Financial Literacy and Entrepreneurial Decision-Making Among Informal Traders in Zambia

Kampamba Chibesa and Austin Mwange
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Kampamba Chibesa: Institute of Distance Education, The University of Zambia
Austin Mwange: Graduate School of Business, Lusaka, Zambia

East African Finance Journal, 2024, vol. 3, issue 2

Abstract: Financial literacy is crucial in influencing entrepreneurial decision-making, especially for informal traders in Zambia, who work within a dynamic yet financially limited environment. This research examines how financial literacy affects the decision-making processes of informal traders in Lusaka, Zambia. A mixed-methods approach was used, gathering data from 350 informal traders through structured surveys and qualitative interviews. Results indicate that higher levels of financial literacy are associated with better decision-making in areas such as business planning, investment selections, and financial management. Regression analysis findings show that financial literacy is a significant predictor of entrepreneurial decision-making (β = 0.54, p

Keywords: Financial literacy; informal traders; financial education; Zambia (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:cwk:eafjke:2024-17

DOI: 10.59413/eafj/v3.i2.11

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