
































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 
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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 
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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  
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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. 

 
 
 
 
 
 
 
 
 



 
 

European Journal of Social Impact and Circular Economy - ISSN: 2704-9906  
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33 

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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 
 


