Surviving Personal Financial Strain Amid Covid-19 Outbreak: A Conceptual Review of South African Context

• Main Authors: Ifeanyi Mbukanma, Ravinder Rena, Lydia Ugochi Ifeanyichukwu
• Format: Article
• Language: English
• Published: Danubius University 2020-12-01
• Series: Acta Universitatis Danubius: Oeconomica
• Subjects: covid-19 outbreak; personal finance; financial strain; financial control
• Online Access: https://dj.univ-danubius.ro/index.php/AUDOE/article/view/536/942
• ISSN: 2065-0175; 2067-340X

Objective: The objective of this study was to reveal specific financial survival strategies that would cushion the financial control and management capabilities of South Africans as the infection rate of Covid-19 rises. Approach: The principles of personal financial control that fits the South African context was reviewed and conceptualized. In addition, the latest research on Covid-19 infection, as well as findings in the area of personal financial control and management, was also reviewed to uncover personal financial survival strategies. Result: The findings of this study provide an impetus to recommend that the knowledge of personal financial control strategies such as financial literacy, personal financial discipline and knowledge of social external variables are needed by South Africans to survive the personal financial strain caused by Covid-19 outbreak. Implication: Financial literacy eminent and should be promoted more in the household and workplaces to provide people with the right financial knowledge for them to make informed financial decisions. Values and Recommendations: The personal financial survival framework as presented in figure 1, is recommended to be considered when formulating personal financial education programmes and campaigns as theframework highlights cure personal financial survival variables.