European Journal of Social Impact and Circular Economy (Nov 2021)
Enhancing financial resource management of families in economic recession: a case study of Kaduna State
Abstract
Families manage their financial resources before the economic recession. The current economic recession is already taking a toll on the family, particularly families in developing countries. The economic recession has impacted the family finances thereby creating challenges that may lead to family crises and instability. The enhancement of family financial resource management is a must for family survival. The general objective of the study was to investigate the financial resource management of the family in economic recession. Specifically, the study, identified how families managed their financial resources in the period of economic recession, determined the impact of economic recession on family financial resources. The area of the study was Kaduna State. The population consist the couple and their children. The sample of the study was made up of the couple and any child in the family that was not above 24 years. The sample size was 600 respondents selected from three Local Government Areas using systematic random sampling. Structured questionnaire was used for data collection and mean score was used for analysis. The result revealed that families enhance their financial support from children, family members, keeping livestock and return from pensions. It was further revealed that families manage their financial resources in economic recession through prudent financial plans, buying items in bulk and cutting down on luxury. The implication is that if families do not manage their family financial resources effectively during economic recession, they are likely to face the following challenges: Poverty, health problems, inability to afford basic amenities, lack of education or poor education, and emotional stress. Based on these findings, it was recommended among others that financial institutions should provide family with microfinance to enable them invest in their business. Entrepreneurship education and Home Economics should be made compulsory at all levels of Education in order to learn saleable skills that can enhance their finances and through these the impact of the financial challenges would be reduced.
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