This paper seeks to understand the factors that influence saving decision among small business owners in two
municipalities in the Greater Accra Region of Ghana, using the probit model. Through a multi-stage sampling
technique, data was collected with the aid of structured questionnaire from 304 small business owners in the
study areas. Results indicate that with different saving plans, 81 percent of the respondents have savings account
and actually save, with majority of this proportion saving about GH¢16.00 daily. Interest rate on savings,
knowledge about savings, available saving schemes to benefit from as well as motive of future purchase are the
main factors that are more likely to positively and significantly influence saving decision of small business
owners. Policy measures directed at providing small business owners with financial literacy on saving are
recommendable. Also developing tailor-made saving products for small business owners to benefit from and
increasing interest rate on savings should be considered.