Financial (In)Security and Social Stability: Exploring the Yoruba Worldview on Economic Viability and Insecurity

Abstract

Financial resources profoundly influence perceptions of (in)security within Yoruba society, where economic viability is closely tied to social stability and well-being. This study employs qualitative methods and thematic analysis to explore how financial capacity affects feelings of security and meaning of insecurity among the Yoruba. The findings reveal that the term ‘insecurity’ means beyond physical violence and threat to personal life and properties, but includes social identity, relation is two key dimensions: having sufficient financial resources at one's disposal guarantees security. Security is essential for acquiring and securing livelihoods, encapsulated in the Yoruba maxims Olowo laye mo (wealth defines existence) and Omo alailowo di omo olomo, aya alailowo di aya alaya (a child without financial resources becomes a slave, and a wife without financial resources belongs to another). These expressions highlight the cultural worldview that financial (in)security determines not only economic stability but also social identity and physical safety. Possessing financial resources enables investments in personal security, such as personnel and technology, safeguarding individuals and families. Conversely, financial hardship exposes individuals to victimisation by criminals and oppression by the wealthy. It also increases one's vulnerability to engaging in criminal activities, leading to further loss of social standing and family stability. Economic instability emerges as a multidimensional threat, compromising safety, identity, and social cohesion. The study concludes that financial stability is deeply interwoven with personal and communal security in Yoruba culture. It recommends culturally inclusive poverty alleviation programs, community-based financial support systems, and public awareness campaigns on financial desperation. Collaborative efforts among traditional leaders, governments, and private organisations are essential for addressing systemic insecurity and creating safety nets for the financially vulnerable.