Savings Groups in South Africa

Verhoef, Grietjie; Hidden, Karen

doi:10.1108/978-1-80262-053-520221017

Cited by 6 publications

(7 citation statements)

References 14 publications

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“…A substantial proportion of respondents also participated in savings organizations or groups, such as stokvels (25.9%) and burial societies (32.7%). These savings organizations represent informal mechanisms of cultural organizations contributing to social security and personal empowerment and originated as black South Africans' response to exclusions wrought by apartheid capitalism (Matuku & Kaseke, 2014; Verhoef, 2008). These savings groups, regarded as more than simple financial assistance schemes, function to address relative deprivation or poverty and provide members with social and emotional support (Luthuli, 2017; Matuku & Kaseke, 2014; Verhoef, 2008).…”

Section: Discussionmentioning

confidence: 99%

Community participation in a low‐income neighborhood: The salience of sociodemographic characteristics, perceptions and experience of violence, and neighborhood attachment

Swart

Ismail

Seedat

2022

Journal Community Psychology

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While community participation may serve as a vehicle to improve health and socioeconomic outcomes for residents in poor communities, little research exists on the individual factors that influence community participation, particularly in contexts where violence is exceptionally high. This study examined the relationship between sociodemographic characteristics, perceptions, and experiences of violence, neighborhood attachment, and community participation in a low‐income, under‐resourced neighborhood in Johannesburg South Africa. The study used baseline data from 300 randomly selected households and multiple linear regression to assess the relationship between individual factors and community participation. The results suggest a high level of community participation, with religious organizational membership the most common. Being female, employed, and fear of violent crime were positively associated with community participation. Future research should include mixed methods and transdisciplinary research approaches for building our understandings of social justice and transformation‐oriented community participation.

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Section: Discussionmentioning

confidence: 99%

Community participation in a low‐income neighborhood: The salience of sociodemographic characteristics, perceptions and experience of violence, and neighborhood attachment

Swart

Ismail

Seedat

2022

Journal Community Psychology

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“…The impact of FI on economic growth has been a subject of much research in the past few decades [3,5,6,[8][9][10][11][12][13][14][15][16][17][18][19]. This section begins by discussing the theoretical foundations of the FI-growth nexus.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Using the Financial Global Findex dataset, a number of academics formulated a thorough multidimensional computation of FI. Bigirimana and Hongyi [20], Mehrotra and Yetman [21], Ali, et al [12], Ratnawati [13], Neaime, et al [14], Sarma [22], Verhoef and Hidden [15], Morgan [5], Kim [2], Dogan, et al [6], Park and Mercado [16], Ratnawati [17], Sahay, et al [1], Beck, et al [23], Polloni-Silva, et al [8], and Erlando, et al [9], among others, are the most famous authors in this category of works. These academics created multidimensional and composite indexes of FI.…”

Section: Literature Reviewmentioning

confidence: 99%

Revisiting the linkage between financial inclusion and economic growth: Time series evidence from Vietnam

Hye

2022

2576-8484

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Financial inclusion has played a key role in encouraging the development of financial sectors in recent decades. Only a few studies, however, have looked at the linkage between financial inclusion and economic growth. This study examines the impact of financial inclusion on economic growth in Vietnam, utilizing data spanning the period from 2001 to 2021. The study uses composite risk, trade openness, and government expenditures as control variables. The study follows the access to finance theory, which suggests that access to financial services such as credit, savings, and insurance can help promote economic growth and development. The nexus between financial inclusion and economic growth has never been examined in the case of Vietnam, which represents a greater share of global trade and income. Moreover, this study uses trade openness, government expenditures, and the composite risk index as control variables in the empirical model. Hence, the study contributes to the existing literature in some meaningful ways. This study employs the FMOLS method to estimate the long-run coefficients of financial inclusion, trade openness, composite risk, and government expenditures. According to the findings, financial inclusion boosts economic performance. On the contrary, composite risk is negatively related to economic growth. The results of this study suggest that Vietnam must implement policies to improve financial inclusion so as to enhance its economic growth.

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“…Buying and savings clubs, generally known as stokvels are an example of these endeavours. The term stokvel refers to an informal savings organization occurring mainly in African communities; it has social, economic, and entertainment functions (Verhoef, 2002). In this paper, the term "stokvel" is used interchangeably with buying club and savings club.…”

Section: Introductionmentioning

confidence: 99%

“…The literature also looks at the multi-month, multi-phase process through which these stokvels' evaluate and purchase bulk groceries from retailers (Lappeman et al, 2020), sokvels as financial instruments for low-income households (Karlan et al, 2017). In addition, Stokvels have been viewed by low-income South Africans as a strategy for survival in response to changes in the social and economic environment (Moliea, 2007;Verhoef, 2002;Lappeman, Ransome, and Louw, 2019). However, this does not provide any evidence of buying clubs and saving clubs as hidden forms of resistance or response to unemployment.…”

Section: Introductionmentioning

confidence: 99%

The Solidarity Economy of Marginalized Communities in South Africa: An Analysis of Buying and Savings Clubs in Gqeberha

Hlatshwayo,

Dloto,

Mutekwe

2023

JoM SME's

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Like other parts of the world, South Africa has been seriously affected by the economic recession that has brought unemployment and poverty to large numbers of people in many regions of the world. The districts of Zwide and Kwazakhele are parts of Nelson Mandela Bay, in the Eastern Cape province of South Africa, and are homes to working-class households that suffer extreme hardship due to poor socioeconomic conditions. They are excluded from participation in the mainstream economy and have no sustainable means of supporting their families. By forming buying clubs and savings, these communities try to alleviate their hardship. Data was collected through semi-structured interviews to gather the views and experiences of members of the buying and saving clubs. In investigating these clubs, this paper raises the possibility that these community initiatives could indicate the beginnings of a solidarity economy and the possibility of creating a more just and inclusive society in an environment characterized by unemployment, hunger, and poverty. The research offers insights into the lives of nineteen women and one man, residents of the two marginalized communities, and their agency in alleviating poverty and bringing about change in their lives through the implementation of a buying club and a savings club. Keywords: Solidarity Economy; Poverty; Marginalized Communities; Communal Work; Livelihoods; Stokvel; Bulk Buying

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Savings Groups in South Africa

Cited by 6 publications

References 14 publications

Community participation in a low‐income neighborhood: The salience of sociodemographic characteristics, perceptions and experience of violence, and neighborhood attachment

Community participation in a low‐income neighborhood: The salience of sociodemographic characteristics, perceptions and experience of violence, and neighborhood attachment

Revisiting the linkage between financial inclusion and economic growth: Time series evidence from Vietnam

The Solidarity Economy of Marginalized Communities in South Africa: An Analysis of Buying and Savings Clubs in Gqeberha

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