EFFECTS OF THRIFT AND CREDIT SOCIETY ON ENHANCING MEMBERS LIVING STANDARD (A Study of Concord Hotel Workers Thrift and Credit Cooperative Society, Owerri)
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EFFECTS OF THRIFT AND CREDIT SOCIETY ON
ENHANCING MEMBERS LIVING STANDARD
(A
Study of Concord Hotel Workers Thrift and Credit Cooperative Society, Owerri)
ABSTRACT
The
effect of thrift and credit society on enhancing members’ living standard
cannot be overemphasized. This has prompt the researcher to carryout a research
work on the subject matter, the research started by introducing the subject
matter in chapter one, background of the study, objectives of the study,
research question, statement of the problem the significance of the study was
also highlighted in this chapter. The researcher reviewed the work of different
authors in the chapter two, the concept of cooperative, meaning of thrift and
credit, the effect of cooperative and credit society, sources of fund, the
problems they faced and the summary review is also discussed. The researcher
discussed the method of gathering data, the data gathered were analyzed in
chapter four. Lastly, the researcher draw a summary of findings, conclusion in
chapter five and made some recommendations among which the researcher
recommended that the problems of embezzlement, misappropriation of resource
dishonesty and other negative factors associated with the management of
cooperative especially in the area understudy should be checked through
supervision by the cooperative department.
TABLE
OF CONTENTS
Title page - - - - - - - - - - i
Declaration - - - - - - - - - - ii
Approval page - - - - - - - - - iii
Dedication - - - - - - - - - - iv
Acknowledgement - - - - - - - - v
Abstract - - - - - - - - - - vi
Table of Contents - - - - - - - - vii
CHAPTER
ONE – INTRODUCTION
1.1
Background
of the study - - - - - - 1
1.2
Statement
of the problem - - - - - - 3
1.3
Objectives
of the study - - - - - - - 3
1.4
Research
question - - - - - - - 4
1.5
Significance
of the study - - - - - - 4
1.6
Scope
of the study - - - - - - - 5
1.7
Definition
of Terms - - - - - - - 6
CHAPTER
TWO – LITERATURE REVIEW
2.1
Introduction - - - - - - - - 8
2.2
Concept
of Cooperative - - - - - - 9
2.3
Meaning
of thrift and credit society - - - - - 12
2.4
Effect
of cooperative thrift and credit society - - - 13
2.5
Source
of fund of cooperative thrift and credit society - 15
2.6
Effect
of cooperative thrift and credit society on Enhancing
members living standard - - - - - - 19
2.7
Method
and processes of business activities of thrift
and credit cooperatives - - - - - - - 20
2.8
Problems
of thrift and credit - - - - - - 22
2.9
Summary
of review literature - - - - - - 24
CHAPTER
THREE – RESEARCH METHODOLOGY
3.1
Introduction - - - - - - - - 25
3.2
Research
design - - - - - - - - 25
3.3
Area
of study - - - - - - - - 26
3.4
Population
of the study - - - - - - - 27
3.5
Sample
and sampling procedure - - - - - 27
3.6
Research
instrument - - - - - - - 28
3.6.1
Validity - - - - - - - - - 29
3.6.2
Reliability - - - - - - - - 29
3.7
Procedure
for the administration of the instrument - - 30
3.8
Method
of data presentation and statistics analysis - - 31
3.9
Limitation
of the study - - - - - - - 31
CHAPTER
FOUR – DATA PRESENTATION AND STATISTICAL ANALYSIS
4.1
Introduction - - - - - - - - 33
4.2
Respondents
Bio Data - - - - - - - 33
4.3
Answering
research question - - - - - - 35
4.4
Summary
of findings - - - - - - - 41
4.5
Discussion
of findings - - - - - - - 41
CHAPTER FIVE – SUMMARY,
CONCLUSION AND RECOMMENDATION
5.1
Introduction - - - - - - - - 43
5.2
Summary - - - - - - - - - 43
5.3
Conclusion - - - - - - - - - 45
5.4
Recommendations - - - - - - - 46
5.5
Suggestion
for Further Researches - - - - - 47
References - - - - - - - - - 49
Appendix 1 - - - - - - - - - 50
Appendix 2 - - - - - - - - - 51
CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
This research work focuses on
how cooperative thrift and credit societies influence or enhance member’s
living standard. Unlike other cooperative society, thrift and credit societies
are formed with the aims of improving the standard living of their members.
Thrift and credit societies started from Germany by Fredrick Wilhelm Raifferson
in the year 1818, Raifferson is therefore regarded as the father of modern
cooperative thrift and credit society.
