Explore publications.

In the context of rapid technological advancement and evolving financial ecosystems, this study investigates the interplay between financial literacy, digital finance, and financial behaviour among high school teachers in KwaZulu-Natal (KZN), South Africa. Structural equation modelling (SEM) approach was used to describe intricate relationships between latent constructs, namely, financial literacy, financial Behaviour and, digital finance Knowledge as well as observed variables (B7 to B22, C23 to C44, D45 to D56, demographics). Demographic variables include Gender, Age Category, Qualification Type, Teaching Duration, Financial Literacy Course and Field Employed. The model defined each construct as a linear combination of its observed variables as well as demographic variables under its measurement component, and hypothetical relationships among three latent variables under its structural component. We used Python software and machine learning code to create and estimate the model using observed data. The missing values in each observed variable were imputed with averages of the variables’ data. The tests of normality assumption for SEM were performed using histogram and q-q plots, Shapiro-Wilk test D'Agostino and Pearson's test.  Most data vectors violated the normality assumption. Diagonally Weighted Least Squares (DWLS) was used for parameter estimation as a suitable method that can provide better estimation for more complex models with many parameters. This method has an additional advantage of being less sensitive to outliers. The DWLS parameter estimation results, based on p-values, suggest that financial literacy and financial behaviour have a negative association which means that lacking financial behaviour results in financial literacy. A positive association between has been identified between financial behaviour and digital finance knowledge. Financial literacy and digital finance knowledge have a weak or no relationship. Thus, having or not having digital finance knowledge does not necessarily determine the possibility of experiencing financial literacy. Furthermore, among demographic variables, the financial literacy Course is the only demographic variable that has a significant impact, and only on Financial Behaviour and Financial literacy. The rest of the variables do not significantly influence the latent constructs. This study uniquely applies SEM using the DWLS estimator to explore personal finance dynamics in an emerging economy, offering concise insights into key relationships.

The literature reveals that have poor spending habits arising from poor budgeting skills and lack financial knowledge, among others. However, it is unclear which individual lifestyles and attitudes influence the students' spending habits. This study, therefore, fills this gap with empirical evidence from accounting students in South Africa. Specifically, the study aims to investigate the existence of relationships between socio-demographic, attitudinal and lifestyle factors on the one hand and students' spending behaviour, on the other. Using an online structured questionnaire, we collected data from 290 accounting students at the University of KwaZulu-Natal in South Africa, which was analysed using descriptive and inferential statistical techniques. The study finds that socio-demographic factors such as students' age and parental income have the greatest influence on students’ spending habits. Students' spending habits were also found to be influenced by attitudinal factors such as confidence in investment decision-making and shopping for necessities. Finally, it was observed that living an extravagant lifestyle, which includes purchasing branded clothing, compulsive shopping, the latest cell phones, and excessive alcohol purchases, were the primary cause of students' poor spending habits. These findings primarily support the social learning theory, implying that parents and/or guardians play an important role in shaping their children's spending habits.

This study investigates the relationship between financial literacy and financial well-being among youth entrepreneurs in Tanzania, focusing on the mediating role of financial behaviour. Drawing on human capital theory and behavioural economics, this study employed a cross-sectional design and collected data from a sample of youth entrepreneurs using structured questionnaires in selected urban areas in Tanzania. Data were analysed using Structural Equation Modelling (SEM) to assess both direct and indirect relationships among the variables. The findings reveal that financial literacy significantly and positively affects financial well-being, underscoring the foundational role of financial knowledge in enhancing economic decision making. Furthermore, financial literacy significantly influenced financial behaviour, and financial behaviour partially mediated the relationship between financial literacy and financial well-being. These results suggest that while financial knowledge is critical, it is the consistent application of this knowledge through daily financial practices, such as budgeting, saving, and debt management that ultimately leads to improved financial outcomes. This study contributes to the growing literature on financial capability and entrepreneurial sustainability in developing economies and supports the advancement of Sustainable Development Goals, particularly SDG 1, SDG 4.4, and SDG 8. These findings have important implications for policymakers, educators, and development partners aiming to enhance youth financial empowerment through integrated financial education and behaviour-focused intervention.

