A structured review of savings group literature

Abstract

Purpose: The purpose of this paper is to identify prevalent savings group approaches and to determine their subsequent thematic and theoretical underpinnings by reviewing a cross-section of interdisciplinary literature. Methodology: A structured semi-systematic review that adopts an inductive content analysis is used to uncover the concepts. Findings: The review proffers the Rotating savings and credit association (ROSCA) and the Village Savings and loan association as the two most prevalent savings group approaches. It further determines that the unmet need for social security is the main driver behind savings group formation. Reciprocity, communal culture, trust and collective action emerge as some of the key theoretical underpinnings of savings groups. Whereas, social wellbeing, flexibility, ease of use and customised services emerge as drivers of savings group growth. Limitations: A singularly authored semi-structured review that uses inductive content analysis lacks inter-coder reliability and introduces subjectivity. Contribution: The study contributes to knowledge by addressing the gap for an overview of savings group approaches that determines prevalent savings group models, emergent themes, and theoretical drivers that add to savings group literature. Management practitioners will have a fuller understanding of savings groups and make better decision on how to position themselves or their products and services in this segment.