Thrift and credit society are
mostly found in any form of society, community. The popularly known among the
rural dweller, even before the mergence of modern cooperatives it serves as a
rural bank before the coming of the modern thrift and credit society. The
traditional mutual system has been called and addressed by different names, by
various communities who practice it inform of traditional saving’s.
However, cooperative
societies adopted in virtually all countries of the world for practical all
aspect of human endeavour’s modern cooperative organization have penetrated
into all the facets of human activities and used of human activities and also
to achieve both social and economic goals.
In Nigeria, thrift and credit
societies started in the year 1940, by the Roman Catholic teachers for salary
earners and primarily to take care of their old age and retirement. Members
make regular thrift saving during the period they are under employment and
other saving for special purpose could also be made by an individuals if they
wished, such saving could be for children’s schools fees, vacation leave etc.
The societies also grant
loans to members and such loans are repaid on monthly installmental basis while
regular savings continues. No members of such societies may withdraw while
still under employment. Usually the society’s money deposited with the post
office saving banks.
However, in modern thrift and
credit society contributions are not necessarily the same, minimum monthly
saving are fixed, and members who share contributions as a regular monthly
savings, some are removed directly from-their salaries.
1.2 STATEMENT OF THE PROBLEM
The primary aim of any
cooperative society is to meet economic, social and cultural needs of members
if well operated and managed.
Despite the prospect and
significance of thrift and credit cooperative societies, some people are still
reluctant in joining or participating in thrift and credit societies. It has
unfortunately been discovered that most thrift and credit cooperatives
societies are not very effective in the business activities consequently they
end up not achieving their goals. As a result of this, the study will try to
find out the factor that militates against the enhancement of living standard
of its members. Furthermore, in most cases, the members saving are embezzled or
misappropriated. It is in the light of this that it is doubtful whether thrift
and credit cooperative societies actually perform their roles, that is why this
topic is conducted to examine their effect so that the situation can be
addressed before it get out or hand.
1.3 OBJECTIVE OF THE STUDY
The study is guided by the
following objectives:
i.
To
examine the effect of thrift an credit society in enhancing the living standard
of hotel worker;
ii.
To
examine the method and processes of the business activities in Concord Hotel
thrift and credit society;
iii.
To
ascertain the problems military against the smooth operation of the different
form of cooperative ventures establishes to help workers.
1.4 RESEARCH QUESTION
To guide this study the
research questions have been put forward and the following are stated as
research questions.
i.
Does
Concord thrift and credit society help in the enhancement of the living
standard of hotel workers?
ii.
What
are the method and processes of the business activities in Concord thrift and
credit society?
iii.
What
are the problems militating against the smooth operation of the different form
of cooperative ventures establishes to help workers?
1.5 SIGNIFICANCE OF THE STUDY
This study is designed to
help cooperative thrift and credit societies over problems related to finance
and management of cooperative organizations.
The research also intended to
find possible solution to the above mentioned problems by giving recommendation
on how to prevent the future occurrence. The research aimed at finding the
relevant contribution of cooperative society toward the economic development of
Nigeria. The study area is Concord Hotel workers thrift and credit society,
will be used to ascertain all the basic facts needed.
At the end of this research the
management and the members of Concord hotel cooperative society can consider
the present problems facing the society. Scholars’ researchers and incoming
student will benefits from these research works because it will serve as
reference material to them with a view towards enhancing their knowledge.
1.6 SCOPE OF THE STUDY
The scope of the study will
be limited to the effect of thrift and credit cooperative society on enhancing
members’ living standard in the Hotel industry in general and Concord Hotel in
particular. As a result, the product findings will be limited only to Concord
hotel limited in Owerri, generalization can only be made of similar hotels with
the same characteristics as the subject matter.
1.7 DEFINITION OF TERMS
Byelaw = It means registered law of the society
before any member assumes membership.
Cooperative = Here it means an association or persons who
voluntarily come together in order to achieve a targeted economic, social and
cultural goals.
Living Standard
= Here it can be seen as the raising of social and economic welfare or members
so as to be self reliance.
Management Committee
= This are the governing body of the society where they are elected during the
annual general meeting to managed the affairs of the society on behalf of
members.
Members = The bonafide members, registered members of
Concord Hotel thrift and credit cooperative society limited.
Thrift
and Credit Society =
Is a cooperative organization that provide its members with convenient and
secured means of saving money and obtained credit at a reasonable rate of
interest without collateral, but deduction from salary on monthly basis.
Enhancement = Here is the improvement of quality, value
of member of Concord hotel cooperative
Hotel = This is the establishment which provide
accommodation and meals mostly for travelers and tourists.
Workers = Group of people that work in the Concord
Hotel Owerri.
Concord
Hotel = Is one of the
international hotel which are solely owned by new Nigerian development company,
providing accommodation and meals to the people.
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