PERCEPTION OF RESIDENTS COPING STRATEGIES TOWARDS FINANCIAL CHALLENGES IN ISIOHOR COMMUNITY, BENIN CITY

ABSTRACT

Based on the findings of the study, the researcher concluded that the residents of the Isiohor community did not have definite sources of funds, their major sources came from their operative businesses, freelances, loans or bank drafts, and salaries among others, as revealed in the study the residents cope with it, but seeking better alternatives and of more confident in engaging multiple jobs to earn more so as cope better during a hard time or economic turmoil. It was also concluded most financial challenges faced by the residents are man-made or artificial challenges, and these challenges arise from inflation in the economy, the unemployment nature of the country, bad and corrupt leaders, a singular source of income, and financial illiteracy. It could be seen from the study that several strategies could be adopted to address financial challenges, which the residents opined to taking loans and budget adjustments, frugal spending, and engaging in multiple jobs to get more income from different sources. It was also concluded from the study that government actions play a major in meeting their daily expenses, for the residents see it as an uneasy task, challenging and stressful in meeting their daily expenses which makes them reduce and cut short their spending, they believe that the government should provide employment, rejuvenate and transform the economy sectors to curb or alleviate financial challenges which has bedeviled them.