The outbreak of the coronavirus has had severe implications on the availability and management of family resources. The aim of this study was to establish the impact of Covid-19 pandemic on the management of family resources in Nigeria and also provide new approaches and alternatives that can be used to cope with the impact of the Covid-19 pandemic. The descriptive survey design was used for the research. The population consisted of all households in Nigeria. Simple random sampling technique was used to draw a sample size of 150 households from the study. Data were obtained using questionnaire that was developed using Google docs as the research instrument. The instrument was validated by three experts with a reliability coefficient of 0.61. The data were statistically analyzed using mean and standard deviation and findings presented on tables. One sample t-test was used to analyze the data. The participants from the study agreed that the Covid-19 outbreak has had an impact on family resource management causing reductions in the availability of family resources, quality of family life and size of family income. The result also showed that the impact of Covid-19 on family resource management is significantly (p<0.05) high. Therefore, to cope with the current changing times and the challenges posed by Covid-19, families should focus on acquiring skills such as digital and entrepreneurial skills, arranging their order of activities in order to meet family needs and reducing wastage of resources through proper management and recycling.
A family resource management approach to retirement planning and its impact on satisfaction with finances
