Analysis of personal and individual savings

Document Type:Case Study

Subject Area:Statistics

Document 1

In this paper, we are going to concentrate on personal or individual saving. The personal saving should be interest to everyone since the money saved will be utilized at the old age or to do a major project in the future. Personal saving is a long-term process that starts when the person earns the first salary till the time he/she decides to retire. (peek,2017) Studies have shown that on average the personal saving of US population if 7-10% of total earning, therefore it’s essential to carry out research (Howard,2008). The study will determine various factors that influence personal saving. C. The technique brought a different experience from a varied group of people. The phone survey was used where participants were supposed to answer six structured questions in the questionnaire, 44 responses were used in the interpretation of the survey.

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The following binary and quantitative questions were included in the questionnaire: • Are you happy with the savings you have been making every month? • Do you have any plans of withdrawing some of your savings at the end of the year? • Does your job offer enough money for both expenditure and savings? • Does your organization offer any training on savings to its employees? • How much money from your income do you save at the end of every month? • How much money from your income goes to expenditure every month? The first four questions were binary question while the last two questions were quantitative questions. The results of the date were presented and analyzed in the excel spreadsheet. Different people have various reason why they don’t have the habit of saving the money, one of the reasons they give is that they don’t have enough money to save.

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The third question was meant to establish if the amount earned by the participant was enough for both expenditure and saving. The response was not a surprise since everybody claims that the amount they receive is not enough for spending and saving. Majority of the participant which represent 55% stated that the amount they make is not enough for both spending and saving. On the other hand, 45% of participants indicated they were not making enough for spending and saving that the. On the last question, we sought to know the amount spent as expenditure. Its common knowledge to assume that the amount spent on expenditure will be higher than the amount saved to our surprise on average the amount of spending was $980.

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98 which is lower than the amount saved which was $2016. The range of saving was $1993 with a standard deviation of $549. 72 The average amount saved as indicated above was $980. 1490 the sample population will between 0. 276 and 0. 575 from our data the sample mean was 0. 3864 which lies middle of the values. The second question shows 95% and margin of error of 0. Question four has the confidence level of 95%, and margin error of 0. 1428 the values should be between 0. 4353 and 0. 7238, the mean, in this case, was 0. 6364 which was also the middle of the two values. I was able to discover the importance of saving no matter how small your income is. Also, the company should introduce the training programs that are meant to educate the employer the importance of saving as it will sensitize the employee the importance of saving since the study has shown that majority of the employee does not receive any training from their organization.

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