ATTAINING ECONOMIC SELF-SUFFICIENCY AMONG HOUSEHOLDS IN ANAMBRA STATE NIGERIA: THE FAMILY BUDGETING PRACTICES EFFECT

Abstract

The study assesseD how family budgeting practices affect households’ attainment of economic self-sufficiency in Awka South Local Government Area (LGA) of Anambra state. Specifically, the study intends to ascertain the extent to which level of regular expenses, size of periodic savings and steady income generation affect the economic self-sufficiency of selected households in Awka South. Cross-sectional descriptive survey design was applied while the population of interest was the entire households in Awka South LGA. In the research, 288 households in Awka South LGA, Anambra State were sampled using convenience sampling technique. The primary data for this study were collated through structured questionnaire. Descriptive statistics was used for the calculation of mean, percentages and frequency distribution. Inferential statistics was deployed to test the research hypotheses using the multiple regression statistical tool. Results obtained showed that the level of regular expenses has a negative but significant effect on the economic self-sufficiency of sampled households in Awka South LGA (p-value = 0.009); size of periodic savings has a positive and significant effect on the economic self-sufficiency of sampled households in Awka South LGA (p-value = 0.000) and steady income generation has a positive and significant effect on the economic self-sufficiency of sampled households in Awka South LGA (p-value = 0.000). In conclusion, excessive or inefficient spending habits readily hinder households from attaining economic self-sufficiency but households that save commendable amount periodically and have a stable source of income are most likely to become self-sufficient. The study therefore recommends that families should reduce its number of regular expenses activities, cultivate a savings culture that permits timely set aside of about thirty five to forty eight percent of generated or earned income on periodic basis, and seek other buoyant opportunities to increase and maintain steady income stream in order to improve its economic self-sufficiency.