Assessing the Relative Financial Literacy Levels of Micro and Small Entrepreneurs: Preliminary Evidence from 13 Countries

Nikolaos Daskalakis ()
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Nikolaos Daskalakis: Department of Public Administration, School of Economy and Public Administration, Panteion University, 17671 Athens, Greece

JRFM, 2025, vol. 18, issue 5, 1-21

Abstract: This study analysed the financial literacy (FL) levels of micro and small entrepreneurs (MSMEs) across 13 countries using data from the 2021 OECD/INFE survey. Focusing on the three core aspects of financial literacy—knowledge, behaviour, and attitudes—our analysis reveals that FL levels tend to vary by enterprise size, with small businesses generally scoring higher than micro-enterprises. Moreover, countries’ performances differ across the three FL aspects, and these differences appear to be component rather than country-specific. This study applied the standardised OECD/INFE methodology, enabling cross-country comparisons of MSME financial literacy. The results identify specific strengths and weaknesses across countries and FL components, providing valuable insights into policy design and educational interventions. For instance, while financial behaviour scores are relatively strong, financial attitude scores are consistently lower, indicating a gap that requires targeted attention.

Keywords: MSMEs; financial literacy; comparative study (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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