FINANCIAL MANAGEMENT SYSTEMS AND PRACTICES BY GA RURAL
WOMEN AND THEIR INFLUENCE ON FAMILY WELFARE
The study was conducted to find out the financial management systems and practices
used by rural women in the Ga East District of the Greater Accra Region and their
influence on the welfare of their families. The systematic random sampling technique
was used to select 120 respondents from Danfa and Adoteiman for the study. A
structured interview schedule was developed and used for data collection. The data were
analysed using the Census and Survey Processing (CSPro 4.1) software and Predictive
Analytic software (PSAW 18.1) programmes. The Statistical/Data Analysis (Stata)
software programme was used for the regression analysis and the chi-square test, used to
test the two null hypotheses. It was hypothesized that: HO1: There was no relationship
between financial management by respondents and family welfare; HO2: There was no
relationship between level of income of respondents and family welfare. Most of the
respondents (82%) worked in the informal sector. Respondents received income from
various sources with 88% receiving it from their occupations. The study revealed that a
greater proportion of the total expenditure (53.9%) was on food and the least expenditure
(2.8%) was on non-durable household goods. Respondents used a variety of financial
management systems with the main one being the allowance system (36%) and the least
used system being the family money management system used by (1%) of the
respondents. The respondents also used various financial management practices such as
mental planning of expenditure (89%), bulk purchases (33%) and credit purchases (36%).
The chi-square test revealed there was a statistically significant relationship between
management of finances and family welfare ( = 21.139 df = 1 p = 0.000) hence the
first null hypothesis was rejected. It also revealed there was statistically no significant
relationship between household income and family welfare ( = 3.593 df = 3 p = 0.300)
therefore the second null hypothesis was accepted. To find out if any other extraneous
variable influenced financial management practices, a logit regression analysis was done.
The logit regression analysis revealed that financial management practices (e.g.
unplanned spending) and certain demographic characteristics (e.g. respondents‟ age and household size) influenced respondents‟ family welfare both positively and negatively.
For instance, women with higher education (e.g. Senior High School Qualification) have
0.12 higher probability of influencing family welfare positively. On the other hand
household size relates negatively to family welfare. Therefore if a household size is less
by one person, there is a probability of influencing family welfare positively by 0.4
holding all other regressor variables constant. The study revealed that women with high
education were more satisfied with their welfare than those with basic or no formal
education. It is therefore recommended that rural folk be sensitized by relevant
stakeholders like the Ministry of Education to encourage more girls to be educated at
least to the Senior High School level. Public health workers and relevant stake holders
could intensify their education on family planning methods to help control family size,
because the study showed that families with small household size had enhanced welfare
than those with large household size. Department of Family and Consumer Sciences of
the College of Agriculture and Consumer Sciences of the University of Ghana and other
relevant stake holders could organize programmes to enlighten rural women on financial
management practices to help reduce unnecessary household expenditures and save
CDR, C (2021). Financial Management Systems And Practices Of Ga Rural Women And Their Influence On Family Welfare. Afribary.com: Retrieved April 17, 2021, from https://afribary.com/works/financial-management-systems-and-practices-of-ga-rural-women-and-their-influence-on-family-welfare
Coalition, CDR. "Financial Management Systems And Practices Of Ga Rural Women And Their Influence On Family Welfare" Afribary.com. Afribary.com, 07 Apr. 2021, https://afribary.com/works/financial-management-systems-and-practices-of-ga-rural-women-and-their-influence-on-family-welfare . Accessed 17 Apr. 2021.
Coalition, CDR. "Financial Management Systems And Practices Of Ga Rural Women And Their Influence On Family Welfare". Afribary.com, Afribary.com, 07 Apr. 2021. Web. 17 Apr. 2021. < https://afribary.com/works/financial-management-systems-and-practices-of-ga-rural-women-and-their-influence-on-family-welfare >.
Coalition, CDR. "Financial Management Systems And Practices Of Ga Rural Women And Their Influence On Family Welfare" Afribary.com (2021). Accessed April 17, 2021. https://afribary.com/works/financial-management-systems-and-practices-of-ga-rural-women-and-their-influence-on-family-welfare