INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)  
ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XI November 2025  
The Impact of Regular Saving Through Village Saving and Loan  
Associations (VSLAs) on Household Income Levels and Welfare in  
Bushenyi-Ishaka Municipality, Bushenyi District, Uganda  
1Nagasha Dorah 2Dr. Nuwagaba Arthur 3Dr. Nuwatuhaire Benard  
123Ankole Wetsern University  
DOI: https://dx.doi.org/10.47772/IJRISS.2025.91100020  
Received: 07 November 2025; Accepted: 14 November 2025; Published: 27 November 2025  
ABSTRACT  
This study investigates the effect of regular saving through Village Saving and Loan Associations (VSLAs) on  
household income levels and overall welfare in rural communities. Using a mixed-methods approach, data  
were collected from 258 VSLA members through structured questionnaires and in-depth interviews to capture  
both quantitative trends and qualitative insights. The findings indicate that consistent participation in VSLA  
savings schemes significantly enhances household income, enabling members to engage in better financial  
planning, support educational needs, manage emergencies, and improve overall welfare. Additionally, savings  
through VSLAs promote a culture of financial discipline, collective responsibility, and community solidarity.  
Despite these benefits, seasonal fluctuations in income and unforeseen expenses occasionally hinder consistent  
saving practices, presenting a challenge to maximizing the potential impact of VSLA participation.  
Nonetheless, the general perception of VSLA savings among members is overwhelmingly positive, reflecting  
their recognition of these schemes as vital instruments for economic empowerment and household stability.  
The study underscores the importance of strengthening VSLA initiatives to further improve financial resilience  
and well-being in rural households.  
INTRODUCTION  
Village Saving and Loan Associations (VSLAs) have emerged as critical grassroots financial structures that  
provide low-income households with opportunities to save, access credit, and manage their financial needs.  
VSLAs operate on a group-based model where members contribute regular savings into a common fund, from  
which they can borrow at low-interest rates, and share profits at the end of a savings cycle (Allen & Panetta,  
2010). These associations are particularly important in contexts where formal banking services are limited or  
inaccessible, such as rural and peri-urban areas of developing countries (Ledgerwood, 2013).  
Regular saving through VSLAs has been shown to significantly improve household economic resilience. By  
enabling members to accumulate capital, VSLAs enhance household income levels and support small-scale  
entrepreneurial activities, thereby contributing to livelihood diversification (Kangave, 2010). Moreover, the  
habit of saving encourages financial planning and fosters a culture of fiscal responsibility, which can have  
long-term benefits for household welfare (Harris & Adams, 2012).  
VSLAs also play a crucial role in social development. Access to credit through these associations allows  
households to finance educational expenses, invest in health, and respond effectively to emergencies, such as  
medical shocks or crop failures, thus reducing vulnerability and improving quality of life (Agan, 2017).  
Beyond the economic dimension, VSLAs foster social cohesion and collective responsibility among members,  
which can strengthen community networks and support systems (Allen & Panetta, 2010).  
Despite these benefits, challenges remain. Seasonal income fluctuations, repayment defaults, and limited  
financial literacy among members can constrain the effectiveness of VSLAs (Ledgerwood, 2013).  
Nevertheless, empirical studies indicate that regular participation in VSLAs consistently leads to positive  
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ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XI November 2025  
outcomes for household welfare, particularly in enhancing income stability, education support, and emergency  
preparedness (Kangave, 2010; Agan, 2017).  
This study specifically examines the impact of regular saving through VSLAs on household welfare in Ishaka  
Division, aiming to provide empirical evidence on how these grassroots financial structures influence  
economic and social outcomes for low-income households. By focusing on this local context, the study seeks  
to inform policy and programmatic interventions that can strengthen financial inclusion and poverty reduction  
initiatives.  
LITERATURE REVIEW  
Theoretical Framework  
The Sustainable Livelihoods Approach (SLA)  
This study is Underpinned by the Sustainable Livelihoods Approach (SLA) that provides a comprehensive  
framework for understanding how households utilize resources to improve income and well-being, drawing on  
financial, human, social, physical, and natural capital to sustain and enhance their livelihoods (Chambers &  
Conway, 1992). Within this framework, Village Savings and Loan Associations (VSLAs) serve as a key  
mechanism for financial capital accumulation, enabling households to invest in productive assets such as  
livestock, agricultural inputs, and small businesses, smooth consumption during lean seasons, and meet  
essential educational and health expenses, thereby strengthening overall welfare in terms of food security,  
education, health, and psychosocial well-being. Complementing the SLA, social capital theory underscores the  
role of networks, trust, and reciprocity in fostering collective action (Putnam, 2000). Through VSLAs,  
households not only gain access to small loans that enhance income-generating potential but also benefit from  
peer monitoring, mutual accountability, and group solidarity, which encourage consistent saving, minimize  
default risk, and reinforce household economic resilience.  
