A Qualitative Study on Female Counterpart’s Participation in Family Financial Management

The study was carried out with an intention to identify the level of participation of female spouse in their own family financial management considering many aspects such as banking participation, financial communication, money spending habits, financial roles, budgeting etc. Background: Wedding is an important turning point in the financial management planning of a family where the individual management systems becomes a joint one in which the money is both for them (husband and wife) and not on individual basis. Male and female counterparts are the two faces of the same coin and need sto move hand in hand for running their domestic economy. Research Design & Sampling: A sample of 417 female counterparts was taken. Convenience sampling was used for data collection and primary data was collected through scheduled interviews from the respondents. Findings: It was found that male counterparts are more active in banking operations and takes lead in family financial decisions. Both the counterparts understand the importance of financial communication and try to carry out between them. Budgeting is mostly practice in households but still strict practice is required. Originality: The overall study was carried on the basis of qualitative survey and results were presented in form of word clouds and trees. So, the most favorable answers were highlighted depicting the results and then interpretations were written.