Management of Family’s Finances and Family Wholeness: Evidence from Ilishan-Remo Community, Ogun State, Nigeria.

Abstract

This paper examined the extent to which couples are involved in the management of their family’s finances: Evidence from Ilishan-Remo Community. The study was driven by the fact that finance is one of the major complex factors leading to suspicion, disagreements, fighting, or worst still divorce in the home and many families have been shattered by lack of/ineffective management of it because of their misconception about the family’s financial officer. As a result of this, many questions have been raised: should couples maintain joint account? who manages the family’s finance for family wholeness? Could ineffective management of the family’s finance lead to couples unfaithfulness? In order to achieve the set objective(s) and answer the research questions, an explanatory survey research design was adopted. The study utilized the primary source of data by administering 80 questionnaires out of which 71 were duly completed and returned. Secondary data sources were consulted as well. The data was analyzed using descriptive statistics and the result showed that although the husband is seen as the head of the family, decisions concerning the family (including management of family finances) should not be taken solely by him, but by both parties. If the family finance is not managed in an effective and efficient manner, it could lead to couples unfaithfulness to one another. Therefore, the husband or wife should not see the money which he or she earns as his or her personal money but the family’s finance/income which should be pooled together based on their agreement and also spent together.  However, they should not spend all their earnings no matter how little but, save some for the rainy day. This can only be achieved by proper planning/ budgeting.

Keywords: family finance; financial management; family wholeness; planning and budgeting