03_Olufunmilayo European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 26 ENHANCING FINANCIAL RESOURCE MANAGEMENT OF FAMILIES IN ECONOMIC RECESSION: A CASE STUDY OF KADUNA STATE Olufunmilayo Foluke Alabi1 1 Federal College of Education, Nigeria. E-mail: drfunmialabi@gmail.com Received: 28/12/2020 Accepted for publication: 23/08/2021 Published: 12/11/2021 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. Keywords: Families; Enhancement; Financial Resource Management; Economic Recession 1. Introduction The economic recession which began officially in December of 2007 had both direct and indirect effects on families. The direct effect on family life is loss of employment of parents. The global economic recession of 2007/2008 affected Nigeria as a periphery economy that is dependent on the global trade (Onwe & Ezeadaobi 2019). The Federal Governments revenue is European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 27 over-dependent on crude oil, lives on foreign finished household’s electronics, military gargets, imported foods, clothes and cars (Onwe & Ezeadaobi 2019). There have been symptoms of economic recession in Nigerian but it has become more evident during the Covid -19 pandemic. The current economic recession in Nigeria is due to the unexpected and sustained decline in oil prices and this was the most important cause of recession, but in 2020 public health crisis was the trigger of economic recession in the whole world and Nigeria inclusive. The Covid-19 pandemic has had far reaching effects on the global economy, this in turn affects the families ( Ozili & Arun 2020) The family is the smallest unit in the social structure of every society. It is often made up of persons united by marriage, blood or adoption, which may be characterized by common residence, economic corporation and it can be nuclear or extended ( Alabi 2013, Sociation 2010, & Atti 2016). Ikulayo (1999) noted that the family is a group consisting of two adults of both sexes who maintain a social approved sexual relationship and one or more children of their own or adopted ones. The family as a unit share resources, responsibility for decisions, values, goals and commitment to one another over time (Christensen 1990). Family is also viewed as a decision making unit that uses its human and material resources to meet its demands. The family also achieves its goals and responds to events through planning the use of its resources. Deacon and Firebaugh (2001) asserted that resources are available means (as in business) computable wealth (money, property and products). For family, one of the resources available is known as income or money. Money management according to Anyakoha and Eluwa (2010) is an organized process of allocating and using money to achieve specific goals that are usually purchased with money. The family has the obligation to provide for both the fixed (electricity bills, water bills, house rent, school fees) and day to day expenses for food, clothes and medical bills for the members of the family. To fulfill these obligations resources are needed. Resource management referred to the coordination of resources of an individual or organization through the process of planning, organizing, directing and controlling in other to attain individual or organizational objectives (Rice and Tucker 2005). Resource management is the development and allocation of resources to meet family goals (Mary and Earl 2008). Family financial resource management is a series of actions planned to balance income with expenditure and it includes planning, controlling and evaluating the use of money to meet family goals (Nwankwo 2003). Family resource management is the prudent planning, money savings, financial budgeting and effective coordination of financial resources in the family. Before someone can even think about changing their financial behavior, they will experience a change process called consciousness raising (Oneil & Xiao 2012).This term means that they will begin to learn new facts, ideas and tips that support the idea of making a positive change, for example saving money and reducing debts (Oneil & Xiao 2012 ). The causes of decline in financial resources are attributed to unemployment, corruption in the society, greediness, low services and inflation (Akinwumi 2008). It can also be attributed to poor management, inadequate financial control, inappropriate financial policy and high cost structure among others ( Nickaf & Opadeyi 2011). Effective family resource management has the capacity of ameliorating challenges faced by families during economic recession. Economic recession is a period of significant decline in economic activity/lasting more than a few months and there is a drop in the following five economic indicators: real gross domestic product, income, equipment, manufacturing and retail sales (Bureau of Economic Research 2009).The Nigerian economic crisis/recession resulting in the breakdown and decline in economic vigor has caused downsizing, mass unemployment, underemployment and bankruptcy (Alabi 2013). The long term effects of economic downturn among families can negatively impact the educational and work outcome of next generations (Haveman, Heinric and Smeeding 2011, Irons 2009, Vonwacher 2011). The experience of living on low income and poverty is almost overwhelmingly negative, impacting on adults and children’s lives in a variety of ways including loss of self-esteem and feelings of isolation and restricted opportunities and choices (Udonwa & Iyam 