International Journal of Advanced Multidisciplinary Research and Studies
Volume 3, Issue 3, 2023
Effects of Scarcity of Cash/Money on Household Food Consumption in Ondo Metropolis
Author(s): Fasakin MF, Ibidapo I
This study investigates the effects of scarcity of cash on household food consumption in Ondo metropolis. The multistage sampling procedure was used to select 156 respondents for the study while the structured questionnaire was used to elicit information from the respondents. Data elicited were analysed using descriptive statistic such as frequency distribution counts, mean and standard deviation and percentages. The tobit model was used to analyse factors influencing the amount of cash accessed from the agency bankers in the study area. Results showed that, 61.5% were male with mean age of 47.6±5.7 years, and 56.4% were married with household size of 8.0±3 members. The mean amount collected from POS was N6666.00±N2364.00 and 47.4% take a meal per day while 69.2% accounted for carbohydrate food. Inadequate food at home, hunger, health challenges and food insecurity are the major effect of scarcity of cash. The results of the tobit model showed that age, marital status, household size, dependent ratio and access to information are the factors influencing the amount of money accessed from the POS or agency bankers during the scarcity of cash in the study area. It is observed that scarcity of cash has brought about untold hardship on the people such as starvation and hunger, deteriorating health challenges, low productivity and death. Based on the findings, it is recommended that policy of access to cash by the people should be reviewed, adequate information about government policy and programmes should be encouraged and cash limit to the people should be discouraged.
Keywords: Cashless Policy, Agency Banking, Barter, Pattern of Consumption
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