Financial Literacy and Survival of Small and Medium Scale Enterprises
The study examined the impact of financial accounting literacy on the growth, development and survival of SMEs. The study used primary source of data obtained using a well-structured questionnaire. The sample size of the study was 90 respondents, comprising SMEs of different sectors. The Chi-square estimation tool was employed to analyse data collected. The study found that financial literacy has led to an increase on profit margins of SMEs; that financial literacy has led to an increase on sale growth of SMEs and that financial literacy has led to an increase on market share of SMEs. It was concluded that financial knowledge and attitudes influences SMEs performance. It was recommended among others that there is a need for training programs on budgeting and planning, debt management, record keeping; saving and retirement plans in schools and other institutions that seek to promote financial literacy and practice. Key words: financial literacy, financial regulator, enterprise performance, and market share