Have You Ever Imagined New Ideas To Manage Your Household Finance?
There Must Be Factors That Influence The Financial Decisions
Let me share here under what I discovered.
What factors impact the financial decisions of households?
The size of the household; is the starting point. As the household increases, they might be less able to manage their finances.
Older people are compared to younger one’s who may have different needs. People living in urban areas may allocate their resources differently compared to those living in peri-urban areas.
Marital status, occupation, education and many other factors may influence the financial decisions of households.
Household income largely determines financial decisions. Health and income are closely related to the household ability to take part in the financial market.
The global pandemic has economically, affected vulnerable families as they are experiencing employment instability. Careful planning can help in situations where the family income declines.
During this time getting the most from the income needs wise spending judgements. This must be based on needs rather than wants, to balance the appropriation.
