International Journal of Academic Management Science Research (IJAMSR) ISSN: 2000-001X Vol. 2 Issue 9, September – 2018, Pages: 41-49 www.ijeais.org/ijamsr 41 Analysis of The Factors Influencing Mobile Phone Savings. A Case of M-Pesa Savings in Iringa Municipal, Tanzania Jailos Mtindya.k 1 , Brown Mwasyeba 2 Department of Accounts and Finance Ruaha Catholic University (RUCU) Iringa, Tanzania Email: jmtindya@gmail.com 1 , brown.mwasyeba@gmail.com 2 Abstract: Savings is the portion of income not spent on current expenditures. Because a person does not know what will happen in the future, money should be saved to pay for unexpected events or emergencies. The study to analyze the factors influencing mobile phone savings (M-pesa savings being a case study in Iringa Municipal) have been conducted. Various factors have been identified to influence savings. A methodology employed in data collection were direct interview and questionnaires which were distributed randomly with a sample of 100 participants selected at random in Iringa municipal for those using M-pesa services provided by Vodacom (T) Limited and then analysis have been done using Excel and SPSS. After data analysis and interpretation it was found that there is a positive correlation between savings using M-pesa. Recommendations and suggestions have been provided and it is strongly suggested that M-pesa services charges on transferring and withdrawing money should be waived or reduced in order to attract more customers towards savings. Keywords: Mobile phones, savings, M-pesa, Service charges, Inflations, saving attitude. 1. INTRODUCTION Savings is the portion of income not spent on current expenditures. Because a person does not know what will happen in the future, money should be saved to pay for unexpected events or emergencies. An individual's car may breakdown, their dishwasher could begin to leak, or a medical emergency could occur. Without savings, unexpected events can become large financial burdens. Therefore, savings helps an individual or family become financially secure. Also savings refer to the money one has saved, especially through a bank or official scheme. One can save the money through banks, mobile phone money services like M-pesa, Ezy pesa, Airtel money or Tigo pesa, which those are telecommunications services available now days in Tanzania. Savings may be influenced by many factors but to save few are Interest rates, Availability of appropriate savings schemes, advertising of/knowledge about what is available at financial institutions, confidence/trust in financial institutions, Size of real disposable income which means disposable income is the income left after paying taxes thus more money left in pockets will encourage people to save more, rate of inflation which means when inflation is high people have less money left with them to save because a major part of their disposable income will be spent to satisfy their needs and wants . Some savers place their money in a jar, coffee can or a piggy bank. For short periods of time and small amounts of money, the piggy bank method may work, but long-term savers should use a safer method. It is wise to store money at a depository institution. A depository institution is a business that offers financial services to people, such as savings and checking accounts. Unlike money stored at home which could be lost to a fire, burglary, or some other type of disaster, money stored at a depository institution is protected from loss.[1] The analysis of attitude towards saving is not one dimensional. [2], assessed the saving attitude among British by measuring their agreeableness on the following items: (i) saving money makes people more independent, (ii) one way to become wealthy is to save, (iii) one must still save even in the time of high inflation, (iv) children should be taught in school the benefit of saving, (v) I often deny myself certain pleasures so that I can save money, and (vi) there would not be so many people on social security if they had been taught to save. According to [3] the middle-aged save less than the elderly and the young, which contradicts the life-cycle theory as well as the results of surveys covering advanced economies. According to these, it is the middle-aged households, whose income is presumably the highest, that should save most. The saving motive is more impressed in the mind of people. On the other hand, the higher order saving motives such as, love or societal motive (saving for wedding, saving for children's education, saving for charity), esteem or luxuries motive (refers to saving to bequest for family and saving for charity) and self-actualization motive (saving for vacation and saving to improve standard of living) have received lesser votes. One possible reason is that higher-order saving motives are less frequent appeared on the mind of people unless the lower saving motives had been satisfied [4]. Vodacom M-Pesa is a revolutionary financial service offered by Vodacom Tanzania and the first choice for Tanzanians who need to send money anywhere in Tanzania to any person with a mobile phone. With Vodacom M-Pesa, customers are assured of money transfers that are immediate, safe and most importantly, reliable. Introduced in April, 2008, Vodacom M-Pesa has been