Small, Medium, and Micro Enterprises (SMMEs) are the foundation of South Africa's economy, driving job creation, innovation, and local economic growth. However, these businesses frequently face challenges in critical areas such as bookkeeping and financial literacy, which have a direct impact on operational performance and sustainability. Limited financial knowledge and inadequate record-keeping practices have long been issues for Alice's SMMEs, posing significant challenges to effective financial management. These gaps in financial literacy and bookkeeping make it difficult for SMMEs to manage cash flow, make informed decisions, and plan for growth, limiting their ability to fully contribute to the local economy. Addressing these challenges has become critical for SMMEs, as improved financial management practices are required for success and resilience in a competitive market. The study's exploring the impact of bookkeeping and financial literacy on the performance of SMMEs in the context of Alice. Data was collected qualitatively through in-depth interviews with 15 SMME operators and analysed thematically to gain a thorough understanding of their experiences and practices. The findings show that both accurate bookkeeping and financial literacy improve business performance, allowing owners to make data-driven decisions, avoid cash flow issues, and lay the groundwork for future growth. Those who fall short in these areas suffer from financial mismanagement, which harms their businesses. Despite the challenges, the study identified strategies implemented by SMMEs owners to improve both bookkeeping and financial literacy such as digital bookkeeping tools, external financial advisory support, and collaborative financial management across teams. Finding from this study are crucial for enhancing SMMEs’ operational performance and fostering economic resilience within South Africa's competitive market.

This study aims to examine and analyze the effect of income on financial well-being, with financial literacy serving as a mediating variable. A quantitative research approach was employed, with the object of study being the community of Poncokusumo Tourism Village. The sample size was determined using a saturated sampling technique, involving 154 respondents from the village community. Data were collected through questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that: (i) income has a significant effect on financial well-being, (ii) financial literacy significantly influences financial well-being, (iii) income positively affects financial literacy, and (iv) financial literacy mediates the relationship between income and financial well-being. Income plays a crucial role as it significantly enhances individuals' quality of life by enabling them to meet daily needs, improve living standards, and plan for future financial security. Furthermore, stable income contributes to greater economic resilience among families and fosters community development. Respondents reported a general satisfaction with their monthly income, which in turn facilitates better financial management and supports the achievement of both short-term and long-term financial goals. This study contributes to the literature by suggesting that village government institutions, non-governmental organizations, and other stakeholders should take initiatives to provide financial literacy training. Future research is encouraged to incorporate additional variables to deepen the understanding of factors influencing financial well-being.

This paper investigated the financial management practices among Small, Medium, and Micro Enterprises (SMMEs) in the Thulamela Local Municipality using a qualitative approach. The research focused on a sample of forty-eight respondents from the informal sector, which was deemed representative of the SMME landscape.  Interviews were conducted with SMME owners, guided by an interview framework, and recorded for transcription and thematic analysis. Findings revealed that competition is perceived as the primary cause of business failures; however, inadequate financial management emerged as a significant underlying issue. The study emphasizes the urgent need for intervention from government, banks, and academic institutions to offer financial management training and improve access to funding for SMMEs. Recommended actions include the establishment of workshops and seminars designed to enhance financial literacy among business owners. Such training would provide them with essential accounting and budgeting skills, ultimately enabling them to meet loan requirements from financial institutions and reducing the risk of cash flow issues and business failure.

This study investigates the impact of financial literacy, financial inclusion, and financial behavior on the performance of micro-businesses in Sikka Regency, Indonesia, in light of the persistent challenges faced by micro-business operators, including limited financial knowledge, restricted access to financial services and poor financial management practices. The research objective is to examine the relationships among these financial factors and their influence on micro-business performance, introducing financial behavior as a moderating variable to provide deeper insights into its role. The study employs a quantitative research approach, utilizing a survey method with a structured questionnaire. The sample was determined using the Slovin formula with a 5% margin of error, resulting in a final sample size of 346 micro businesses drawn from a population of 2,536 micro businesses through five cooperatives. The results indicate that financial literacy has a significant positive effect on micro business performance, financial inclusion significantly enhances micro business performance, financial behavior plays a crucial role in improving micro business performance, financial literacy positively influences financial inclusion, financial inclusion mediates the relationship between financial literacy and micro business performance, and financial behavior moderates the relationship between financial literacy and micro business performance. This study contributes to the literature by confirming the necessity for integrated financial literacy and behavior training programs to enhance the sustainability of micro businesses.

