Quantitative Analysis of Factors Influencing Financial Management among Village Community Banks’ Beneficiaries in Mbeya City, Tanzania: personal decision, experience, financial management, age, household size.

personal decision, experience, financial management, age, household size.

Abstract

The present study investigated factors that influence participants’ financial
administration in Village Community Banks (VICOBA) in Mbeya City. The study
employed an experimental research design in which a cross-sectional sample of
100 respondents was collected using both closed and open-ended interview
schedules. The study employed STATA in data analysis where descriptive and
quantitative outputs were obtained. Findings showed that age, marital status, and
personal decisions of VICOBA beneficiaries were positively correlated and
significant with financial management at p<0.05 and p<0.01 levels, respectively.
Furthermore, it was found that household size, experience, and financial literacy
were inversely correlated and statistically significant with financial management
at p<0.01 level. It was therefore concluded that age, marital status, and personal
decisions of beneficiaries have a positive influence on financial management
contrary to household size, experience, and financial literacy. It is therefore
recommended that beneficiaries should optimize personal decisions for sustainable
financial management contrary to household size and experience.