Olasupo Sogelola, the chief executive officer of International Energy Insurance Plc., has emphasised the benefits of dual-income families, highlighting its potential to promote financial security and advance gender equality in accordance with the United Nations’ Sustainable Development Goals (SDGs).
He stated this while speaking at a conference at Nigeria Institute of International Affairs (NIIA) organised by the Institute for Work & Family Integration (IWFI) themed “Navigating the Dynamics of Dual-Income Parenting”, to set the tone for the upcoming United Nations’ International Day of Families on May 15.
Sogelola outlined the advantages of this family structure, noting that dual-income households often enjoy enhanced financial stability, enabling them to afford better living conditions, quality education, healthcare, and recreational activities. Additionally, such families can invest in long-term goals, including homeownership and retirement savings.
Sogelola also praised the model for fostering cooperation and mutual respect between partners, thereby creating a more harmonious family dynamic.
However, he acknowledged the inherent challenges that dual-income families face.
These include limited quality time with children, the high costs of childcare, emotional strain, and the complexities of time management. To overcome these hurdles, he urged parents to develop tailored strategies suited to their unique circumstances, ensuring a balance between their professional and family responsibilities for optimal success.
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Recommendations for stronger family bonds
Charles Osezua, chairman of IWFI, expressed the institute’s dedication to offering practical solutions to help families thrive in the modern age.
He highlighted the increasing prevalence of dual-income households and the critical questions they face, including how to provide adequate attention to children while excelling professionally, preventing burnout, and maintaining strong relationships.
Osezua expressed concern about traditional boundaries between professional and family life being blurred due to technology and the demands of modern work.
“The traditional boundaries are gone,” he said. “With more couples engaged in work than ever before, we must address how to ensure that our children are nurtured, our relationships remain strong, and we make time for what truly matters.”
The panel discussions, moderated by Bolanle Onime, featured insights from a diverse group of speakers such as Oluwaseun Ajayi, the Eromoseles , Gbenga Adebayo, and Nneka Ezeani.
The panellists emphasised the importance of dual income couples fostering strong values in children, prioritising quality time, and maintaining open communication between parents.
Oluwaseun Ajayi, senior manager at Deloitte West Africa, shared his thoughts during the panel session, advising couples to to budget save and communicate with their partners on financial issues.
“Control and track your expenses. Always try to live within your means, and have your lawyers process your Will or Trust. Secondly, save 10 to 20 percent monthly even if you have and operate a separate, joint or hybrid account. Pay yourself first as you are the person who earned the money. Save for the rainy day”, he said.
“Also communicate with your partner about financial issues and current financial standing. Present a united front to outsiders. For example, when making donations and contributions, present one envelope addressed with one name, which is of both you and your partner. Teach your children financial education as early as possible”.
Gbenga Adebayo warned against prolonged separations or a lack of communication, which, he said, could irreparably harm marriages and families.
Another keynote speaker, Rita Olarewaju, general manager at Aradel Holding Plc, highlighted the need for parents to actively engage their children and instil values such as financial discipline. “We should teach our children that life is about more than just money,” she said, stressing the importance of raising well-rounded individuals.
Olarewaju also urged organisations to implement family-friendly policies, which she noted could enhance employee productivity and wellbeing.
Adeyinka and Temitope Hassan, both lawyers, advocated for honesty and teamwork between partners. They advised couples to tailor their parenting strategies to suit their individual strengths and circumstances, investing time, money, and energy into their children.
The conference concluded with a call to action for parents to strike a sustainable balance between their professional and personal lives.
