Page 59 - DUT ICGA Abstract Book

THE KNOWLEDGE AND AND PRACTICE OF SMALL AND AND MEDIUM ENTERPRISES REGARDING FINANCIAL LITERACY UMGUNGUNDLOVU DISTRICT KZN
Siphumelele Balungile Dlungwane
University of of KwaZulu-Natal (KZN) School of of Accounting Economics and Finance Abstract
Financial literacy is is one of of the the key factors that impact the the success of of small and medium enterprises The low levels of of financial literacy of of small and and medium enterprises influence their ability to grow and and achieve sustainable results The aim of of this research was to assess the knowledge and and practice of of small and and medium enterprises regarding financial literacy The objective of the the study is is to determine the the knowledge of small and medium enterprises regarding financial literacy in fin in UMgungundlovu District describe SMEs practice practice with regards to financial literacy and and establish the relationship between knowledge and and practices and socio-demographic details Quantitative cross-sectional research was employed with data collected through a a a a a questionnaire administered to 105 small and medium enterprises in in UMgungundlovu District in fin Kwa-Zulu South Africa
The The study study revealed both financial practice and knowledge are low The The study study also established there was a a a a a a a a a a a strong positive relationship between financial financial knowledge and age financial financial knowledge knowledge knowledge and and and academic qualification financial financial knowledge knowledge knowledge and and and employee numbers and and and financial financial knowledge knowledge knowledge and and annual annual turnover A positive relationship was also established between financial practice and and annual annual turnover This study recommends that key stakeholders such as government agencies and banks should organise financial education programmes that invest fin in in in improving small and medium enterprises It is is is also recommended that small and medium enterprises pursue short courses in in basic accounting to improve their knowledge base KEYWORDS: Cross-sectional research financial financial literacy financial financial practice small and medium enterprises Book of Abstracts 57