In the typical family setting, women and children suffer most during financially challenging times. This article will help in addressing this challenge,


Welcome to another week of financial learning. I defined financial excellence last week as our ability to live above normal financial challenges.

Lifeline Australia, an NGO defined a financial challenge as a situation where money worries cause you stress.

Depression, Anxiety, Weight-gain/loss, strained relationships to mention few are the effects of financial stress as we learned last week.

In the typical family setting, women and children suffer most during financially challenging times.

It is therefore imperative that we discuss the financial role of women at home.

Susan Sheldon, Graduate Research Assistant of School of Family Life, Brigham Young University wrote a short conversation between a couple that I would like to share as a basis for today’s article.


Bob came running into the house and called out, “Honey! Look at the new DVD player I bought!” His wife, Sarah, exited the kitchen and entered the living room with a frown on her face.

As Bob anxiously opened the DVD player and described all its features, Sarah became more and more aggravated. “We don’t have money to be buying DVD players,” she said.

“Of course we do, we’re getting our tax refund soon. Plus it was on sale. I’ve wanted one of these for so long. When I saw it in the electronics store I just couldn’t wait to buy it.”

“We were supposed to save our tax refund towards a down payment on a house!”

“There’s no way we’re ever going to have enough money for a down payment.

So why not enjoy the money now? Plus, think of all the movies we can watch together.” 

Sarah became flooded with emotion and yelled at Bob, “How could you be so selfish!”

“Me?! Selfish?! I bought this DVD player for both of us! Why are you always such a tightwad?”

This argument will sound familiar to many couples.


Money management is critical to the success and happiness of any relationship, including your marriage.

Scholars have identified several factors that drive financial behavior, including emotions, personality, and an individual’s attitude toward money.

It must be said that money disagreements at home are the third major cause of divorce in Ghana after infidelity and breakdown of communication.

A research report by Jeffrey Dew, a faculty fellow at the National Marriage Project and assistant professor of Family, Consumer, and Human Development at Utah State University, points that disagreements about money are the most accurate predictor of divorce.

His research also showed that when a spouse does not believe his or her partner handles money well, reporting marital unhappiness is more likely.

Women naturally have a higher financial burden than men.

According to the Ms.Financial Literacy group, there is a typical stereotype type in the home that the wife is responsible for balancing the checkbook (e.g., managing the day-to-day budget) while the husband attends to bigger-picture financial planning (e.g., purchasing insurances, tax planning and investing retirement funds).

Certainly, there are some households where the wife doesn’t participate much in or any part of the family’s financial responsibilities.

Findings in a 2013 Fidelity Investments Couples Retirement Study showed that two in ten women admitted to having only some or no input into the day-to-day financial decisions in their households.

Managing day to day activities at home is traditionally deemed more feminine.

Husbands are more suited to attending to the bigger picture household financial planning, as they are being seen as more technical savvy and/or have a higher risk tolerance personality.

There are other households where both the wife and husband participate equally in every aspect of the family’s financial situations.

In other families, money discussion is a no-go area for couples.


The wife has an important financial role in the family.

A wife’s role goes beyond home management. She has to be part of all financial decisions from investments to retirement plans.

For instance, some wives do not all the different retirement accounts their husbands have.

Some do not know what their car and/or home insurances cover (or would not cover).

Some do not know if their husbands have disability insurance to mention a few.

Their husbands were taking care of those responsibilities and do not always involve their wives in the process, either consciously or subconsciously.

This is a wrong and totally unacceptable action!

The financial role of a wife should be a conscious process.

Looking after the home and the children should be shared responsibility just like financial matters.

Many women find out this truth the hard way in events of death and divorce.

I had an awesome discussion with Ms. Alice Acheampong, an HR expert and Gender Champion on my YouTube Channel, Patrick TV GH last week.

In our discussion, Ms. Acheampong advised women to be financially empowered in every relationship i.e. Dating or Marriage.

Financial empowerment according to her improves the worth of the wife and does not put her at risk in the event of death or divorce.

Wives also have a financial obligation in the family budget session.

That is not the preserve of the man even if you earn a smaller income.

The wife should contribute to the family pool account.

No matter how little you have, send your quota into that account if any.

Engage yourself in more income-generating activities in agreement with your spouse if possible.

The days of wives becoming financial burdens at home are becoming a thing of the past.

Take charge and be supportive even in financial matters.

One of the best ways to yourself and the family is to have a clear picture of your household’s financial situations and having the financial confidence to take over all financial responsibilities when needed.

This gives you all the reasons to overcome fears and excuses and become financially competent.

Wives should also learn to keep proper records of how they spend your income.

Home management goes beyond washing of dishes and buying foodstuffs.

Keeping a record of items purchased as well as prices at which the items were bought serve as a great planning tool.

Record-keeping helps in reducing wastages at home.

The financial woman needs to learn to save and invest more.

Savings and investing again is not the sole preserve of the man.

Be part of the investment decisions for the family and the children.

The financial woman should avoid impulse buying. Make a shopping list and stick to it.

Have a schedule for large purchases.

Every woman has a financial role to play at home because the success or otherwise of the family will have an impact on you positively or negatively.

The supportive role goes beyond the folding of arms.

Be part of the process and ready to contribute financially and intellectually in the money management decisions at home.

I wish everyone a wonderful and memorable week!


NB: Image from Compassion International Blog

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Patrick Baah is a chartered banker with over 5 years experience in main stream banking having worked in various capacities. He is currently at the Branch Manager Position of his institution. He has been a qualified member of the Chartered Institute of Bankers, Ghana with a good membership standing since the year 2013. He also holds EMBA and BA from Kwame Nkrumah University of Science, Technology, and the University of Ghana respectively. Patrick is the originator of the daily epistle dubbed “Savings Tip of the Day” which has been running for over a year on WhatsApp and Facebook. Patrick has also been teaching on the Topics Savings, Investment and Financial Independence for over 2 years and a research fellow for ILAPI Ghana. He runs a financial channel on Youtube by name “Patrick TV Gh” and has appeared a couple of times on the business segment of TV3 News 360. Patrick is into youth facilitation and counselling. I can be contacted via baasco2006@gmail.com and or 0243984492.


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