Factors Influencing the Psychological Well-Being of Women Entreprise Fund Beneficiaries in Njoro Sub-County, Kenya

Abstract

The study determined the influence of credit counselling, household debt, and socio-demographic factors on the psychological well-being of the beneficiaries of Women Enterprise Fund (WEF) in Njoro sub-county of Nakuru county in Kenya. The study employed an ex-post-facto research design. The target population was 380 women in Njoro Sub-County who had received WEF loans. A stratified random sample of 190 respondents was selected, 95 women who were current in their loan repayment and 95 who were unable to repay their loans. Data were collected by the use of a structured questionnaire, the 42 item version of Ryff’s Psychological Well-Being Scales (Ryff, 1989) clustered in six dimensions: autonomy, environmental mastery, purpose in life, positive relations, personal growth, and self-acceptance was included. Descriptive and inferential statistics were used to analyse the data at 95% level of confidence. The psychological wellbeing for the women entrepreneurs was found to be (M = 3.91, SD = 0.72) on a scale of 1 to 6. Psychological wellbeing of WEF beneficiaries was positively influenced by credit counselling (β = 0.714, t = 15.08, p < 0.001) and age of household head (β = 0.174, t = 1.94, p < 0.050). Negative statistical significant influences were found between household debts (β = −0.391, t = −2.66, p = 0.008) and psychological wellbeing. Inclusion of credit counselling services in the WEF loaning procedures was recommended.