2018)., This places heavy demands on parents capacity, to manage everyday pressures under severe financial strain in their home (Udonwa & Iyam 2018). The Covid -19 pandemic has had a far reaching effects on the already fragile Nigerian economy and families, it affected the global travel businesses, National health care systems, food industry, events industry, education and global trade (Ozili and Arun 2020). The situation being experienced by families necessitates for good planning, effective management and reduction of expenses which is a clear indication that families need financial security. Family financial security will contribute to their emotional stability; strengthen community and a nation better able to live a thriving economic legacy for future generations. Financial security is the ability to meet future needs while keeping pace with day to day obligations (National Initiative on Financial Security 2001).There are very few studies and research work on impact of economic recession on companies, how recession affected different aspect of the economy, like banking industry, textile industry and other establishments in Nigeria ( Chukwu, Liman, Enuelu & Ehiaghe,2015). Some other courtiers like USA have been able to carry out studies on families European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 28 struggle to afford food ((Deparle 2010), increasing demands on food banks and charities (House committee on ways and Means 2009). A research carried out on achieving family sustainable development through family financial management in Kano state revealed that the strategy for financial management is to stress the need for effective cash management to family members, the mean score was 3.12 out of scale of 4 (Ibrahim 2012). Research on management of family finances in period of economic meltdown in Benue state revealed that adequate financial budget is needed this had a mean of 2.73 out of a scale of 4, while prudent financial planning had 3.4, avoid unnecessary expenditure had 2.9, joint saving had 2.59, investment on business ventures 2.8 out of scale of 4 (Ebeirim & Ochai 2011). Only very few studies have been carried out on family management of finances in Nigeria. However the gap that has emerged from literature is the area of causes, challenges, impact, and ways of improving finances of workers and families in economic recession. Research works are few in this area especially in developing countries. Managing financial resources of families in economic meltdown has been studied in one state out of 36 states in Nigeria but Kaduna state not inclusive. Furthermore no research has been carried out on enhancement of family financial resources in economic recession in Kaduna state. It is against this background that the study sought to investigate the enhancement of financial resource management of families in period of economic recession. Therefore, the research aim to determine resources available to the family in economic recession period, identified how families managed their financial resources in the period of economic recession, determine the impact of economic recession on family financial resources in Kaduna state. The study answers the following research questions: What are the sources of income available to the families in economic recession in Kaduna state, What are the ways of managing family financial resources during economic recession, What are the impact of economic recession on family financial resources, The answer to these questions should improve the existing practice though ameliorating the impact of the economic recession through enhancement of family financial resource management so as to have family stability. Government and NGOs should assist families with resources and economic relief packages to reduce the impact of economic recession. Entrepreneurship education and subjects like Home Economics should be made compulsory for all students at all levels of the education in Kaduna state, so that skills learnt can be used as a means of generating money. Finance institutions should provide families with micro-finance to enable them invest in their businesses. The research will be structured to continue to in the next paragraph as follows; the review of the literature, followed by methodology, presentation of findings, discussion and finally conclusions. 2. Literature review Economic recession is a significant decline in economic activity spread across the economy lasting more than months normally visible to real GDP, real income, employment industrial production and wholesales-retail sales (National Bureau of Economic Research 2020). Economic recession is a period of economic slowdown featuring low output, illiquidity and unemployment. It is characterized by its length abnormal increases in unemployment, falls in the availability of credit shrinking output and investment, numerous bankruptcies, reduce amount trade and commerce, as well as highly volatile relative currency value fluctuation mostly devaluations and financial crises and bank failure (Fapohunda 2012). Opeyemi (2008) observed that there are cases of unemployment, retrenchments, downsizing and layoffs, which served as indications to a troubled economy. She further noted that individuals have nowhere to turn to except involving in misconduct and societal condemned activities such as militancy, armed robbery advanced fee fraud, ritual practices for fetish money among others. Global recession has been a recurrent topic of debate over past decade reflecting the breath and