Status of Financial Literacy Among Small Scale Entrepreneurs: A Case Study
Status of Financial Literacy Among Small Scale Entrepreneurs: A Case Study

Summary/Abstract: The purpose of this paper is to study the status of financial literacy among small scale entrepreneurs (SSEs) in a small district of Tamil Nadu state in India. The study is based on factors influencing small scale entrepreneurs to know about financial services; the problems faced by SSE while availing financial services; their satisfaction towards banking services; and appropriate measures to be taken for improving financial literacy among SSEs. The study implemented a mixed methodology research design using both qualitative and quantitative methods. A survey was conducted among 150 selected small scale entrepreneurs using convenient sampling technique. The results of Garrett Ranking Technique showed that majority of respondents are influenced by knowledge about financial products, followed by knowledge of financial numeracy, money management, budgeting, timely payment of bills, intensity to save, propensity to consume, risk aversion and trusted financial advice. Results of Chi-Square test revealed that the demographic profiles are not significantly related to the problems of the SSEs.

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