Financial Decision Behaviour and Financial Well-Being Among Women in Business in Zambia: A Comparative Study of Lusaka and Mumbwa Districts

This study examines how financial literacy and background factors shape financial decision-making behaviour among women entrepreneurs in Zambia and its impact on individual and business financial wellbeing. Using a mixed-methods approach (130 survey respondents, 10 in-depth interviews), we analyse data from 140 women led small enterprises in Lusaka and Mumbwa districts. Logistic regression of various background characteristics and financial decision behaviour reveals no significant association (p > 0.05) between financial decision-making behaviour and background factors, though thematic analysis of in-depth interview data highlights the intersecting roles of age, income, and financial literacy. Qualitative findings further demonstrate how fear, risk aversion, and family responsibilities constrain women’s financial choices, ultimately affecting their financial wellbeing. Therefore, the study emphasised the need for gender responsive financial training programs to address these barriers, contributing to policy discussions on women’s economic empowerment in low and high resource settings.