reaching out to every International Journal of Academic Management Science Research (IJAMSR) ISSN: 2000-001X Vol. 2 Issue 9, September – 2018, Pages: 41-49 www.ijeais.org/ijamsr 42 corner of Tanzania ever since. The services are mainly Person to Person, Customer to Business, Business to Customer and Business to Business. Recently in 2014, Vodacom (T) limited have introduced MPAWA service which enables its customers to have access on savings and loans. With the advancement of technology, savings have become a problem to most of the customers due to some factors which may be classified as social influence on savings, attitude towards savings and self-control on savings. Despite of the existence of the saving problems no researcher have attempted to study it in Tanzania. So analysis of the factors influencing savings through mobile phone services provided by telecommunication companies will help the individuals on how to control their savings. 2. BACKGROUND AND LITERATURE SURVEY According to [5], many societies belief saving money as thrift, a virtue which is highly valued and is important to the economic growth of a nation. The intrinsic value of saving money was spread through religious teaching, through education of children and various popular attempts to enlighten people about the importance of being frugal (within limits). [6] acknowledged that an ethnic cultural root will influence the individuals saving behavior. In their study, 36 Indian families living in Canada had been taken into study and it is found out that their culture has rooted the importance of saving in their mind. This has caused them to take a longer view in planning their financial and thus, their need for saving determines their consumption but not the other way around. [7] argued that saving is shaped during childhood through influences of particular individuals, institutional and other social factors and facilities. In their study, they found out that children viewed saving as a legitimate and valuable behavior, not an economic function. In other words, children valued saving because it seemed socially approved and rewarded. Although children appear to understand and challenge these assumptions when they get older, but inevitably they see the practical advantage in saving. In their study on the effect of parental influence to children's saving, [8] also found out that socialization of the importance of saving during childhood do influence the children economic behavior during adulthood. [9] study focuses on the effect of social comparison to saving. His argument is that individuals will tend to compare their saving/consumption level with their reference group. An individual will be motivated to save/spend whenever the reference group spends/saves higher than him/her. Research indicates that low-income families with children have many motives to save, however, the costs of raising children, low wage employment, means tested programs, and the need for child care make it difficult for them to save [10]. Attitude is an individual's positive or negative beliefs about performing a specific behavior [11]. Attitude is formed through: (1) one's beliefs about the consequences of performing the particular behavior, and (2) one's evaluation of those possible consequences. Positive attitude will thus, create the intention to perform an action [12]. [2] assessed the saving attitude among British by measuring their agreeableness on the following items: (i) saving money makes people more independent, (ii) one way to become wealthy is to save, (iii) one must still save even in the time of high inflation, (iv) children should be taught in school the benefit of saving, (v) I often deny myself certain pleasures so that I can save money, and (vi) there would not be so many people on social security if they had been taught to save. The research has found out that those who scored high are more positive toward saving and hence, they save regularly. In the study of the attitude towards retirement saving of Britain done by [13] using the statements in their questionnaire such as: Do you normally have savings as opposed to debts? Do you intend to retire early? Do you set aside a certain level of money each month/year for retirement? Do you consider the company pension schemes when changing jobs? This study found out that people who have higher scores tend to have better preparation for their retirement and save more. It was found that the IDA savings amount did not increase with income and that the IDA saving rate decreased with income. Although the data do not reveal exactly what caused this, the authors believe that institutional factors in IDA programs played an important role [14]. It is assumed that five-factor personality dimensions such as extraversion, conscientiousness, and neuroticism do affect saving. Extraverts are less inclined to save than introverts due to the assumption that extraverts are more likely to meet more people and thus, more frequent interaction with other people causes extra expenditures, which will in turn reduce saving. Conscientiousness people will have better planning on their financial status. They have higher discipline to save and less inclined to borrow. Emotional stability encompasses elements of self-control and planning. Emotionally stable people are therefore more likely to be able to follow their own plans and budgets than the emotionally unstable [15]. 