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Financial Education for MSMEs and Potential Entrepreneurs

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  • Adele Atkinson

Abstract

Micro, small and medium-sized enterprises (MSMEs) make up the majority of enterprises in the world, providing employment and contributing significantly to national incomes. Many MSMEs face a number of challenges, including regulatory hurdles and tax burdens, difficulties accessing finance and a lack of general guidance or support. Financial education can be an important tool for helping MSMEs and potential entrepreneurs to obtain access to finance and strengthen money management skills.This working paper presents the results of a stocktake of 21 economies. It shows that, while some MSMEs have access to education, training or mentoring, in most economies approaches are fragmented and risk missing important groups. Identifying MSMEs as a target group within national strategies for financial education would contribute to addressing some of the challenges they face. This would also underline the importance of measuring levels of financial literacy among MSMEs and help policy makers and stakeholders to evaluate programmes that target this group.

Suggested Citation

  • Adele Atkinson, 2017. "Financial Education for MSMEs and Potential Entrepreneurs," OECD Working Papers on Finance, Insurance and Private Pensions 43, OECD Publishing.
    • Handle: RePEc:oec:dafaad:43-en
    DOI: 10.1787/bb2cd70c-en
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    Cited by:

    1. Hemant Kushwaha & Sanjay Kumar Mishra & Manoj Kumar, 2023. "Management of litigation risk by Indian MSMEs," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(2), pages 321-336, June.
    2. Adrian Galapon & Nelson C. Bool, 2022. "Effects of financial literacy and financial behavior on the financial well-being of teachers in higher education institutions in Region 1, Philippines," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(9), pages 150-157, December.
    3. Nathan Mwenda Mutwiri, 2021. "Covid-19 financial distancing for MSMEs in Kenya," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 10(3), pages 357-362, April.
    4. James A. Cunningham & Nadja Damij & Dolores Modic & Femi Olan, 2023. "MSME technology adoption, entrepreneurial mindset and value creation: a configurational approach," The Journal of Technology Transfer, Springer, vol. 48(5), pages 1574-1598, October.

    More about this item

    Keywords

    entrepreneur; financial consumer protection; financial education; micro-enterprise; SME;
    All these keywords.

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