The power of resilient mindset: unveiling the financial challenges of single mother in high inflation economies

Abstract

The study specifically aimed to look into the experiences of single mothers who are facing financial challenges during high-inflation economies, their coping mechanisms in facing their challenges, and insights they can share with other single mothers who are also experiencing financial problems. researchers utilized qualitative phenomenology to understand and describe the experiences of single mothers, how they cope and their insights. Researchers gathered the data through an in-depth interview carried out face-to-face. Thematic analysis was used to analyze data. Three themes emerged that described the experience of single mothers, namely: financial strain, physical challenges and time barrier. Also, three themes emerged that described how they cope with their challenges, namely, faith coping strategies, family support, and time management. An empowering mindset, managing expenses, and motivation were the single mothers' emerging themes for insights. Maslow's theory of needs proves that underclass single mothers barely meet the minimum demands that are necessary for survival due to the rising cost of living and inflation. This research would offer valuable insights applicable to other single mothers grappling with financial hardships in high-inflation economies. Creating accessible resources for affordable childcare and job training opportunities may empower single mothers to enhance their economic stability.