3. METHODOLOGY Iringa municipal has a strong business movement because it is a pathway to Dar es Salaam, Arusha and Mwanza where most commodities from Southern highlands are taken to. Due to this many banks have invested and some others are considering to invest in order to win customers, the same applies to mobile money services in which there are many agents for those mobile money services in every corner of Iringa Municipal so most of the current locations having Mpesa agents in the municipal have been selected for the purpose of study. The study engaged both primary and secondary data, Primary data was collected from the knowledgeable and potential respondents of Vodacom Mpesa service in Iringa Municipal. Secondary information sources used for the present research include the journals, magazines and internet sources. A well-structured questionnaire was prepared and distributed to the different customers using Vodacom M-pesa services in Iringa International Journal of Academic Management Science Research (IJAMSR) ISSN: 2000-001X Vol. 2 Issue 9, September – 2018, Pages: 41-49 www.ijeais.org/ijamsr 43 Municipal. A total of hundred (100) questionnaires were administered by the researcher to customers of Vodacom using M-pesa services, at Iringa and all of them (100) were fully filled and successfully returned to the researcher in time thus included in the analysis. The successfully filled questionnaires were equal to hundred (100) percent of the total number of administered questionnaires. The data collected were analyzed through percentages and frequencies in which the data were presented in table formats, pie charts and histograms which were obtained using Excel and some using SPSS (Statistical Package for Social Science). The study was conducted during November 2017 to February 2018. 4. RESULTS AND DISCUSSIONS OF THE FINDINGS The following are the results obtained from primary data which were collected through questionnaires and interviews. To start with, the researcher was interested to find out the proportion of respondents who qualified to be inclusive in the sample of the study. To fulfill that intention, the following table was formulated. Table 1: showing the total number of respondents Respondent s Targeted number Actual response Percentage (%) Total issued 100 100 100 The table depicts that a total of hundred (100) questionnaires were administered by the researcher to customers of Vodacom using M-pesa services, at Iringa and all of them (100) were fully filled and successfully returned to the researcher in time thus included in the analysis. The successfully filled questionnaires were equal to hundred (100) percent of the total number of administered questionnaires. Some of the questions in the questionnaire were general questions apart from the objective questions and their results are as follows: Table 2: Gender of the respondents using M-pesa services Frequency Percent Valid Percent Cumulative Percent Valid Male 43 43.0 43.0 43.0 Female 57 57.0 57.0 100.0 Total 100 100.0 100.0 The information in the table above can also be presented in a pie chart below Figure 1: Gender of the respondents using M-pesa services. According to Figure 1 above, it can be easily concluded that female respondents (57%) using M-pesa services were more than male respondents (43%), which shows that most of the customers who prefer M-pesa services given under Vodacom Tanzania Limited are female rather than males according to the administered questionnaire. Table 3: Age of the respondents using M-pesa services Frequency Percent Valid Percent Cumulative Percent Valid below 20 25 25.0 25.0 25.0 20-25 50 50.0 50.0 75.0 25-30 15 15.0 15.0 90.0 30-35 8 8.0 8.0 98.0 above 35 2 2.0 2.0 100.0 Total 100 100.0 100.0 The information above shows that the age group between 20 -25 (50%) M-pesa services or use saves their income through Mobile money services compared to other age groups who uses other means of savings, the other group is the age group below 20 (25%) which indicates that teenagers are more aware in technological advancement than the age above 35 who thinks that saving using Mobile money may be not safe. And that age group of 20 -25 mostly are still not married, so they use Mobile savings either to strengthen their relationships or to find relationships through sending money when their fiancés need help immediately. The information in the table above can also be shown in the chart below. Male 43% Female 57% Gender of the respondents Male Female International Journal of Academic Management Science Research (IJAMSR) ISSN: 2000-001X Vol. 2 Issue 9, September – 2018, Pages: 41-49 www.ijeais.org/ijamsr 44 Figure 2: Shows the age of the respondents. Table 4: Marital status of the respondents using M-pesa services for saving Frequency Percent Valid Percent Cumulative Percent Valid Married 14 14.0 14.0 14.0 Not married 85 85.0 85.0 99.0 Divorced 1 1.0 1.0 100.0 Total 100 100.0 100.0 The information in table 4 above can also be presented in histogram as shown below Figure 3: Shows the marital status of the respondents. Referring to the figure 3 above, it can be seen that, the large number of the respondents