A person’s consumption is influenced by a number of factors. These factors range from the level of income to tastes and preferences. With the recent hardships in the economy, people are devising creative ways of earning money so as to make ends meet. Economic stability is hence a puzzle that many people want to solve. People lost their jobs in the economic downturn. The worst hit sector was real estate. People lost their homes since they did not have enough income to cater to their consumption needs and settle their mortgages. These are just some of the highlights of the poor state of microeconomics in the country. This paper sheds light on the quest for financial stability. Financial independence and freedom is a dream shared by almost all people, hence the need to make the achievement.
The questions below aim at capturing the economic situation of the average citizen and the struggles they go through in their daily lives. All of them touch on an economic aspect although some tough on the social aspect, as well.
I. How many jobs do you have? How many hours in a week do you work?
II. In the course of the last five years, have you had to adjust your level of spending?
III. What proportion of your net income do you save or invest?
IV. Do you have any dependents? If so, how many are they?
V. Are you financially comfortable in your current state?
These questions are framed to touch on the key aspect of the study without intimidating the participants. One can notice that there are no leading questions hence the participant can exercise independence of thought. The questionnaire does not include direct questions such as the amount that a person earns. Such questions make participants uneasy and may lead to wrongful answering or withdrawal from participation.
The questions are also simple and straight forward. This allows for ease in compiling the results and analyzing the data. Also, they give the participants an easy time with the process. If the questions were complex, some participants would refrain from the exercise hence creating errors of the results.
The research methodology used did not require a lot of effort since the sample population was quite manageable. The sample size included five participants living in close proximity, hence were effortless to contact. According to the questions posed in the questionnaires, the variables were easily identified and analyzed. These included number of working hours, proportion of income saved, number of dependents and changes in consumption. With these variables readily provided, measurement and analysis of the response was effortless. The target group was determined before the exercise.
The process of administering questionnaires was smooth. Since all the participants were known, there was no need to familiarize with them. Also, it would be difficult dealing with strangers who may have unlikeable personalities. The nature of the questions also allowed for openness in their responses. The topic of study is also in touch with their daily lives. They hence had the answers to these questions and were willing to share them in order to formulate a channel to boost their economic status.
The feedback was quite eye opening. Almost all the participants had two jobs. Only one of them had one job. All of them worked for over 60 hours a week. Some of them worked over 100 hours each week. This might be extreme, but with the current state of the economy, one has to formulate all measures to survive. The older participants had dependents, mostly children. The younger ones did not have any dependents. An interesting phenomenon was that they younger participants did not save much of their earnings. This was different from the older ones, who seemed to save a significant amount of their income. All the participants said they were not comfortable with their financial position. Some opted to find other jobs in order to increase their monthly income. However, it was not feasible to look for more gainful employment if a person already had two jobs. They hence expressed the need to lower their spending so as to have more money to save. Some also said that they would ask for raises at work and hopefully have more disposable income.
The question of age raised viable concern in the study. The questioner hence had to be amended to reflect the aspect of age. Participants had to indicate their age range, which was in multiples of five. Also, the study showed that participants with higher educational qualifications earned more than their counterparts. Men also earned slightly more than women. This is quite unfortunate in this era, where gender equality is prevalent. Specifications about the nature of the field that participants work in are also vital. People who have office jobs have a lower likelihood of holding another job. The informal sector, on the other hand, is more flexible hence one can have as many as three jobs. All these factors have to be considered when gauging the economic and financial position of an individual.
Following the study, one has a better chance of understanding the intricacies involved in the world of economics. The scale at which the research was carried may not be adequate to formulate a picture on the whole country, but it gives a glimpse on the challenges that ordinary citizens face as they try to lead an honest life. Such an analysis may help the government figure out the age groups that need urgent assistance, or ways in which employment opportunities can be created.