severity of 2007-2009 global financial crises and the halting nature of the recovery and recently fears that the global economy was on down turn. Further more in 2009 the interest was understandably focused on the severity of the global reaction and its devastation consequences (Allen 2009). Attention shifted to the signs of a flourishing global possibility in 2010 - 2011 but hopes that this would be sustained were soon curtailed by the possibility of another global recession due to the Euro area debt crisis (Alessandria, Kabaski and Midrigan (2010). In Nigeria so any companies shut down, the textile sector laid off about 5,000 worker, Peugeot automobile Nigeria (PAN) sacked 565 workers out of 753 workforce and placed the remaining staff on half salary. Also the Cadbury Nigeria PLC fired 300 staff while the banking sector seems to be worse hit (Sanusi. L.S. 2010). Financial pressure in the 2015 euro area eased in late 2012, but in 2015-2016 fears of a global recession reemerged partly because of financial market turbulence in China (Bacchetta and Van 2016). Since mid 2018 concern about a global recession European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 29 have returned as the world economy experienced a synchronized slow down largely derived by extra ordinary weakness manufacturing among elevated trade tension and heighten the policy uncertainties ( Cuba-Borda,Mechanick and Raff 2018). Recently the COVID-19 pandemic and the lock down restrictions had negative socio economic consequences for all nations. The international Labour organization (2010) revealed that as many as 51 million workers were fired in 2010 globally while 30 million more jobs are at risk. The United Nations meanwhile predicts that 200 million workers mostly in developing economies could be pushed in to extreme poverty. Massachusetts lost 150,000 jobs in two years after the official onset of the recession and unemployment more than doubled from 4.5% to 9.4% (Schworm and Unifoil 2010) Job loss and unemployment has been especially high in occupations held by men and among those in the lower 30% of income distribution. 2.1 Major causes of economic recession In any economy experiencing great depression, global economic recessions as drawn from great lesson depression of 1981, 1991, 2004, 2008-2009, includes the following: - High inflation, a general rise in price of goods and services which leads to low purchasing power - Accumulation of debt services especially foreign debts - High interest rate -discouraging investors - Fall in aggregate demand, fall in wages and income - Mass unemployment and general loss of confidence on the government due to economic indices - Global health crisis( Onwe and Eze 2019). 2.2 Effect of economic recession Recession results in higher unemployment lower wages and income. Education, private companies, investments and economic opportunities are all likely to suffer in the current down turn and the effect will be long lived (www.epic.org- publication). Deidda (2015) found out that housing costs were a financial burden and were associated with economic hardship such as preventing families from spending money on healthcare, education, food and clothing. Findings from these studies converge suggests that many families lived in a time of financial instability and were vulnerable to financial shock. Changes in life circumstances can easily place households at risk of experiencing economic hardship, ranging from difficulty in covering basic needs to filing for bankruptcy (Bauchet and Evans 2019, Deidda 2015, Helfin 2016). Economic hardship places stress on family relationship (Masarik and Conger 2017). 2.3 Coping strategies Coping strategies that families used varied Tobe et al (2016) observed that families receiving counseling services also used faith to build support system and developed new relationships with others. Reliance on family and relationships were observed among economically distressed families, strong family relationships helps to sustain those under emotional and financial stress among mid west families (Tobe et al 2016, Vesely et al 2015). Families also coped financially by borrowing from payday loans, filling for bankruptcy, using government subsidies, changing jobs or savings for emergencies (Gjertson 2016, Lebert and Voorpostel 2016). 2.4 The family stress model Economic adversity has been associated with a range of child outcomes, including elevated risk for behavior problems (Brooks-Gunn& Duncan 1997,Evans & English,2002) reduce social competence( Bolger, Patterson, Thompson,& Kupersmidt, 1995), The family stress model(FSM) proposes that economic hardship leads economic pressure in the family. Makers of hardship may include low income, negative financial events, high debts relative to assets, or whether a family meets governmental guidelines for defining poverty status( conger,et al 2010). Pressure such as unmet material needs ( e.g inadequate food or clothing), the inability to pay bills or make ends meet, and having to cut back on unnecessary expenses are psychological manifestations and responses to economic hardship. These pressures are thought to place parents at increased risk of emotional European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 30 distress. The present study tested some of the predictions derived from the FSM to understand the impact of economic hardship on families and how to have effective family financial management. The current paper contribute to the body of literature by examining the impact of economic recession on families and enhancement of family resource management in Kaduna state since no research on this topic has been carried out in this area in Kaduna state. 