Economic Challenges and Strategies for Managing Family Financial Resources in Nigeria

Abstract

This study examined the management of family financial resources in a period of economic challenges. The study is a descriptive survey, the comprised of 300 men and 291 women from Ado local government Education zone. The instrument for data collection was 21 questionnaires. The statistical tools were mean, standard deviation and t-test. The findings of the study revealed that adequate financial budget, prudent financial planning and proficiency in financial management are some of the approaches for managing family financial resources. The finding also showed that low standard of living, high rate of poverty and unemployment are the major factors of economic challenge in some families. It is suggested that government and financial institutions should provide Nigerian families with micro-finance facilities for small scale business. Corruption should be addressed by different levels of government to allow the use of available funds in Nigeria.

Keywords: family, financial management and economic challenge.