Factors influencing ownership of a bank account among university students: a case study of Uganda Martyrs University, Nkozi

Abstract

This research examined the factors that influence ownership of bank accounts among university students. The researcher focused on finding out the factors that influence ownership of bank accounts in undergraduate students of Uganda Martyrs University to get a wider picture of the overall factors that influence ownership of bank accounts among all university students. This study was inspired by the fact that the researcher wanted to find out the factors that influences ownership of bank accounts among university students, the proportion of university students who own bank accounts, the challenges faced by the university students due to the ownership of bank accounts and how banks can improve on their services to encourage students to own bank accounts. The study was carried out on a sample of ninety eight undergraduate students at Uganda Martyrs University, Nkozi to assess whether there are factors that influence ownership of bank accounts among university students. Using an analytical design, information was got from a sample of ninety eight undergraduate students at Uganda Martyrs University; Nkozi through questionnaires, focused group discussions, interviews, observation and data was analyzed. Tables and figures were used to analyze the data collected, conclusions, recommendations and implications were made and provided for university students. Results from the research indicated that indeed there are factors that influence the ownership of bank accounts among university students. Convenient location and friendliness of bank personnel are the major factors as stated by different scholars in chapter two that influence ownership of bank accounts among university students. The main challenges faced by university students due to ownership of bank accounts are inadequate accessibility of banks and high interest rates which does not favor their financial status. Banks should therefore endeavor to make their banks accessible by opening up different branches and increasing on the number of ATMs. Banks should also put students into consideration when setting interest rates as this is further discussed in chapters four and five.