Page 64 - DUT ICGA Abstract Book

EVALUATING FINANCIAL FINANCIAL LITERACY FINANCIAL FINANCIAL ACCESS AND SURVIVAL OF INFORMAL BUSINESSES IN IN IN UMKOMAAS KWAZULU- NATAL
Smangele Nzama
Lecturer Department of of Financial Accounting Durban University of of Technology South Africa Email: smangelen1@dut ac za Abstract
Informal businesses play an an important role in in in society because they provide income for for those that are unemployed Entrepreneurs are well-known sources of innovation and growth but their capacity to accomplish such results is is is inextricably linked to to their ability to to make sound financial decisions Although knowledge knowledge concerning finance has been acknowledged as as an an an important information tool for for making decisions relating to to finance less focus has been paid to to how informal enterprises’ financial literacy influences their growth This study investigates financial financial literacy financial financial access and survival of informal businesses in in in in in fin Umkomaas To obtain a a a a a a a a a better understanding of the intricate relationship between financial literacy access to money and and success a a a a a a a a a a a quantitative approach was adopted and and 108 self-complete questionnaires questionnaires were distributed to to the the owners of of the the informal businesses A total of of 105 questionnaires questionnaires were completed correctly and analyzed using SPSS The findings revealed a a a a a a a significant relationship between financial financial literacy and survival of informal business at (r = 729 p < 0 0 0 0 0005) An analysis between financial financial access and survival of informal business yield at at at an an an insignificant at at at (r =- 199 p < 0 0 05) This suggests that informal business business owners have the the the basic financial knowledge on how to start the the the business business but they are not able to access finance KEYWORDS: Financial Financial Literacy Financial Financial Access Informal Businesses Business Business Survival
62 7th International Conference on on on Governance and Accountability (ICGA) 2022