory. Illinois, Richard D. IRWIN,
Inc.
Marx, J.(2006):Investment Management. Second Ed. Pretoria, Van schaik
publishers.
Osuala, E. C. (2005): Introduction to Research Methodology. Third Ed.
Onitsha, African-first publishers Ltd
Phillip, L. J. (1984): Investment: The study of an Economics Aggregate.
Vol. 13 Amsterdam, North-Holland Publishing Co.
Sharpe, W. F. et al (2003): Investments.6th
Ed. New Delhi, Prentice-Hall,
Inc.
Sloman, J. (2006): Economics 6th
Ed. England, Prentice-Hall
Spiegel, M.R. (1980): Probability and Statistics. Singapore, McGrew-Hill
Book Co.
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43
ArticleandJournals
Bodie, Z. Crane, D. B. (1997): Personal Investing, Advice, Theory, and
Evidence, Financing Analysis Journal NOV. / DEC.
Farhi, E. and Panageas, W. (2005). Saving and investing for early
Retirement: A theoretical analysis. Available from www.
Ssrn. Com.
Folari, G. et al (1999). Research Guide for Tertiary Institution. Unpublished
material.
Iliya, Y. M. (2008). Factors Affecting Workers Investment Decision In
Nigeria. A Study of ABU, Zaria.
Mallians, A. G. and Mallians, E. M. (2007). Investment Principles for
Individual Retirement Accounts. Available from www
.ssrn. com
Department of Accounting
Faculty of Administration,
A.B.U,
Zaria.
Dear Respondents,
Questionnaire
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The researcher is a final year student of the above addressed
Department currently carrying out a study on the topic investment decision
Among workers in Nigeria.
A case study of A.B.U, Zaria.
You are please requested to supply the necessary answers to the
questions herewith as this will help the researcher. All information provided
shall be treated with utmost confidentially and solely for academic purpose
only.
Thanks for your anticipated cooperation.
Yours Faithfully
Hadiza Ali
STRUCTURE OF THE QUESTIONNAIRE
Section A
1. Sex: (a) Male [ ] (b) Female [ ]
2. Age: (a) 21-30 years [ ] (b) 31-40 years [ ] (c) 41-50 years
[ ] (d) 51 years and above [ ]
3. Marital Status: (a) Married [ ] (b) Single [ ] (c) Divorced [ ]
4. Educational Qualification: (a) Sch. Leaving Certificate [ ]
(b) NCE/OND [ ] (c) B.Sc./HND [ ] (d) Post Graduate [ ]
(e) Others, please specify ____________________
Section B
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5. If you are married, how many dependent (S) do you have?
(a) Nil [ ] (b) 1 3 [ ] (c) 4 6 [ ] (d) 7 9 [ ]
(e) 10 and above [ ]
6. For how long have been in service?
(a) Less than 5 years [ ] (b) 6 10 years [ ] (c) 11 15 years [ ]
(d) 16 20 years [ ] (e) 21 years and above [ ]
7. What is your current grade level?
(a) 01 04 [ ] (b) 05 08 [ ] (c) 09 12 [ ] (d) 13 and above [ ]
8. Are you of the benefits inherent in investment?
(a) Yes [ ] (b) No [ ]
9. What type of investment are you familiar with?
(a) Shares and stock [ ] (b) Real estate and properties [ ]
(c) Precious metals and gels [ ] (d) self owned business [ ]
10. Does the number of your dependents, if any, affect your decision to
invest? (a) Yes [ ] (b) No [ ]
11. Is your monthly earning (salary) enough for you to invest?
(a) Yes [ ] (b) No [ ]
12. Does government give you any allowance / incentive for investment?
(a) Yes [ ] (b) No [ ]
13. Why do you invest?
(a) To increase my wealth [ ] (b) To save for rainy days [ ]
(c) To make name [ ] (d) To create job opportunities [ ]
(e) Others, please specify ________________________________
_____________________________________________________
_____________________________________________________
14. Which other factor (s) affect your decision to invest? __________
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_____________________________________________________
_____________________________________________________
15. In your opinion what are the problem (s) investment among workers
in Nigeria? ____________________________________________
______________________________________________________
16. What can be done to solve the problem (s) mentioned in (14) above?
______________________________________________________
______________________________________________________
______________________________________________________
17. Please suggest on how the research can be improved? __________
_____________________________________________________
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