using Mobile money services especially M-pesa services are the teenagers in the sense that they are still not married so they use Mobile money services either to largely transfer money to their boyfriends/girlfriends because they are just in relationships or to pay bills using M-pesa like electricity bills, water bills television services like DsTV, Zuku etc., while few percentage of the respondents are married and they seem to be more disciplined in the use of mobile money services. Table 5: The occupation of the respondents Frequency Percent Valid percent Cumulative percent Employed in public sector 20 20 20 20 Employed in private sector 25 25 25 45 Unemployed 35 35 35 80 Business man/woman 18 18 18 98 Farmer 2 2 2 100 Total 100.0 100.0 100.0 The information in the table above can also be shown in the bar chart below Figure 4: Showing the occupation of the respondents According to information in figure 4 above, it is clear that the large number of respondents who use Mobile money services as a saving tool are unemployed ones mostly higher learning students responded positively as it can be seen (35%) and they do save using M-pesa because of the unplanned events which may do occurs without intent of the respondent for example one of the respondent said that "... I do save my money on M-pesa because some of the services which requires money occurs without even knowing whether they will occur or not for example at night when having my personal studying the electricity goes off due to bill expiration, so I have to pay immediately to Tanesco so that the service may have to resumed, but if it happens and then I do not have money in M-pesa, I have to wait till morning or move to ATMs to seek money and then put them in M-pesa so that I can pay which is too disturbing... " Table 6: Showing the level of education of the respondents Frequency Percent Valid Percent Cumulative percent Diploma 12 12 12 12 Degree 45 45 45 57 Postgraduate 8 8 8 65 Others 35 35 35 100 Total 100.0 100.0 100.0 The information in the table above can also be presented in a pie chart below 0 10 20 30 40 50 Below 20 20 25 25-30 30-35 Above 35 25 50 15 8 2 Age of the respondents using M-pesa services 0 50 100 Married Not Married Divorced 15 84 1 Marital status of the respondents 0 5 10 15 20 25 30 35 20 25 35 18 2 Occupation of respondents International Journal of Academic Management Science Research (IJAMSR) ISSN: 2000-001X Vol. 2 Issue 9, September – 2018, Pages: 41-49 www.ijeais.org/ijamsr 45 Figure 5: Showing the level of education of the respondents According to the information in the figure above, it shows that most of the respondents who answered our questionnaire were having a level of education in bachelor level (45%) which suggests that M-pesa users are mostly not married as discussed above in figure 3 because they only tend to save money in M-pesa for immediate usage like bill payments (example electricity, water bills and some betting activities) which prompt them not to save through banking systems as the payment of let say electricity bill may occur any time after the units have been perished, so one may have to send immediately the payment to the required organization. Table 7: Showing the respondents with dependents Frequency Percent Valid Percent Cumulative Percent Valid Yes 86 86.0 86.0 86.0 No 14 14.0 14.0 100.0 Total 100 100.0 100.0 The information in the table above shows that, a large number of respondents (86%) were seemed to have dependents either in terms of marriage or the family members because in African culture, the extended family tends to benefit for financial services from relatives who are at least well off financially like students benefiting from loan board or students who are getting stipend from different sponsors. So this makes them eager to save using M-pesa because they may be prompted to send money through mobile money services any time to their family members from their home or villages where banks services are not available. The information in a table above can also be presented in a pie chart below Figure 6: Showing the number of respondents with dependents. Table 8: Showing comfort ability of saving money through M-pesa Frequency Percent Valid Percent Cumulative Percent Valid Yes 78 78.0 78.0 78.0 No 22 22.0 22.0 100.0 Total 100 100.0 100.0 The information above can also be presented in a pie chart below. Figure 7: Showing the respondents who use M-pesa services for savings comfortably. As it can be seen above a large percentage (78%) of respondents were seem to be comfortable in using M-pesa services for various reasons as stipulated in figure 6 above for example most of the respondents argued that with Vodacom M-pesa you can do a lot of transactions like Mpawa, buying vouchers, paying bills and money transfer, so the majority were very much satisfied while only few were not satisfied with transfer and withdrawing charges like one of the respondent noted that "...I don't like M-pesa services at all because of the charges, because even to send small amount of money you have to pay at least Tsh.600/= for an amount let say Tsh.20000/=, while 12% 45% 8% 35% Level of education of respondents Diploma Degree Postgraduate Others Yes 86% No 14% Respondents with dependents Yes No Respondents comfortable with M-... Yes