Household Savings and Investment  
Village Savings and Loan Associations (VSLAs) have emerged as key mechanisms for improving household  
financial outcomes in low-income communities with limited access to formal banking systems. Evidence from  
randomized controlled trials across Africa shows that participation in VSLAs significantly increases household  
savings, enhances food security, and promotes investment in productive assets. For example, Karlan, Savonitto,  
Thuysbaert, and Udry (2016), studying over 5,000 rural participants in Ghana, Malawi, and Uganda, found that  
VSLA members accumulated more financial reserves, reduced vulnerability to shocks, and invested in  
agricultural inputs, livestock, and business tools. These findings suggest that VSLAs strengthen household  
welfare and resilience, especially when integrated with financial literacy programs. Similar outcomes have  
been documented by Ksoll, Lilleør, Lønborg, and Rasmussen (2016) in Malawi, who observed improved  
business performance, agricultural productivity, and women’s empowerment. Brody et al. (2017), in a meta-  
analysis, confirmed that savings groups not only increase financial inclusion but also generate spillovers in  
health, education, and women’s decision-making power.  
Impact on Income Growth and Welfare Indicators  
VSLAs also play a significant role in promoting income growth and welfare outcomes. Ksoll et al. (2016),  
using a cluster RCT in Mozambique, found that VSLA participation increased household income by 15%,  
largely through expanded investment in farming, petty trade, and small-scale enterprises. Members also gained  
improved access to credit, reducing reliance on exploitative informal moneylenders and enhancing  
consumption smoothing during lean agricultural seasons. These results echo Karlan et al. (2016), who reported  
strengthened household resilience in multiple African contexts. Beyond income, welfare indicators such as  
education and healthcare improved, with higher school attendance and greater access to health services among  
members’ households (Ksoll et al., 2016). Brody et al. (2017) further emphasized that women’s involvement in  
VSLAs facilitates resource allocation toward welfare-enhancing priorities, particularly education and health.  
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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)  
ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XI November 2025  
Scholars recommend that VSLA models be integrated into national development programs, alongside  
vocational training and market access interventions, to maximize their developmental impact (World Bank,  
2013).  
Household Stability and Psychosocial Benefits  
Research also highlights the contribution of VSLAs to household stability and psychosocial well-being.  
Anyango, Esipisu, Opoku, Johnson, Malkamaki, and Musoke (2017), in a multi-country study across Kenya,  
Uganda, and Tanzania, found that regular saving through VSLAs enhanced household income stability,  
encouraged disciplined financial management, and reduced reliance on high-interest loans. Access to group-  
based savings and loans also improved coping mechanisms during emergencies such as illness or crop failure  
(Ssewamala, Han, & Neilands, 2012). Importantly, members reported psychosocial benefits including greater  
confidence, optimism, and social cohesion, with women in particular gaining empowerment and increased  
decision-making authority (Aker, Boumnijel, McClelland, & Tierney, 2016). These findings suggest that  
VSLAs have both economic and social value, prompting scholars to recommend embedding them within  
broader financial inclusion policies and ensuring adequate training and supervision (Anyango et al., 2017;  
Karlan et al., 2016).  
Financial Literacy and Enhanced VSLA Outcomes  
The role of financial literacy has been identified as a critical factor in amplifying the benefits of VSLAs.  
Barboni and Agarwal (2018), in India and Uganda, found that VSLA participants with financial training  
achieved higher incomes, demonstrated disciplined saving behavior, and diversified their income sources.  
Klinger and Schündeln (2011) similarly reported that financial education reduced risks of over-indebtedness  
and improved loan management. Beyond economic outcomes, financial literacy enhanced welfare by  
improving nutrition, housing, and educational opportunities (Barboni & Agarwal, 2018; Anyango et al., 2017).  
CARE International (2016) recommends that structured, participatory training modules covering budgeting,  
loan management, and investment planning be systematically integrated into VSLA programs to ensure long-  
term sustainability and greater welfare impact.  
