Abstracts
This study was undertaken to investigate the impacts of thrift organizations on the economic well-being of individuals and groups in Enugu. The first step was to find out the meanings of thrift means the habit of saving money and carefully spending it so that none is wasted. Organization we discovered means a group of people in business. From this we deduce that thrift organization are a group of persons who encourage people to save money, use money carefully to avoid wasting money. Banks mortgage institution, micro credit institutions were also studied and were found to be thrift organization.
After reviewing the opinions of those involved in the informal thrift organizations as well as reviewing relevant literature on the formal ones banks co-operative society, data were collected by way of interviewing, method of data analysis and presentation, sample size and sampling techniques, and instrument for data collection. We found that most potent thrift organizations are the mutual assistance groups organized in towns and villages in Enugu State. In Enugu metropolis, it was found that traders engage in (ISUSU) to help them improve and increase the wars in their shops some buy Cars, Motorcycles etc. we recommended that Government should encourage people though education on radio and television on the benefits of mutual aid assistance to enable more people join the groups.
CHAPTER 1
INTRODUCTION
We shall begin the consideration of the topic of this project by defining the major concepts in the topic. And these are impact,individuals etc. let us there fore start with the concept of thrift.
1.1 Background of the study
What is Thrift?The Oxford Advanced Learners Dictionary define thrifts as the habit of saving money and spending it carefully so that none is wasted.Encyclopedic world dictionary defines thrift as economical management, frugality and provident on its part. Chambers 20th century dictionary define thrift as the state of thriving, frugality, economy, prosperity, increase of wealth gain, profitable, occupation, savings etc. from these definitions we can deduce that thrift is about saving money and sending money carefully so that none is waste.
Thrift is thus the avoidance of waste in the use of money. If follows therefore that thrift increase wealth. It is also concerned with the economic management of resources. From these definitions we are faced with the fact that thrift result in increase of wealth. Let us at this point define organization.
Chambers again defines organization variously but the one that is relevant to this study is “a group of people who form a business club etc together in order to achieve a particular aim. Chambers 20th century dictionary defines organization as a body, society etc.”Encyclopedic dictionary defines organization as a body of persons organized for some end. Combining the definition of thrift and organizations are those business organization for the purposes of saving money and spending money carefully without wasting money.Since the key word in the definition of thrift as used in this research study is saving money and spending some without waster, we should include in our thrift organizations that institutions that encourage individuals and group to save money. These institutions are, for the purpose of this study, divided into informal thrift organization and formal thrift organization, informal thrift organization.