Financial planning and household standards of living.

Abstract

This research paper focuses on financial planning and household standards of living. In different chapters, the researcher shows how elements of financial planning can be linked to standards of living especially at household level. Elements of financial planning such as budgeting, saving and cash management were reviewed against standards of living like improved income, access to medical and educational facilities. The objective of the study was to establish the effect of financial planning on household standards of living. In an effort to achieve this, a mixed research approach was employed where both qualitative and quantitative approaches were used in the study to give results that could be reliable when viewed from qualitative and quantitative point of view. From the study it was found out that financial planning can improve the standards of living of the households if adopted and fully implemented. Therefore, elements of financial planning such as saving, and cash management were found to have a significant positive effect on household standards of living thus important in influencing better conditions of life in the household since they relate to how available resources are used in advancing the livelihood necessities of the household.