Case Study Evidence from Uganda  
In Uganda, several studies demonstrate the practical impact of VSLAs on household livelihoods. Muhumuza  
and Tumusiime (2020), studying Kabale District, found that VSLA membership improved access to funds for  
agriculture, small businesses, and education, leading to gradual income growth and improved living standards.  
These outcomes resonate with regional evidence that VSLAs promote financial resilience and psychosocial  
empowerment (Karlan et al., 2016; Anyango et al., 2017). The study concluded that VSLAs are sustainable  
tools for rural development, recommending government mobilization efforts, financial literacy training, and  
stronger linkages with formal financial institutions.  
Long-Term Household Welfare and Resilience  
Longitudinal evidence suggests that sustained participation in VSLAs fosters long-term welfare and resilience.  
Plan International (2023), in a multi-country evaluation across Sub-Saharan Africa, found that households  
engaged in VSLAs achieved enhanced food security, improved health access, higher school attendance, and  
increased entrepreneurship. VSLAs also helped households diversify income sources and build resilience  
against shocks such as illness or crop failure (Anyango et al., 2017; Karlan et al., 2016). Combining VSLAs  
with financial literacy further amplified these benefits (Barboni & Agarwal, 2018). To strengthen long-term  
impact, Plan International (2023) recommended scaling up digital VSLA systems, integrating mobile money  
services, and embedding entrepreneurship training. Such measures enhance accessibility, sustainability, and  
resilience, positioning VSLAs as powerful community-based tools for poverty reduction.  
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ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XI November 2025  
METHODOLOGY  
This study employed a mixed-method research design, combining both quantitative and qualitative  
approaches to provide a comprehensive understanding of the impact of regular saving through Village Saving  
and Loan  
Associations (VSLAs) on household income levels and welfare. The mixed-method approach enabled the  
triangulation of data, enhancing the validity and reliability of the findings.  
Quantitative Data Collection:  
Quantitative data were collected from 258 VSLA members using a structured questionnaire. The questionnaire  
was designed to capture demographic information, saving behaviors, income levels, and perceptions of  
household welfare. A 5-point Likert scale was used for most items, ranging from 1 (Strongly Disagree) to 5  
(Strongly Agree), allowing for the measurement of attitudes and perceptions in a standardized manner. The  
quantitative approach facilitated statistical analysis of trends, relationships, and differences among respondents,  
providing empirical evidence on the effect of regular saving on household welfare.  
Qualitative Data Collection:  
To complement the quantitative findings, qualitative data were collected through semi-structured interviews  
with key stakeholders, including VSLA leaders, facilitators, and local government officials involved in  
supporting community savings initiatives. These interviews aimed to explore participants’ experiences,  
challenges, and perspectives regarding VSLA operations, decision-making processes, and the socio-economic  
impact of regular saving. Qualitative insights helped contextualize the numerical findings, providing depth and  
understanding of the mechanisms through which VSLAs influence household welfare.  
Data Analysis  
Quantitative data were analyzed using descriptive statistics (such as means, standard deviations, and  
frequencies) and inferential statistics where appropriate, to identify patterns and relationships between regular  
saving and household welfare. Qualitative data were analyzed thematically, with recurring themes and  
narratives extracted to enrich the interpretation of the quantitative results.  
Ethical Considerations  
Ethical approval was obtained from the relevant authorities, and all participants provided informed consent.  
Confidentiality and anonymity were maintained throughout the study, ensuring that individual responses could  
not be traced back to any participant.  
FINDINGS  
Quantitative Results  
Table 1 presents respondents’ levels of agreement on the impact of regular saving through Village Saving and  
Loan Associations (VSLAs) on household welfare.  
Table 1: Regular Saving through VSLAs and Household Welfare (N = 258)  
Statement  
Mean  
4.37  
2.28  
4.27  
Std Dv  
0.78  
0.86  
I regularly save money in my VSLA group  
Saving through VSLA has improved my household’s income  
Regular saving has enabled me to plan for my family’s needs  
0.85  
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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)  
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I am able to pay school fees due to savings from VSLA  
Savings help me to manage emergencies at household level  
Saving in VSLA has increased my household’s welfar  
4.28  
4.30  
4.32  
0.93  
0.82  
0.81  
The descriptive statistics indicate that a majority of respondents strongly agree or agree that regular saving  
through VSLAs positively affects household welfare. Specifically, 51.9% of respondents strongly agreed that  
they regularly save in their VSLA groups, while 48.8% strongly agreed that VSLA savings improved  
household income. These high mean scores, ranging from 4.27 to 4.37, alongside relatively low standard  
deviations, reflect a strong consensus among respondents regarding the benefits of regular saving.  