The study aimed at evaluating financial record keeping on financial performance of SMEs in Kinigi Sector. The study was guided by three specific objectives. A descriptive design with a population of 447 and sample size of 211 SMEs was adopted. The study has a pilot study which have been carried and shown a reliable type of instrument which was used to collect information relating to the research objectives. The results of objective one has a low mean showing that there is little or simply insufficiency in ensuring that transactions of the business are not updated accordingly to reflect the activities done in the business. Results of objective two and three as well show a low level suggesting a very low attempt in ensuring record keeping updates and accuracy and it has been seen that it affects the SMEs financial performance. The study studied the relationship by Pearson correlation which have shown a perfect relationship on self-sub variables in the study but also showing a medium significance between financial record updates, record storage, record accuracy and financial performance. The study concluded reminding positive relationship between the study independent variable parameters of financial record keeping together with the dependent variable for selected small scale and medium enterprises in Kinigi Sector; this have shown that a change in the practices of record keeping affect the financial performance of small scale and medium enterprises in Kinigi Sector. The study has made recommendations in relation to the objectives where small and medium enterprises have been recommended to carry out the financial record keeping to ensure that there is proper performance and as well the government policy makers to enhance the courage of record keeping to encourage financial performance in Kinigi Sector.

Financial literacy is a critical factor that significantly impacts the success and achievement of small and medium enterprises' (SMEs) objectives. Unfortunately, many SMEs struggle with inadequate financial literacy, which hinders their ability to make informed decisions, manage resources effectively and drive growth. This knowledge gap can lead to poor financial planning, inefficient resource allocation and a lack of resilience, ultimately threatening the long-term sustainability of these businesses. By prioritising financial literacy, SMEs can enhance their capacity to develop realistic financial projections and budgets. This study investigated the level of financial literacy among small and medium enterprises (SMEs), examining both their knowledge and practical applications of financial concepts. Additionally, the research explored the correlation between SMEs' financial literacy and their socio-demographic characteristics, such as business size, industry, owner's age, education, and experience. A quantitative research approach was employed to achieve the study's objectives and primary data was collected through a questionnaire survey administered to a sample of 105 small and medium enterprises (SMEs) located in the uMgungundlovu District of KwaZulu-Natal, South Africa. The data analysis was conducted using SPSS version 23, leveraging both descriptive and inferential statistics to extract insights and meaning from the data. The findings of this study indicate that small and medium enterprises (SMEs) in the uMgungundlovu District exhibit low levels of financial knowledge and practice. Notably, the research revealed significant positive correlations between financial knowledge and various factors, including: age, qualifications, number of employees and annual turnover. A positive relationship was also established between financial practice and annual turnover. This study recommends that stakeholders, for instance, government agencies and banks should organise financial education programmes that invest in improving financial practices of small and medium enterprises. It is also recommended that small and medium enterprises pursue short courses in basic accounting to improve their knowledge base.

This study investigates the impact of financial literacy on small and medium-sized enterprises (SMEs), focusing on its role in enhancing financial decision-making, access to finance, fintech adoption, and risk management. Grounded in Resource-Based Theory (RBT) and Human Capital Theory (HCT), financial literacy is positioned as both a strategic capability and a form of human capital that strengthens firm resilience and competitiveness. A systematic literature review was conducted, synthesising evidence from 18 empirical studies published between 2016 and 2024. Findings reveal that financial literacy significantly improves SMEs’ ability to budget, manage debt, and evaluate investment decisions. It also enhances creditworthiness through improved financial record-keeping, thereby facilitating access to financing. Moreover, digital financial literacy is identified as a catalyst for fintech adoption, which contributes to cost reduction, operational efficiency, and financial transparency. The study concludes that targeted financial literacy interventions are essential, especially in developing economies where SMEs face structural constraints. It calls for integrated financial education strategies involving policymakers, financial institutions, and SME development agencies. Further empirical research is recommended to examine the long-term and digital dimensions of financial literacy as a driver of sustainable SME performance.

The study aims to examine and analyze the role of financial socialization, financial attitude, and locus of control on financial behavior with financial literacy as a mediating variable. This study uses quantitative data. The object of this research is generation z in Malang city. The sample size in this study was determined using a purposive sampling technique with a total sample of 240 generation z in Malang city. The data collection method uses a questionnaire, data is analyzed using PLS-SEM. The research results show (i) financial socialization not influences financial behavior, (ii) financial attitude influences financial behavior, (iii) locus of control influences financial behavior, (iv) financial socialization, financial attitude and locus of control influences financial literacy, and finally (v) financial literacy mediates between financial socialization, financial attitude, locus of control and financial behavior. The importance of financial behavior cannot be ignored, as it plays a crucial role in achieving individual well-being and overall economic stability. Good financial behavior helps individuals manage their spending, savings, and investments wisely, so that they can achieve their short-term and long-term financial goals. This research makes a theoretical contribution by supporting the theory of Planned Behavior and for educational institutions, non-governmental organizations and other related parties can take the initiative to provide training related to financial literacy. It is hoped that future research can add new variables to influence financial behavior.

