Research Article

Drivers of Financial Literacy in Small and Medium-Size Enterprises (SMES): A Study Based On Demographic and Socioeconomic Factors

  • Forbeneh Agha Jude
    Department of accounting and finance, Faculty of Economics and applied management university of Douala, Cameroon
Published April 30, 2026 Issue Vol. 17 No. 04 (2026) Section Management and Economics Pages 20274-20297
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Abstract

The study delved on the drivers of financial literacy in SMEs, focusing on demographic and socioeconomic factors. Using a Structural Equation Modelling (SEM) approach, data were collected using survey questionnaires from 200 SMEs. The results of the finding revealed that both demographic and socioeconomic factors influence financial literacy of SMEs. Basically, level of education, financial education, financial socialisation, and specialisation in business and/or economics emerged as significant predictors of financial literacy. The findings underscore the importance of promoting financial education programs, encourage specialisation in business and economics, and fostering financial socialisation through social learning in order to enhance financial literacy in SMEs.

Keywords

  • Financial Literacy
  • Demographic
  • Socioeconomic
  • SMEs

How to Cite

Forbeneh Agha Jude . (2026). Drivers of Financial Literacy in Small and Medium-Size Enterprises (SMES): A Study Based On Demographic and Socioeconomic Factors. International Journal of Contemporary Research and Review , Vol. 17 No. 04 (2026) , 20274-20297 .