Families that apply budget system achieve financial stability

MUSCAT, AUGUST 15

The study 'Family Budget Management: Its Reality and Challenges from the Perspective of Omani Society', conducted by the Ministry of Social Development (MoSD), concluded that families who have implemented a budget system are the most capable of managing their expenses without suffering.

These families are minimally affected by circumstances that may hinder their commitment to the monthly budget compared to families without a budget management system.

The questionnaire was distributed to all governorates of the Sultanate of Oman, with a sample size of 1,869 individuals. The results indicated that Omani families have a good understanding of family budget management and a high awareness of its importance.

The study recommended implementing training courses in family budget management for all categories, as there was a significant interest among Omani families to enhance their skills in this area.

The study revealed that Omani families have a high level of knowledge about family budget management and are aware of its importance. It indicated that families are interested in involving all members in budget management to instil a sense of responsibility in children and prepare them for the future.

This approach helps in setting priorities, reaching consensus on spending, and avoiding mismanagement, extravagance, and random spending.

Omani families face moderate challenges in organising their spending budget in various aspects, but they have achieved a level of stability in their spending habits. They have developed a clear understanding of how to allocate their monthly income according to their capabilities.

The study indicated that Omani families are significantly influenced by social events that may lead them to exceed their monthly budget, particularly due to cultural shifts related to expensive weddings and birthdays.

The study aimed to assess the interest of Omani families in managing their family budget across all governorates and to explore variations in interest based on different factors while determining the extent to which families are willing to adopt practices that improve family budget management, such as creating a monthly budget and enhancing budget management skills.