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Exploring Financial Literacy Practices among Selected Youth Entrepreneurs in Lusaka Province, Zambia: A Phenomenological Perspective

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  • Agatha Kasonde

    (PhD Candidate, University of Zambia, School of Education)

  • Dr. N. Sichula

    (Lecturer, University of Zambia, School of Education)

  • Dr. K. Kalimaposo

    (Lecturer, University of Zambia, School of Education)

Abstract

This study explored financial literacy practices among selected youth entrepreneurs in Lusaka province, Zambia: The objective of the study was to: establish the financial literacy practices among youth. A total of 30 participants consisting of youth entrepreneurs and officers from Ministry of Small and Medium Enterprises were purposively recruited within Lusaka Province. Data was collected using Face to face interviews, document analysis and non-participant observations. An interpretive phenomenological research design was utilized. The study elicited qualitative data strand which was analyzed using Interpretive Phenomenology Analysis. The study found that setting financial goals; creating financial plans for the future; budgeting skills; and saving up for emergencies were among the common financial literacy practices by the youth entrepreneurs. The study recommends that the number of financial literacy programs should be increased to encourage more youths to participate by facilitating for other life skills training in adulthood; and Non-Governmental Organizations (NGOs) should come up with ways of reaching to youths so as to encourage high participation.

Suggested Citation

  • Agatha Kasonde & Dr. N. Sichula & Dr. K. Kalimaposo, 2025. "Exploring Financial Literacy Practices among Selected Youth Entrepreneurs in Lusaka Province, Zambia: A Phenomenological Perspective," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(1), pages 415-421, January.
    • Handle: RePEc:bcp:journl:v:9:y:2025:i:1:p:415-421
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    References listed on IDEAS

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    1. Sam Allgood & William B. Walstad, 2016. "The Effects Of Perceived And Actual Financial Literacy On Financial Behaviors," Economic Inquiry, Western Economic Association International, vol. 54(1), pages 675-697, January.
    2. Sule Alan & Seda Ertac, 2018. "Fostering Patience in the Classroom: Results from Randomized Educational Intervention," Journal of Political Economy, University of Chicago Press, vol. 126(5), pages 1865-1911.
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