No International Journal of Academic Management Science Research (IJAMSR) ISSN: 2000-001X Vol. 2 Issue 9, September – 2018, Pages: 41-49 www.ijeais.org/ijamsr 46 other service providers like Tigo, Zantel and Airtel offer very transfer and withdrawing charges..." So, some respondents were against saving using M-pesa services because of the subscription charges placed by Vodacom on either money transfer or money withdraw. Table 9: Showing difficulties in savings Frequency Percent Valid percent Cumulative percent I feel I do not have enough information about savings 5 5 5 5 I feel there is too much things to process 25 25 25 30 I do not have enough knowledge about finance/investing 20 20 20 50 I do not know where to start savings 10 10 10 60 I do not have enough income to save 38 38 38 98 It is hard to think far away into the future 2 2 2 100.0 Total 100.0 100.0 100.0 In table 9 above, it can be simply observed that most of the respondents complained about difficulties in saving being accomplished by the income level they have because 38% responded that they do not have enough income to save that's why they fail even to save a single cent either in Mpesa or other saving modes. Table 10: Showing the source of information about savings decision Frequenc y Perce nt Valid Perce nt Cumulati ve percent Family and relatives 52 52 52 52 Colleagues and friends 8 8 8 60 Magazines and newspapers 10 10 10 70 Internet 1 1 1 71 Financial advisor/banker/CPA/ot her professional help 9 9 9 80 Planning books 1 1 1 81 I do not need to collect information to make saving and investment decisions 19 19 19 100.0 Total 100.0 100.0 100.0 As per above table, it can be easily realizes that, saving decision of many respondents (52%) have been adopted from their parents or relatives, a part from relatives also friends like couples also contributes to the saving decisions as one may be required to send money immediately to his/her spouse, so having money stored in M-pesa will facilitate money transfer to be easy. Table 11: Years spent in full/ part time employment Frequency Percent Valid percent Cumulative percent Less than 1 year 68 68 68 68 1 – 3 years 12 12 12 80 3 – 6 years 3 3 3 83 6 – 10 years 1 1 1 84 Greater than 10 years 16 16 16 100.0 Total 100.0 100.0 100.0 The table above shows that about 68% of the people responded in our questionnaire were employed partly or permanently in less than a year which indicates that they are either students (undergraduate students) who either studies and at the same time works or employed in a part time basis like students undertaking education courses mostly are employed as part time teachers in different municipal secondary schools. So this also plays part in terms of savings as they are able to get stipend as well as salary at the end of each month and most of them are engage or are about to enter into sexual relationships which means they must find the way to save whatever they get either through Mobile money services or banking in order to enable them to transfer money easily to their spouses. But for those who are in employment for more than 10 years (16%) were seem to be more disciplined in savings compared to other groups because they are already matured and they know what life is about and the saving mode employed by the most of them where banking mode compared to mobile services mode although some of them admitted that they do save money through banks but when it comes in terms of emergency they do use SimBanking to transfer money from their bank accounts to their mobile phone accounts like Tigo pesa, Mpesa etc. Table 12: Showing savings time after receiving money Frequency Percent Valid percent Cumulative frequency Now 46 46 46 46 After some time 54 54 54 100.0 Total 100.0 100.0 100.0 As it can be observed in table above, the majority of respondents (54%) agreed that after receiving money either through business, salary or stipend (boom as many of university/college students prefer to call), they have to wait before saving because they feel they have to do a lot transactions in order to buy everything for monthly consumptions like for those who are married and lives with their families must buy let say bags of rice, flour, kerosene, International Journal of Academic Management Science Research (IJAMSR) ISSN: 2000-001X Vol. 2 Issue 9, September – 2018, Pages: 41-49 www.ijeais.org/ijamsr 47 soaps etc., So due to these factors it is not possible to save immediately before sanctioning those transactions, but some of the respondents like businessmen/women were anxious about saving immediately after closing their businesses were able to go to M-pesa shops and save in their accounts the sales of that day. Table 13: Showing the saving methods employed by respondents Frequency Percent (%) Valid percent Cumulative percent M-pesa 35 35 35 35 Bank 33 33 33 68 Others 32 32 32 100.0 Total 100.0 100.0 100.0 In this question, it was very difficult for the respondent to answer because of different methods of saving and sometimes both methods for example, one of the respondent stressed that after getting my salary I do take some of the amount and put them in my M-pesa account and the remaining must be kept in bank until necessity for use arises, but the majority (35%) were much preferred to keep them (save) in M-pesa so that they can use them in different payments like electricity bills and water bills even though now days banks also provides such kind of services but in real or mean time for example you cannot not pay electricity bill at mid night when all banks are closed but you can pay them through M-pesa at any time of the day. Even though there is now days Mobile banks services like NMB mobile, CRDB mobile (SimBanking), still Mobile phone services offers greater real time service compared to other methods. Table14: Showing the monthly income of the respondents Category Frequency Percent Valid percent Cumulative frequency Less than 50000 14 14 14 14

