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Financial Literacy among SMEs’ Owners in Sumatera, Indonesia: The Role of Parents’ Motivation and Experience

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  • Desiyanti, Rika
  • Aza Azlina Md Kassim

Abstract

Financial literacy is the skill to conduct personal and also business finance. Financial literacy shows information and reasoned both for the economy and finance.& Financial literacy is able to apply and regulate financial literacy that affects wellbeing.&In 2013, the financial services authority (OJK) has conducted a financial survey and the result indicated that only 21.8% of people understand finance and in 2016, the percentage has increased from about 8% to 29.66. Lacking&strength&of financial literacy gives low effect on financial decisions, including less saving, &opting for more leverage, and involved in unprofitable investments. This paper a&particular&goal to analyze the influence of parental motivation and experience on financial literacy. Research sample is SMEs' Owners in Sumatra, Indonesia, have been sent questionnaires. &Based on a sample of 60 respondents it can be concluded that parents' motivation affected their financial literacy. Nevertheless, financial experience by the parents does not affect financial literacy.

Suggested Citation

  • Desiyanti, Rika & Aza Azlina Md Kassim, 2020. "Financial Literacy among SMEs’ Owners in Sumatera, Indonesia: The Role of Parents’ Motivation and Experience," Journal of Business and Social Review in Emerging Economies, CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan, vol. 6(3), pages 1130-1138, September.
    • Handle: RePEc:src:jbsree:v:6:y:2020:i:3:p:1130-1138
    DOI: http://doi.org/10.26710/jbsee.v6i3.1374
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