3. Methodology 3.1 Research design and area of study The research design employed for this study was descriptive survey. This method according to Osual (2011) is the best suited for collecting information from a large and small population located at different places in the area of the study. Eboh (2009) also noted that descriptive study entails the systematic collection and presentation of data to give a clear picture of a particular situation. Gall, Gall and Borg (2007), asserted that descriptive survey research design focused on people, facts about people, their beliefs, opinions, attitudes motivations and behaviors. The descriptive survey design is best suited for this study because it seeks the opinions of selected family members in this study. The area of the study was Kaduna State. Kaduna state was chosen for the study due to cases of family crises resulting from poor management of recourses in Economic recession, coupled with the researcher’s familiarity with the area that could ease work for collection. 3.2 Population of the study The population of the study comprised 3,300 respondents that are married and one adult child of the family that is 24 years and above from three senatorial zones of the state. Available record from the National Bureau of statistics (NBS) and Annual Abstract of Statistics (2008). These people were selected since they have sufficient knowledge about the topic under investigation. Therefore, they will be able to supply adequate information on the research instrument. 3.3 Sample and sampling technique Six hundred (600) respondents were selected from three Local Government Areas (LGAs) of Kaduna state using systematic random sampling. One LGA was randomly selected from each of the three senatorial Zones in the state. From each of the LGA, the selected family members include: three respondent’s husband, wife and a child not below 24 years. Random sampling ensures that every unit in the study population has a known and equal chance (that is, equi-propability) of being included in the sample (Eboh 2009). Systematic random sampling is a variation of the simple random sampling, systematic random sampling is characterized by a random start, followed by a pre-determined or systematized order of selection (Ebob 2009, Osuala 2011). Once the first unit has been selected (that is the random start) all the rest of the units for the sample are pre-determined ( Ezeji 2010 ). It is probability sampling because the chance of selecting for each unit is known and the starting point is random. In systematic random sampling the count of units must be known ( Eboh 2009). This is how total number of units in the sample frame (N) is divided by the units in the sample (n) to obtain sampling interval (k) rounded up to the nearest whole number K=N/n for example in this study 1100 families and sample of 200 was drawn then sampling interval K is 1100/200 = 5.5. The first unit from the population is selected randomly and then every 5th family unit on the list is selected using Eboh (2009) formula. In this study after the first selected family, every fifth family was selected 600 respondents was attained. In systematic random sampling having a form of order in some way increases the sample efficiency. 3.4 Research instruments The instrument for data collection was research questionnaire titled: Enhancement of Financial Resource Management of families during economic recession in Kaduna State. For question one, the items were based on two point scale of available and not available. For research questions two, three and four, four point’s scale of Strongly Agreed (4), Agreed (3), Strongly Disagreed (2), and Disagreed (1). The instrument for the study was subjected to validation by three lecturers who were experts in the field. The experts were served with the copies of the instrument and were required to vet the items for appropriateness, adequacy and clarity in measuring what they are set to measure. The experts suggested areas for improvement of the instrument European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 31 towards meeting the purpose of the study. The observations and suggestions were used to improve the final copy of the instrument. Test- retest method was used to determine the reliability of the instrument. This method involves collecting data from the same individuals twice within a given space of time; this group was not part of the final respondents. A total of 30 respondents were involved and 30 copies of the instruments were administered to them twice at the interval of two weeks. Reponses from the subjects were analyzed using Spearman rank order to obtain the reliability coefficient of 0.80, 0.84, 0.78 and 0.93 thus the instrument was reliable. 3.5 Data analysis A total number of 600 questionnaires were administered with the help of three research assistants. Distribution and collection of questionnaire was by hand. The data from the questionnaire was analyzed using mean and standard deviation to answer the research questions through the use of SPSS package. The 4-point scale of response option of one, two, three and four were assigned value of Strongly Agreed (4), Agreed (3), Disagreed (2), Strongly Disagreed (1).The researcher used 2.5 as the level of acceptance which means that any item with mean of 2.5 and above was accepted while anyone which had a mean of below 2.5 was rejected. 