Enhancing financial resource management of families in economic recession: a case study of Kaduna State

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...

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Autor principal:	Olufunmilayo Foluke Alabi
Formato:	article
Lenguaje:	EN
Publicado:	University of Turin 2021
Materias:	Families Enhancement Financial resource management Economic recession Sociology (General) HM401-1281 Economic theory. Demography HB1-3840
Acceso en línea:	https://doaj.org/article/5aa58d7b18694053b3b4a02c517f9e70
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spelling	oai:doaj.org-article:5aa58d7b18694053b3b4a02c517f9e702021-11-12T07:17:01ZEnhancing financial resource management of families in economic recession: a case study of Kaduna State10.13135/2704-9906/54642704-9906https://doaj.org/article/5aa58d7b18694053b3b4a02c517f9e702021-11-01T00:00:00Zhttps://www.ojs.unito.it/index.php/ejsice/article/view/5464https://doaj.org/toc/2704-9906 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. Olufunmilayo Foluke AlabiUniversity of TurinarticleFamiliesEnhancementFinancial resource managementEconomic recessionSociology (General)HM401-1281Economic theory. DemographyHB1-3840ENEuropean Journal of Social Impact and Circular Economy, Vol 2, Iss 3 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Families Enhancement Financial resource management Economic recession Sociology (General) HM401-1281 Economic theory. Demography HB1-3840
spellingShingle	Families Enhancement Financial resource management Economic recession Sociology (General) HM401-1281 Economic theory. Demography HB1-3840 Olufunmilayo Foluke Alabi Enhancing financial resource management of families in economic recession: a case study of Kaduna State
description	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.
format	article
author	Olufunmilayo Foluke Alabi
author_facet	Olufunmilayo Foluke Alabi
author_sort	Olufunmilayo Foluke Alabi
title	Enhancing financial resource management of families in economic recession: a case study of Kaduna State
title_short	Enhancing financial resource management of families in economic recession: a case study of Kaduna State
title_full	Enhancing financial resource management of families in economic recession: a case study of Kaduna State
title_fullStr	Enhancing financial resource management of families in economic recession: a case study of Kaduna State
title_full_unstemmed	Enhancing financial resource management of families in economic recession: a case study of Kaduna State
title_sort	enhancing financial resource management of families in economic recession: a case study of kaduna state
publisher	University of Turin
publishDate	2021
url	https://doaj.org/article/5aa58d7b18694053b3b4a02c517f9e70
work_keys_str_mv	AT olufunmilayofolukealabi enhancingfinancialresourcemanagementoffamiliesineconomicrecessionacasestudyofkadunastate
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Enhancing financial resource management of families in economic recession: a case study of Kaduna State

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