The findings suggest that regular saving enables households to enhance financial stability and meet essential  
needs. For example, a mean score of 4.28 for the statement on paying school fees indicates that VSLA savings  
contribute directly to educational support, which aligns with prior research highlighting the role of community  
savings schemes in promoting human capital development (Copestake, 2007; Robinson, 2001). Similarly, the  
mean score of 4.30 for managing emergencies reflects the capacity of VSLA participation to buffer households  
against financial shocks, consistent with studies showing that informal financial groups improve resilience  
among low-income households (Gash, 2008; Lwanga & Mugume, 2019).  
Overall, the quantitative results demonstrate that regular saving through VSLAs is widely perceived by  
members as a mechanism that strengthens household income, promotes effective financial planning, facilitates  
access to education, and enhances the overall welfare of participating households. These outcomes underscore  
the importance of supporting and expanding VSLA programs as a strategy for improving community-level  
financial security and household wellbeing.  
Qualitative Insights  
Interviews conducted with VSLA leaders, facilitators, and local officials corroborated the quantitative findings,  
highlighting the significant impact of regular saving on household welfare. A VSLA leader from Ishaka  
Division explained the personal benefits he has experienced:  
“I save weekly without fail. It has become part of my routine. Since I joined the VSLA, I’ve been able to pay  
my children’s school fees without borrowing from friends.”  
This statement underscores how consistent saving not only increases household income but also reduces  
reliance on external borrowing, fostering greater financial stability. Similarly, a VSLA facilitator emphasized  
the broader transformative effects of systematic saving on members’ economic behavior:  
“Before joining, many members lived hand to mouth. But regular savings have helped them plan and allocate  
resources better, leading to improved income and spending discipline.”  
The facilitator’s observation highlights how VSLAs promote not just income growth but also financial literacy  
and resource management, contributing to long-term household welfare.  
Despite these positive outcomes, challenges remain. Seasonal fluctuations in income, particularly during  
planting periods or school fee payments, can hinder members’ ability to save consistently. A local government  
official noted:  
“Although the idea of saving is embraced, some members struggle during planting seasons or when children  
return to school. Their income is seasonal, so consistency in saving becomes hard.”  
This indicates that while VSLAs encourage a culture of saving, external economic pressures can affect  
members’ regular contributions, underscoring the need for strategies that account for seasonal income  
variability.  
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Nevertheless, the long-term benefits and lessons in financial discipline are widely recognized by members.  
One male VSLA leader reflected:  
“Saving, even in small amounts, has taught us financial discipline. It’s the reason I now sleep peacefully  
knowing I can handle emergencies.”  
Such testimonials illustrate that beyond immediate monetary gains, VSLAs instill crucial skills in financial  
planning, emergency preparedness, and household management, reinforcing their role as a sustainable tool for  
improving welfare.  
DISCUSSION  
The findings of this study demonstrate that regular saving through Village Saving and Loan Associations  
(VSLAs) significantly enhances household income and overall welfare. The high levels of agreement in  
quantitative responses indicate that VSLA savings contribute to improved financial planning, the ability to  
meet educational expenses, and the creation of buffers against emergencies. This aligns with prior studies  
which argue that VSLAs serve as a critical grassroots mechanism for poverty alleviation by promoting  
financial inclusion, especially in rural and low-income settings (Ksoll, Lilleør, Lønborg, & Rasmussen, 2016;  
Karlan et al., 2017).  
Qualitative data further illuminate the underlying mechanisms behind these outcomes. Respondents  
highlighted how regular saving fosters financial discipline, encourages forward-looking planning, and  
strengthens resource allocation within households. This finding resonates with Allen and Panetta (2010), who  
contend that the group-based nature of VSLAs not only facilitates access to financial services but also nurtures  
a culture of accountability and collective responsibility. Moreover, the capacity to finance children’s education  
without resorting to informal borrowing illustrates the intergenerational benefits of VSLA participation,  
supporting arguments by Anyango, Esipisu, Opoku, Johnson, and Sharma (2007) that VSLAs enhance both  
short-term financial resilience and long-term human capital development.  
