ABSTRACT

The study investigated the financial management practices of families in Oboro. The research design of the study was descriptive survey. Five objectives and five hypotheses were used to guide the study. There is no record of population of families in Oboro rather the population of the individual in lkwuano, therefore, 160 families were selected in eight key communities in Oboro. Simple random technique was used and the sample size was 160 families. Data were collected with questionnaire which was developed by the researcher. Frequency, percentage and ANOVA was used for the data analysis. The hypothesis was tested at 0.05 level of significant. Cronbach Alpha was used for the reliability of the instrument. From the findings, it was shown that the main source of income for families in Oboro was from trade. Majority of the families make budget based on food which is one or the basic need of man. Almost all the families take care of their family needs first before their wants as the way of controlling spending in their families. Also majority of the families in Oboro do not put their budget in writing. It was recommended that the issue of financial management of families should be looked at seriously since it has an implication for savings and investments behavior of families. The agencies concerned such as Ministry of Gender, Children and Social right Protection in conjunction with Ministry of Finance should organize financial literacy programs for families and individuals to create awareness for the need for good financial management in homes. The accounting and finance professional should also design cost cflcctive service packages that meet the need of families and also enhance their visibility and accessibility to families and individuals. The professionals may also intensify public education on the need to properly manage the financial resources of families and individuals.