Factors Affecting Management

The decision-making process in family resource management involves a series of steps to resolve family issues or achieve goals effectively.

Employment Patterns

Employment patterns refer to the nature and structure of the family members' work life, including full-time, part-time, shift work, or self-employment.

Impact on Management

• Income Stability: Full-time employment offers more stability compared to part-time or freelance work.
• Time Allocation: Shift work can affect family routines and time spent together.
• Example: A parent working night shifts may need alternative childcare arrangements.

Management of Dual Roles

Dual roles involve balancing work and family responsibilities, often experienced by working parents.

Impact on Management

• Time Management Challenges: Balancing work and family duties can lead to time constraints.
• Stress and Burnout: Managing dual roles can increase stress levels.
• Example: A working parent balancing job responsibilities and attending children's school events.

Socio-economic Status

Socio-economic status (SES) is the social and economic position of a family in society.

Impact on Management

• Resource Availability: Higher SES often means access to more financial resources.
• Lifestyle and Opportunities: SES influences the lifestyle, education, and health care opportunities.
• Example: Families with higher SES might afford private schooling.

Stages in the Family Cycle

The family cycle includes various stages a family goes through, from marriage to raising children and ageing.

Impact on Management

• Changing Needs and Priorities: Different stages require different resource allocations.
• Example: Newlyweds might save for a home, while older couples might focus on retirement planning.

Values and Standards

Values and standards refer to the beliefs and principles that guide a family's behaviour and decisions.

Impact on Management

• Decision-Making Influences: Family values can significantly influence financial and lifestyle choices.
• Example: A family that values education may prioritise spending on quality schooling.

Composition of the Family

Family composition refers to the makeup of a family unit, including single-parent families, childless couples, and extended families.

Impact on Management

• Resource Allocation: Different compositions have unique resource management needs.
• Example: Single parents may face more financial and time constraints compared to dual-parent families.

Culture

Culture encompasses the shared beliefs, customs, and practices of a family's ethnic or social background.

Impact on Management

• Influences on Spending and Saving: Cultural beliefs can influence how families prioritise and manage their resources.
• Example: Some cultures emphasise saving for future generations, affecting family financial planning.

Gender Roles

Gender roles refer to the societal expectations and norms regarding the behaviour and responsibilities of different genders.

Impact on Management

• Influence on Task Allocation: Traditional gender roles may influence who manages finances or household chores.
• Example: In some families, women primarily handle childcare and domestic tasks.