This study sought to examine the correlation between the financial literacy of small business proprietors and the performance of their enterprises in the northern region of Tshwane Ga-Rankuwa.  The research utilised a quantitative methodology, employing a standardised questionnaire distributed to small business owners.  A quantitative methodology underpinned the study's aims in examining a potential association between financial literacy and business performance.  Data were examined via STATA/small enterprise, version 17.  Descriptive and inferential statistics were conducted to analyse the distribution of study participants and their financial literacy.  Multiple linear regression evaluated the relationships between predictor factors (socio-demographic characteristics and financial literacy) and return on assets.  The small firms reported low to moderate profits and elevated returns on assets (ROA).  Substantial correlations are present among family size, income level, and ROA, contesting the assumptions that education and experience are predictors of performance.  Financial performance exhibits good connections with financial literacy and access to financing; nevertheless, the minor associations with knowledge and attitude highlight crucial dimensions of performance.  Small firms must to seek methods to enhance profitability and invest in financial literacy.  Authorities ought to enhance access to funding for small firms and should evaluate the relevance and quality of education concerning its contribution to financial literacy.  The research demonstrated the significant influence of financial literacy and access on forecasting financial performance.  Nonetheless, the correlation between financial literacy, attitudes, and actual financial results was less pronounced than anticipated.

This research aims to determine and analyze the influence of financial literacy and lifestyle on financial behavior. This type of research is explanatory research using a quantitative approach method. The sampling technique uses probability sampling with the proportionate stratified random sampling method with a sample size of 395 people. The data analysis technique used in this research is multiple linear regression analysis using SPSS tools. The results of this research show that financial literacy has a positive and significant effect on the financial behavior of generation Z. Lifestyle has a negative and significant effect on the financial behavior of generation Z. Financial literacy and lifestyle simultaneously have a positive and significant effect on the financial behavior of generation Z in Sawahan District, Surabaya City. The results of this study suggest that generation Z must have qualified financial literacy and have a healthy lifestyle in order to form good financial management so that generation Z has an awareness of the importance of doing good financial planning as early as possible to achieve financial well-being.

The contributions of entrepreneurs to wellbeing have been recognised in both industrialised and non-industrialised nations for engaging in solving socio-economic issues. In both economies, financial knowledge seems to be a significant instrument for assisting entrepreneurs, especially women, and other latent entrepreneurs to attain access to finance and reinforce money management skills. However, there is a lack of commitment to understand challenges affecting women’s economic activities. The purpose of this paper is to analyse the impact of financial knowledge on the economic empowerment of women entrepreneurs in KwaZulu-Natal, South Africa. This study utilised a quantitative research design rooted in positivism philosophy. The study focused on surveying 500 women entrepreneurs including refugees and migrants, ultimately receiving responses from 400 participants. Respondents were selected using convenience quota sampling technique who are operating in the Durban Metropolitan areas. A Likert Scale model has been used in the quantitative questions and respondents had to select answers to the close-ended questions. With the help of 10% of the participants who served as pilot respondents and research professionals in the area of entrepreneurship, the instrument was updated and modified. Statistical Package for the Social Sciences (SPSS) version 26.0 was used to cross-check, clean, code, and analyze data collected from the target population. The findings show that entrepreneurial activities empower women economically, poor business skills such as insufficient financial literacy skills, access to finance, education and training hinder their economic development. Recognising the valuable contribution of women entrepreneurs to socioeconomic growth, it is essential to implement policies that promote financial literacy among female business owners. This contributes to the sustainability of women-led small and medium-sized enterprises, enhances their empowerment, and promotes economic growth.

This study examines the relationship between financial sustainability and the financial well-being of SME owners in Durban, South Africa. Utilising a quantitative research design, data were gathered through close-ended surveys from a diverse cross-section of SME owners, employing a cross-sectional approach.The study adopted a positivist philosophical framework, emphasising quantitative data analysis to derive conclusions. A total of 250 responses were collected, yielding a robust response rate of 82%. The analysis involved descriptive statistics and correlation analysis, with the correlation matrix revealing a positive, statistically significant correlation (r = 0.504, p < 0.05) between financial sustainability and financial well-being. The findings indicate that higher levels of financial sustainability are associated with greater financial well-being among SME owners, though the strength of this relationship is moderate. The regression analysis further supports this positive association, suggesting that interventions aimed at enhancing financial sustainability may significantly improve the financial well-being of SME owners. These results align with the theoretical framework of the Easterlin Paradox, which highlights the relative importance of financial stability in enhancing overall well-being. Based on these findings, several recommendations are proposed, including fostering financial literacy, enhancing access to financial resources, and promoting entrepreneurial collaboration.

