Financial Management and Family Stability Among Households in Imo State, Nigeria

Abstract

This study investigated financial management and its impact on family stability among households in Isiala Mbano Local Government Area of Imo State. Five research questions guided the study. The study adopted the descriptive survey design. Purposive sampling technique was used to select a sample size of two hundred and fifty two (252) households. Structured questionnaire was used for data collection. Data obtained were analyzed using mean. The result showed that financial management has great influence on family stability. There are several factors that influenced financial management among households. They included lack of commitment (Mean =3.1, SD = 0.82 ) stinginess (Mean =3.3, SD = 0.79) poor planning, among others. The result also showed some measures to enhance family financial management thus; making decisions together in the family and implementing it (Mean =3.3, SD = 0.78) avoiding impulsive buying (Mean =3.3, SD= .79) having the interest of family members at heart (Mean = 3.3, SD= 0.72) budgeting and understanding ones income(Mean = 3.3, SD = 0.75) among others .The study concluded that misappropriation of funds, poor management of income and family finances can lead to family instability. Based on the findings it was recommended that every family member should be involved in taking decision on money management.