12 12 26 100000500000 58 58 58 84 Above 500000 16 16 16 100.0 Total 100.0 100.0 100.0 As discussed earlier in table 6 above that most of the respondents 45% were students pursuing undergraduate studies and some of them were part time employees so the researcher expected the monthly income to be between 100000 – 500000 as shown in table 14 above (58%) which is true observation and this suggests that saving such amount of money is very difficult now days considering currency devaluation and price fluctuation in different markets for example the price of motorcycle (bodaboda) always increases with the increase of fuel price while the salary still remain the same. So this causes savings to become difficult because the little they get must all be used in basic needs like food, clothes and shelter to some of respondents. Table 15: Showing expenditure on food, health and non-food and the effects on savings Frequency Percent Valid percent Cumulative percent Yes 89 89 89 89 No 11 11 11 100.0 Total 100.0 100.0 100.0 Most of the respondents (89%) agreed that the expenditures on health, food and non-food services were the obstructions on saving come the end of the month, even though some of the respondents stressed that on health services savings were more crucial because you can't know when can be attacked with diseases and especially disruptive diseases like cholera and the likes, so savings were more required either in banks, M-pesa or any other means where it is possible to access the money if required. So expenditures like food, health and others are the ones which motivate one to save. Table 16: Showing respondents who were asked about whether denying some pleasures affects savings Frequency Percent Valid percent Cumulative percent Yes 95 95 95 95 No 5 5 5 100.0 Total 100.0 100.0 100.0 As it can be seen above in table 16, most of the respondents agreed that denying some pleasures like luxurious drinking, parting and doing some unnecessary tours causes someone to save a lot even though you save through M-pesa when you deny yourself some pleasures it will not attempt you to withdraw the money because you have already restricted yourself. But if you are not restricted yourself on doing some luxurious things then it becomes very difficult to save using M-pesa as you are walking with your bank on hand so when it comes that the amount you budgeted for the use on that day finishes then it is possible to withdraw the money nearby M-pesa service because there are about more than one hundred thousand M-pesa agents around the country so the service is anywhere nearby you which eventually affects savings. 5. CONCLUSION As discussed above, there are many factors that influence the savings through M-pesa and other savings modes, but most important factor among all was the income of the respondents they get monthly and the other factors includes; level of education, age, gender, marital status, comfort ability in savings, and number of dependents, time of employment, expenditures, denying some pleasures, time of savings, saving methods, saving time after receiving the money, difficulties in savings, influence on saving decision, occupations of respondents. According to data in table 14 above 58% of the respondents were having a monthly income between Tshs.100000/= 500000/= and this shows that the majority were undergraduate students who are either part time employee or full time employee and they seem to having less than one year employment (68%) as it is shown in table 11 above and they mostly prefer to save their income International Journal of Academic Management Science Research (IJAMSR) ISSN: 2000-001X Vol. 2 Issue 9, September – 2018, Pages: 41-49 www.ijeais.org/ijamsr 48 or money through M-pesa service (35%) even though they also keep some in banks and transfers to their phones through Mobile bank services like NMB mobile service, CRDB mobile services, TPB popote provided by Tanzania Postal Bank etc.. Number of dependents were also another factor which contributes to the saving attitude of the respondents as the one with families either nucleus family or extended family (86%) were seem to not able to save money through bank rather than save money through Mobile phone saving services because of the dynamism of transferring or sending money whenever the need to do so arises like relative begging to be paid his/her school fees while he/she is in village where there is no banking activities other than Mobile money services. So the respondents having no dependents (14%) were seem to have better savings either through M-pesa or through banks. And most of the respondents were still