Challenges Faced by Student Entrepreneurs in Managing Income and Savings in Higher Institutions: Evidence of Ondo State, Nigeria
Purpose: The study "Investigating the Societal and Economic Implications of Student Entrepreneurship in Ondo State, Nigeria". Design/Methodology/Approach: It focuses on describing the socioeconomic characteristics of the respondents, determining their savings and income levels, examining their savings and investment patterns, identifying sources of capital for investment, and determining factors that affect their income, savings, and investment patterns. Data was collected using a multi-stage random sampling technique from 120 respondents and analyzed using descriptive statistics and multiple regression. Findings: The study found that the mean age of the respondents was 23 years, with an average income of N25,563.64, average savings of N13,636.36, and average investment of N34,136.36. It also identified that age, skills acquired, and income level were significant factors responsible for 30% of the observed variation in savings, while household size, skills acquired, savings level, access to loans, and money owed were responsible for 46% of the observed variations in investment. Practical Implications: The study recommends that student entrepreneurs form cooperative societies to pool resources, access credit, and increase their income, savings, and investment levels. Originality/Value: It is recommended that entrepreneurs should be encouraged to acquire more skills and undergo continuous on-the-job training to enhance their knowledge and boost their income.