Cooperative Society’s Fund Creation and Economic Strength Promotion among Teachers in Ibadan, Oyo State, Nigeria
DOI:
https://doi.org/10.51986/ijrcs-2021.vol3.02.03Keywords:
Cooperative Society, Fund creation, Teachers, Economic Strength, Economic Strength PromotionAbstract
This paper examines various means of funding cooperative societies owned by teachers to promote members' economic strength. This is a self-financing body with no grant or support from the government or agencies. This paper sought to identify various means used in generating funds by cooperative societies and how this has helped promote members' economic strength. One hundred and forty-five (145) members of eight (8) societies participated in the study. The instruments used in collecting data were; Fund Creation Checklist (FCC) and Members Economic Strength Questionnaire (MESQ). Data were analysed using Descriptive Statistics and Pearson Product Moment Correlation (PPMC). Result revealed an insignificant negative relationship between fund creation and members economic strength promotion with (r= -0.085, > .05). Thus, it shows that it is not certain that the fund generated by the cooperative society solely accounted for the promotion of members’ economic strength. It was concluded that cooperative societies and members should engage in viable businesses that will yield high profits, and proper fund management should be of priority for society and members.
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