Financial Literacy And Personal Financial Management Case Study

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Abstract
The complex relationship between manager’s financial literacy and firm performance raises attention to development training programme with aim of promoting entrepreneurial mind set to the SMEs. Most research into financial literacy and personal financial management is focused on the general public. This research is nevertheless focused on business owners and managers of small and medium enterprises (SMEs), because the socioeconomic function performed by SMEs is widely known, both internationally and in Nigeria. The intention is to explore this fairly un-researched field so as to identify the specific needs of SME owners in this sector. Although one might expect that the owners and managers of SME firms have significant expertise in financial management as a decision making condition for an appropriate level of financial literacy. Likewise, financial knowledge, …show more content…

Financial literacy is the ability to make informed judgments and effective decisions concerning the administration of financial management (Gavigan, 2010).
Financial management means the management of control, organising and planning of finance within a business (Lasher, 2010). This is an area that requires knowledge, skill, attitude and experience with goals to deal with the survival of the firm; profits maximization; sales maximization; capturing a particular market share; minimising staff turnover and internal conflicts; and maximising wealth (Jacobs, 2001). It can be among the most essential strategic tools to more efficient allocation of financial resources and to greater financial

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