Nonetheless, the results also underscore the persistent challenge of seasonal income fluctuations, which affect  
members’ ability to save consistently. Similar observations have been made by Gash and Odell (2013), who  
emphasize that while VSLAs promote resilience, irregular income streams in agrarian and informal economies  
can undermine saving regularity. This calls for adaptive saving strategies—such as flexible contribution  
schedules, diversified income-generating activities, and financial literacy training—to ensure that households  
sustain participation even during lean seasons (Stevenson & St-Onge, 2005).  
Overall, the findings suggest that VSLAs are more than financial mechanisms; they act as platforms for social  
cohesion, empowerment, and collective problem-solving. By embedding financial practices within community  
structures, VSLAs strengthen both economic and social welfare, making them a vital tool for local  
development and poverty reduction in contexts such as Ishaka Division and beyond.  
CONCLUSION  
Regular saving in Village Saving and Loan Associations (VSLAs) plays a critical role in strengthening  
household income, welfare, and financial security, particularly for low-income communities that often lack  
access to formal financial institutions. The evidence from both quantitative and qualitative data in this study  
consistently demonstrates that members who engage in regular saving benefit from improved financial  
planning, enhanced ability to meet educational expenses, better preparedness for emergencies, and greater  
overall welfare. These findings align with earlier research that positions VSLAs as important grassroots  
mechanisms for poverty alleviation and socio-economic empowerment (Allen & Staehle, 2019; Ksoll et al.,  
2016).  
Despite these positive outcomes, the study acknowledges persistent challenges, notably seasonal income  
fluctuations that affect the consistency of savings. Such irregularities underscore the need for adaptive saving  
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strategies, income diversification, and stronger institutional support to sustain the benefits of VSLAs over time  
(Anyango et al., 2007). Nevertheless, the long-term advantages of cultivating a saving culture—ranging from  
enhanced resilience to financial shocks to improved intergenerational opportunities—are undeniable.  
Overall, this study reaffirms that VSLAs are not merely financial platforms but also social safety nets that  
promote solidarity, discipline, and empowerment among members. Encouraging broader participation,  
improving financial literacy, and integrating VSLAs with complementary development initiatives can further  
amplify their impact. Future research could explore innovative approaches to mitigate seasonal challenges,  
strengthen linkages with formal financial institutions, and assess the broader community-level impacts of  
regular saving through VSLAs.  
RECOMMENDATIONS  
Strengthen Financial Literacy Programs: VSLA members should be supported with continuous financial  
literacy training to enhance knowledge of budgeting, savings management, and responsible borrowing. Such  
training can empower members to make informed financial decisions, ensure consistent saving practices, and  
reduce the risk of over-indebtedness.  
Capacity Building for VSLA Leaders and Facilitators: VSLA leaders and facilitators should receive targeted  
training in group management, record-keeping, and financial planning. This will help improve accountability,  
build trust among members, and sustain the long-term success of the groups.  
Flexible Saving Models to Address Seasonal Income Variations: Policymakers and facilitators should design  
flexible saving schemes that accommodate members whose incomes fluctuate seasonally, particularly in  
agrarian communities. For example, allowing lump-sum contributions during peak seasons can help ensure  
consistent savings without overburdening members during low-income periods.  
Linkages with Formal Financial Institutions: VSLAs should be connected with microfinance institutions and  
banks to expand access to larger loans, insurance services, and secure savings options. This linkage can reduce  
risks associated with keeping large amounts of cash within groups and help members scale up economic  
activities.  
Community Awareness and Sensitization Campaigns: Local governments, NGOs, and facilitators should  
conduct community sensitization campaigns to highlight the long-term benefits of saving culture, financial  
discipline, and collective investment. Such campaigns can encourage non-members to join VSLAs, broaden  
financial inclusion, and reduce reliance on exploitative moneylenders.  
Policy Support and Institutionalization of VSLAs: Government agencies should integrate VSLAs into local  
development policies by providing regulatory support, technical guidance, and financial incentives.  
Institutionalizing VSLAs as part of community development frameworks can enhance their sustainability and  
impact on household welfare.  
Encourage Diversification of Income-Generating Activities: Training and support should be extended to  
members to diversify into small businesses, agriculture value addition, and other income-generating ventures.  
This ensures that members have multiple income streams to sustain savings, especially during economic  
shocks.  
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