Socio-cultural Factors and Financial Literacy Practices of Micro-entrepreneurs in Kwara State

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dc.contributor.authorSakariyahu Ola Rilwan
dc.contributor.authorOlatunji Abdulganiy
dc.contributor.authorJimoh Abdulrasaq Taiye
dc.date.accessioned2025-04-29T09:14:11Z
dc.date.available2025-04-29T09:14:11Z
dc.date.issued2016
dc.description.abstractSmall and medium scale enterprises (SMEs) form the bedrock of significant growth in many developing economies of the world. Owners of SMEs however, are influenced by certain socio cultural factors in the bid to making sound financial decisions. Financial literacy is the acquisition of financial skills and knowledge by individuals with a view to earning more, spending less and getting things done appropriately. This paper examined the influence of socio-cultural factors on the financial literacy practices of micro-entrepreneurs in Kwara state. Religious belief, cultural conception of financial management and group membership served as proxies for socio-cultural factors while book keeping practice and utilization of financial services were proxies for financial literacy practices. Primary data were obtained from selected micro entrepreneurs across the three senatorial districts of the state. Data were analyzed using binary logistic regression and the results showed that culture and group membership have probable significant influence on each of the proxies of financial literacy practices while religiosity was found to be statistically insignificant at 10% alpha level. The study therefore recommends that government in conjunction with financial institutions should start to promote various financial education programs so that micro-entrepreneurs will be able to get basic and advanced financial knowledge through organized seminars and workshops. These programmes should focus particularly on important life-planning aspects such as basic savings, debt, insurance, retirement plans or pensions.
dc.identifier.issn1118-7557
dc.identifier.urihttps://uilspace.unilorin.edu.ng/handle/123456789/15584
dc.language.isoen
dc.publisherDepartment of Economics, Ambrose Alli, University, Ekpoma
dc.relation.ispartofseriesVol. 6; No. 1
dc.subjectSocio-cultural
dc.subjectfinance
dc.subjectliteracy
dc.subjectmicro-entrepreneurs
dc.titleSocio-cultural Factors and Financial Literacy Practices of Micro-entrepreneurs in Kwara State
dc.typeArticle

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