590 questionnaires were completed and retrieved which was 93.3%. 4. Findings of the study The following findings were made by the study based on the research questions: Research Question 1: What are the sources of income available to families in Economic recession in Kaduna state. Research Question 2: What are the impacts of economic recession on families in Kaduna state. Research Question 3: What are the ways of managing family financial resources in Economic Recession. 1. Five available source of financial resources of the family (see Table 1 in appendix section) 2. Ten ways families mange their financial resources in economic recession(see Table 2 in appendix section) 3. Ten impact of economic recession on family financial resources(see Table 3 in appendix section) The study reveals that the response for the respondents on sources of finance available to the family are salary, return from stock investment, turnover from saving/contributions, turnover from livestock and return from pension. While there were no financial resource support from relatives, support from children, returns from rent from building and places of worships. The respondents agreed on nine items resources on ways of managing financial but disagreed on one way families manage their finances in economic recession. They practice financial budget, buying in bulk, prudent financial planning, cutting down luxuries, avoiding unnecessary expenditure, getting involved in joint account, engage in animal and food production, engage in small scale business and having financial accountability for the members of the family. Families try to put in their best for survival but they find it difficult to follow and execute financial plans in recession period due to inflation. The study further revealed that the respondents agreed on all the impact of economic recession on the family. 5. Discussion and further research Based on the analysis of the data collected on enhancement of family financial resource management in economic recession. Research question 1 which is: What are the sources of income available to the families in economic recession in Kaduna state? In response to research question 1: five (5) items out of ten (10 items) were agreed on as sources of finance available to the family. The items agreed on are money from salary, return from stock investment, turnover from savings and contribution, turnover from pension and turnover from livestock. The items have a mean range of 2.50 to 3.47. This indicates that all those items are sources of family financial resource. This is in line with Deacon and Firebaugh (2001) who noted that earning salary is a source of income for a family. Research question 2 sought answer on what are the ways of managing financial resources of families in economic recession in Kaduna state. On ways of managing financial resources in economic recession, the respondents agreed on all the ways families’ manage their financial resources during economic recession. Their responses includes: practicing financial budget, bulk buying when money is available, prudent spending, cutting down luxuries, window shop and avoid unnecessary European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 32 expenditure. They engage in animal production, engage in small scale business and making financial accountability to each member of the family this is in line with Deacon and Firebaugh (2001), that opines that family achieves its goals responds to events through planning the use of its resources and implementing the plans. Stroud (2008) also opined that financial budget and effective planning reduce cost by avoiding waste in expenditures and giving up luxury items. The findings showed that when there is effective financial management family goals can be achieved and this is needed during economic recession. Research question 3 is on what are the impacts of Economic recession on families in Kaduna state. It was revealed by the respondents that in economic recession, families experience poverty, ill health, inflation and inability to pay children’s’ school fees, adult family members delay or forgo academic pursuit, reduce income level leading to nutritional distress, financial hardship leading to harsh and inconsistent parenting, inability to meet economic needs and depending on other people for family needs. These findings are in line with Opeyemi (2008) who observed that the influence of economic recession is attributed to unemployment, poverty and corruption in the society. This implies that economic recession influences the family financial resources and living conditions of the family is negatively affected. The study has provided the following suggestions for further research: A similar study should be carried out using other family members (adolescent ,elderly), some of the ways of managing finances can be applied to businesses either personal or group ventures. 