single meaning not married (84%) as in table 4 above so they spend a lot of money either doing their own expenditures on food, health and non-food expenditures (89%) as explained in table 15 above but sometimes they use their income to their dependents including spouses if do they have. Also the age group affected by saving attitude is the age group between 20 – 25 years of age (50%) as in table 3 above and mostly are female respondents (57%) as in table 2 above who tends to save their money in M-pesa compared to other savings methods. Occupation of the respondents also affects the saving attitude of the respondents as explained above in table 5 where a total of 53% of the respondents were not employed and were the most users of M-pesa services in savings for example business men/women who finish their business around 20h00 cannot be able to take their daily sales to banks so they do decide to save using M-pesa and other mobile phone money services. And this is well explained in table 13 where a total of 35% of the respondents were seem to be using Mpesa saving mode and they were very comfortable with this saving model as shown in table 8 above where a total of 78% of the respondents agreed positively on this method of saving. Based on explanation above, there is a positive correlation between savings in general with attitude of the society towards saving, social influence on savings and self-control on savings. 6. RECOMMENDATIONS AND FUTURE WORK Owing to the analysis, interpretation and results found in the whole study, the researcher put forward the following recommendations which, if considered could improve or facilitate the saving methods either through M-pesa service or other saving methods like banks and the likes. i. Saving through M-pesa is good but requires some changes on the charges placed during transferring or withdrawing money, because a lot of respondents were complaining about the charges being so high so it becomes difficult to save because people will be afraid to send or withdraw. ii. Findings in table 10 above indicates that, source of information about saving decision were mostly acquired through family and relatives (52%) which means that if the family have no tendency of saving, it will be possible for someone to save in any method which eventually the generation of not savers will emerge in certain society. To avoid this, saving decision courses should be taught in all levels of education from primary school to university level and also other sources of information like internet should be used to educate others about saving decision. iii. Also findings from table 9, reveals that most of the respondents were not able to save because they have nothing to save due to low income, but savings doesn't look on how much do you get per month but is the matter of how much do you save from a little you get, which eventually means that they do not have enough knowledge about savings and also the information, so in this regard the researcher recommends that knowledge about savings should be injected to children in any session from education level to religion level. iv. The researcher also suggests that in order to save in either mode (M-pesa, Bank or others) in the future most of people must reduce or deny themselves pleasures. Due to time and financial limitations, the researcher could not exhaust all the related fields of the topic at hand. For that reason, there are a variety of areas open to other interested researchers in the field to tackle. These areas include: i. Comparison of saving methods between mobile phone savings and bank savings ii. Effectiveness and efficiency in savings between male and female iii. Relationship between age group and preferential saving mode iv. Relationship between course studied at University and savings attitude The above mentioned list is not exhaustive. A wide area still exists that requires a research to be conducted on with respect to service provision in banks and mobile phone services. 7. ACKNOWLEDGMENT We would like to extend our appreciations to Dr. Alex Ochumbo and Rev. Dr. Venance Ndalichako from Ruaha Catholic University (RUCU) for their support during the preparation of this paper and Ruaha Catholic University management and staff for encouragement they gave us during data collection, analysis and interpretation. Also we would like to thanks our friends, Brown, Lupyana and International Journal of Academic Management Science Research (IJAMSR) ISSN: 2000-001X Vol. 2 Issue 9, September – 2018, Pages: 41-49 www.ijeais.org/ijamsr 49 Joseph Ndawi for being there all the time when we needed them. REFERENCES [1] A. Lusardi, "Household saving behavior: The role of financial literacy, information, and financial education programs," National Bureau of Economic Research2008. [2] A. Furnham, "Why do people save? Attitudes to, and habits of saving money in Britain," Journal of Applied Social Psychology, vol. 15, pp. 354-373, 1985. [3] A. Guariglia and B.-Y. Kim, "Earnings uncertainty, precautionary saving, and moonlighting in Russia," Journal of Population Economics, vol. 17, pp. 289-310, 2004. [4] C. S. Lim, "The analysis of psychological factors affecting savers in Malaysia," 2011. [5] S. L. Franzoi and S. A. 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