The implementation of Financial Accounting Standards for Micro, Small, and Medium Enterprises is very important as a basis for presenting reliable financial statements to gain public trust because the financial statements are written based on applicable accounting standards. The research population consisted of MSME players in Indonesia. The sample in this study was selected using purposive sampling technique. The research hypothesis was tested using SmartPLS 3.0 software with the Structural Equation Modeling Partial Least Squares (SEM-PLS) method. The results of the research showed that the use of information technology (IT), level of education, socialization of financial accounting standards for Micro, Small, and Medium Entity (SAK EMKM) and business age had no effect on the implementation of SAM EMKM, while accounting knowledge, the level of readiness of market participants, and taxpayer compliance were proven to have a positive effect on the implementation of SAK EMKM.

That are many factors that can influence country's economic growth. Given its important contribution to Gross Domestic Product (GDP) and job creation, it is necessary to further study what factors can affect the existence and the performance of SMEs. This study aims to analyze the effect of financial literacy and the use of financial technology on the performance of SMEs mediated by financial inclusion. The data was collected using purposive sampling technique by distributing questionnaire. The sample of this study consists of 150 culinary SME actors in Malang City that have used QRIS (Quick Response Code Indonesia Standards) application as one of the payment methods. Collected data was analyzed using PLS software. The results showed that there is a significant influence between financial literacy and the use of financial technology on business performance. Financial inclusion can significantly mediate the effect of financial literacy and the use of financial technology on business performance.

This study aims to analyze the impact of financial socialization on financial well-being through financial literacy as a mediating variable. Using a quantitative approach, the study involved employees of PT. Solusi Bangun Indonesia Tbk and collected data through questionnaires. The results indicate that financial socialization has a significant effect on financial literacy but does not have a direct impact on financial well-being. Financial literacy was found to have a positive and significant effect on financial well-being and plays a mediating role between financial socialization and financial well-being. These findings emphasize the importance of improving financial literacy to support better financial management and enhance individual well-being. This research provides insights for the development of more effective financial education programs to improve financial literacy and well-being among employees.

This paper aims to examine the effect of financial stress on financial well-being with the mediation of financial health. This article also aims to see the influence of each variable, especially the importance of financial health. We use the Structural Equation Modeling (SEM) data analysis (SEM-PLS) method. The data sample is 230 young adults aged 25-30 years who live in Blitar City and Regency. The main findings of this research show that (i) there is a significant negative effect of financial stress on financial well-being, (ii) financial health has a positive effect on financial well-being, and finally, (iii) financial health mediates between financial stress and financial well-being. Financial health not only has a direct effect on financial well-being but also partially mediates financial stress. Young adults are expected to be able to manage their financial stress in everyday life. This aims to improve the individual's financial health, which will automatically improve the individual's financial well-being. It is hoped that future research can add new variables to influence financial well-being.

The rapid development of Financial Technology (Fintech) has had an impact on Indonesia's digital economy. Paylater has become the service people choose to meet their daily needs in addition to the increasing number of business transactions carried out electronically (ecommerce). The increase in the use of paylaters in e-commerce increases every year, accompanied by negative impacts such as impulsive buying and consumptive behavior that can befall users and heve derimental impact, especially Generation Z on the island of Java, if they do not have good Financial Management Behavior. The unique phenomenon that currently occuring is that there is an increase in the knowledge possessed but the Non Performing Loan (NPL) rate is also high. This research aims to determine the factors that influence of Financial Knowledge on Financial Management Behavior with Locus of Control and Financial Attitudes as mediation. This research is categorized as explanatory research. The respondents in this study were Generation Z e-commerce paylater users on the island of Java. The sample size in this study was determined using a purposive sampling technique with a total sample of 317 respondents. The data collection method uses a questionnaire, data is analyzed using PLS-SEM. The research results show that Financial Knowledge influences Financial Management Behavior and Locus of Control and Financial Attitudes as a psychological variable added based on Behavioral Finance partially mediate this relationship. It is hoped that beside from increasing their knowledge, ecommerce paylater users on the island of Java must have faith for what in what they can get in the future is controlled by themselves and attitudes in carrying out financial management.