6. Conclusion This paper highlights aims to: determine resources available to the family in economic recession in Kaduna state, identify how families manage their financial resources in economic recession, determine the impact of economic recession on families in Kaduna state and the research questions on: what are the sources of income available for families, what are the impact of the economic recession on the families, what are the ways of managing family financial recourses in economic recession that guided the study. The study made use of related research work and literature as a guide in formulating the research questions for this study. It also made use of family stress model which confirmed that families feel the impact of the financial stress. The findings of this study revealed that economic recession can lead to, poverty, ill health, adult family members forgoing academic pursuit, emotional distress, inflation, inability to pay children school fees, loss of job, and hardship is the order of the day in economic recession therefore there is need for effective family financial management before and in the period of economic recession. It was further revealed that families have some ways to manage the challenges that affects the family but even with the management families still felt the impact. The study has implication for families, since during economic recession families feel the adverse effect. It is expected that when families are able to enhance their financial resource management they should not feel the adverse effects of the economic recession. There is also the need for inculcation of new skills on how to handle economic recession and to learn new skills for self reliance. Improve creativity in schools and colleges on family financial resource management. The study will go a long way in assisting curriculum planners and teachers in getting information on causes, ways of enhancing financial management of families and the impact of economic recession. There by giving the students and families’ opportunities to learn how to cope. Families will also learn and adopt skills of saving for emergency. Families, government and marriage counselors can adopt the ways of managing family financial resources in economic recession The study covered only selected sample of the population which makes it a bit difficult to determine what the opinion of the other members of the family may be, other members of the family can be researched on by other researchers. In the research, methodology questionnaire was used to get responses, other researches can use both questionnaire and focus group discussion so as to double cross the respondents opinion. Hypothesis was not used in this study but in further studies it can be incorporated. 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European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 35 Appendix Table 1: Mean Responses on Sources of Income Available to the Families in Economic Recession. Source: Author’s elaboration Resources Available to Family Members Female Family Members Male Family Members X1 SD Remark X2 SD Remark Salary 3.46 0.92 Available 3.27 0.90 Available Support from relatives 2.17 0.56 Not Available 2.16 0.55 Not Available Occasional return from stock investment 2.50 0.90 Available 2.56 0.90 Available Support from children 2.29 0.71 Not Available 2.16 0.55 Not Available Return from rent from building 2.00 0.00 Not Available 2.17 0.56 Not Available Turnover from business 3.19 0.98 Available 3.67 0.95 Available Turnover from savings or contribution 3.01 0.81 Available 3.47 0.92 Available Return from pension 2.61 0.93 Available 2.60 0.92 Available Turnover from livestock 2.73 0.96 Available 2.61 0.93 Available Place of worship 2.17 0.56 Not Available 2.16 0.55 Not Available European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 36 Table 2: Mean Responses on Ways of Managing Family Financial Resources in Economic Recession. Ways of Managing Family Financial Resources Female Family member Male Family member X1 SD Remark X2 SD Remark Able to follow and execute financial plans in recession time 2.00 0.00 Agreed 2.17 0.56 Disagreed Practicing financial plans 2.64 0.81 Agreed 2.56 0.80 Agreed Bulk buying when money is available 2.74 0.82 Agreed 2.71 0.81 Agreed Prudent financial planning 3.66 0.95 Agreed 3.47 0.92 Agreed Cutting down luxuries 3.46 0.95 Agreed 3.47 0.92 Agreed Window shopping and avoid unnecessary expenditure 2.94 0.85 Agreed 2.91 0.84 Agreed Get involve in joint account saving 2.66 0.81 Agreed 2.97 0.85 Agreed Planning of income and expenditure 3.27 0.90 Agreed 3.14 0.92 Agreed Engage in animal and food production 3.66 0.95 Agreed 3.47 0.92 Agreed Engage in small scale business 2.66 0.81 Agreed 2.56 0.80 Agreed Financial account ability from each member of the family who are of age 3.01 0.86 Agreed 2.80 0.83 Agreed Source: Author’s elaboration European Journal of Social Impact and Circular Economy - ISSN: 2704-9906 DOI: 10.13135/2704-9906/5464 Published by University of Turin http://www.ojs.unito.it/index.php/ejsice/index EJSICE content is licensed under a Creative Commons Attribution 4.0 International License 37 Table 3: Mean Response on Impact of Economic Recession on Family Financial Resources Management. Impact of Economic Recession on Family Finances Mean Response of Female Mean Response of Male X1 SD Remark X2 SD Remark Poverty in the family 2.59 0.80 Agreed 2.73 0.82 Agreed Problem of ill health 2.94 0.94 Agreed 2.83 0.79 Agreed Inflation (i.e. things are expensive) 2.77 0.83 Agreed 2.91 0.84 Agreed Inability to pay school fees of children on time 2.66 0.81 Agreed 2.74 0.82 Agreed Job loss and inability to get jobs 3.44 0.92 Agreed 3.66 0.92 Agreed Adult family members delay or forgo academic pursuit 3.04 0.86 Agreed 2.59 0.80 Agreed Reduces income or slash in salary 2.80 0.83 Agreed 2.73 0.82 Agreed Emotional distress that leads to harsh and inconsistent parenting 3.01 0.86 Agreed 3.91 0.98 Agreed Inability to meet economic needs 3.66 0.95 Agreed 3.43 0.92 Agreed Depending on others to help meet ones needs 3.01 0.86 Agreed 3.41 0.92 Agreed Source: Author’s elaboration