The Financial Literacy of Micro Entrepreneurs in South Africa

Olawale Fatoki

191 citations0/0 files storedJournal of Social Sciences

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Financial Literacy and Behavior Financial Literacy, Pension, Retirement Analysis Microfinance and Financial Inclusion

Abstract

The research investigated the level of financial literacy of the owners of new micro-enterprises in South Africa. This study used financial planning, analysis and control, book-keeping, understanding of funding sources, business terminology, finance and information skills, use of technology and risk-management to measure the financial literacy of entrepreneurs. Data was gathered through the use self-administered questionnaire in a survey. A combination of dichotomous and Likert scale questions were used for the survey. Descriptive statistics was used for data analysis. The results suggest a low level of financial literacy by the owners of new micro-enterprises. Recommendations to improve financial literacy are suggested.

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References

2014The Economic Importance of Financial Literacy: Theory and Evidence 2002Global Entrepreneurship Monitor 2009Measuring Financial Literacy 2013Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data 1960A Theory of the Consumption Function 2013Entrepreneurial competencies of women entrepreneurs pursuing business growth 2010Financial literacy and youth entrepreneurship in South Africa 2013The Impact of Financial Literacy on New Venture Survival

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2017The relationship between access to finance and growth of SMEs in developing economies 2020How Does Technological and Financial Literacy Influence SME Performance: Mediating Role of ERM Practices 2021Determinants of financial literacy: Empirical evidence from micro and small enterprises in India 2020Financial literacy and its variables: The evidence from Indonesia 2022Financial literacy of entrepreneurs: a systematic review 2020

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