Finance Management Related Strategies Adopted by Households in Coping with Challenges of Economic Recession in Port Harcourt Local Government Area

The study determined financial-management related strategies adopted by
households during economic recession crisis as well as ways through
which households can generate more income to cope with the challenges
arising from economic recession. It was a survey research. Area of study
was Port Harcourt Local Government Area (LGA). Population was made
up of civil servants (both males and females). Questionnaire and focus
group discussion (FGD) were used for data collection. Data were analyzed
using mean. FGD information was also summarized. Major findings
include 25 financial management strategies and 15 possible ways of
generating more income. Based on the findings it was recommended
among others that households should have an emergency fund savings,
plan their budget, follow their budget strictly and have multiple source of
income.