期刊名称：International Journal of Academic Research in Business and Social Sciences
电子版ISSN：2222-6990
出版年度：2017
卷号：7
期号：2
页码：386-403
DOI：10.6007/IJARBSS/v7-i2/2647
语种：English
出版社：Human Resource Management Academic Research Society
摘要：Study findings from past studies and experts have indicated that financial literacy has enabled MSEs make informed financial decisions on savings mobilization in their respective financial institutions based on knowledge and skills attained during financial literacy trainings which has gone a long way in enhancing their entrepreneurial growth. The financially literate entrepreneurs is more likely to trust financial institutions because they well comprehend the financial products and services provided by these institutions. To better study this subject matter the researcher employed mixed research design to conduct the study among 339MSEs who are registered with KNCCI Trans Nzoia county. The study used stratified sampling was used to categorize MSEs into three strata’s namely service manufacturing and commerce or trade and then random sampling was used to get the actual target population to be used in the study . Also pilot study was conducted to test the instruments reliability and validity which met the threshold of 0.70. The study also conducted correlation analysis among the financial literacy factors which were found to be significant to be used in the study. The major findings indicated that financial literacy trainings makes entrepreneurs confident to make savings decisions independently after acquiring knowledge and skills in preparing and adhering to savings plan, setting savings goals, financial budgeting and change of attitude on money management behaviors. The study concludes that financial institutions to develop gender based financial literacy training manual and enhance the capacities of trainers to deliver financial literacy training using a gender perspective and to increase on gender dimension of work. Also it concluded that financial literacy training should be provided before entrepreneurs engage in financial contracts such as in schools to offer basic financial literacy to help students/youths to navigate an increasingly complex financial environment as they grow. The study recommends that formal financial institutions to reach out to the informal financial service providers who are still controlling a large clientele of MSE’s and facilitate a financial literacy training program without marketing their respective financial products and services to eliminate any suspicion amongst the potential savings mobilizes through provision of adequate financial information to empower them make informed choices related to financial matters in general.
