STRENGTHENING THE FINANCIAL BASE
AN ANALYSIS OF FINANCIAL LITERACY IN SMALL AND MICRO PRIVATE BUSINESSES IN VITÓRIA DE SANTO ANTÃO/PE
DOI:
https://doi.org/10.34629/ric-ijar/1982-3967.2023.v17.e-023007Keywords:
financial literacy, financial education, micro and small family businessesAbstract
This study aimed to identify the financial literacy of managers of family businesses located in Vitória de Santo Antão/PE, and observe whether there are relationships with their socioeconomic characteristics. The data was collected through the application of a questionnaire adapted from the OECD (2011), covering the areas of knowledge, behavior and financial attitude, as well as the socioeconomic characteristics of the respondents and company data. For analysis, descriptive statistics of the data were performed, and to investigate the relationship between socioeconomic characteristics and financial literacy, the Kruskal-Wallis and Dunn's post-hoc tests were adopted. The results revealed knowledge of the most common financial products, such as savings accounts, current accounts, and lack of knowledge of relevant products for the segment, such as microcredit. Regarding financial literacy scores, respondents had a higher average score than the previous OECD study (2020), both for total financial literacy and for financial knowledge, behavior and attitude. This result corroborates the perspective of managers and entrepreneurs of micro and small companies who have levels of financial literacy above the average of the general population. Regarding the relationship between socioeconomic characteristics, it was found that having a regular income and belonging to higher income levels were the characteristics with the highest frequency of significance for literacy scores.
References
Adomako, S., Danso, A., & Ofori Damoah, J. (2016). The moderating influence of financial literacy on the relationship between access to finance and firm growth in Ghana. Venture Capital, 18(1), 43-61.
Agyei, S. K. (2018). Culture, financial literacy, and SME performance in Ghana. Cogent Economics & Finance, 6(1), 1-16.
Álvarez, R. Y., & Montoya, R. J. (2018). Relationship of the financial decision making with the financial knowledge level in MSMEs. Suma de Negocios, 9(19), 36-44.
Amadeu, J. R. (2009). A educação financeira e sua influência nas decisões de consumo e investimento: proposta de inserção da disciplina na matriz curricular. [Dissertação de Mestrado, Universidade do Oeste Paulista]. São Paulo, SP, Brasil. Recuperado de http://bdtd.unoeste.br:8080/tede/handle/tede/820.
Amagir, A., Groot, W., Van Den Brink, H. M., & Wilschut, A. (2020). Financial literacy of high school students in the Netherlands: knowledge, attitudes, self-efficacy, and behavior. International Review of Economics Education, 34, 100185. https://doi.org/10.1016/j.iree.2020.100185.
Atkinson, A., & Messy, F. (2012) Measuring financial literacy: results of the oecd/ international network on financial education (INFE) pilot study. OECD Working Papers on Finance, Insurance and Private Pensions, 15.
Azevedo, J. G., & Leone, R. J. G. (2011). Práticas de gestão financeira em micro e pequenas empresas: um estudo descritivo em indústrias de castanha de caju do estado do Rio Grande do Norte. Revista Ciências Administrativas, 17(1), 55-83. https://ojs.unifor.br/rca/article/view/3221.
Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6-8), 613-673. https://doi.org/10.1016/S0378-4266(98)00038-7.
Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107-128. https://doi.org/10.1016/S1057-0810(99)80006-7.
Clarke, M. C., Heaton, M. B., Israelsen, C. L., & Eggett, D. L. (2005). The acquisition of family financial roles and responsibilities. Family and Consumer Sciences Research Journal, 33(4), 321-340. https://doi.org/10.1177/1077727X04274117.
Creswell, J. W. (2007). Projeto de pesquisa: métodos qualitativo, quantitativo e misto. 2 ed. Artmed.
Daher, D. M., Mineiro, A. A. C., Damaso, J., & Boas, A. A. V. As micro e pequenas empresas e a responsabilidade social: uma conexão a ser consolidada. In: IX SEGeT - Simpósio de Excelência em Gestão e Tecnologia, Rio de Janeiro, Brasil.
Dahmen, P., & Rodríguez, E. (2014). Financial literacy and the success of small businesses: An observation from a small business development center. Numeracy, 7(1), 1-12.
Dalbosco, C., & Zitkoski, D. M. (2005). Modelo de gestão: Um estudo em empresas familiares. Revista de Administração, 4(7), 17-47.
Enef. (2017, August 3). Conceito de educação financeira no Brasil. ENEF. Recuperado de https://www.vidaedinheiro.gov.br/educacao-financeira-no-brasil/.
Essel, B. K. C., Adams, F., & Amankwah, K. (2019). Effect of entrepreneur, firm, and institutional characteristics on small-scale firm performance in Ghana. Journal of Global Entrepreneurship Research, 9, 1-20.
Eniola, A. A., & Entebang, H. (2016). Financial literacy and SME firm performance. International Journal of Research Studies in Management, 5(1), 31-43.
Fleury, M. T. L., & Fleury, A. C. C. (2004). Alinhando estratégia e competências. Revista de Administração de Empresas, 44(1), 44-57.
Gil, A. C. (2008). Como elaborar projetos de pesquisa. 5 ed. Atlas.
Goyal, K., & Kumar, S. (2021). Financial literacy: a systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80-105. https://doi.org/10.1111/ijcs.12605.
Hastings, J., Mitchell, O. S., & Chyn, E. (2011). Fees, framing, and financial literacy in the choice of pension manager. In: Financial literacy: implications for retirement security and the financial marketplace.
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316. https://doi.org/10.1111/j.1745-6606.2010.01170.x.
Inep. (2015). Análises e reflexões sobre o desempenho dos estudantes brasileiros In: Brasil No PISA 2015. [S. L.]. Recuperado de https://download.inep.gov.br/acoes_internacionais/pisa/resultados/2015/pisa2015_completo_final_baixa.pdf.
Jobim, S. S. A., & Losekann, V. L. (2015). Alfabetização financeira: mensuração do comportamento e conhecimento financeiros dos universitários da universidade da região da campanha, Rio Grande do Sul. Revista Sociais e Humanas, 28(2), 125-139.
Jorgensen, B. L. (2007). Financial literacy of college students: parental and peer influences. [Tese de doutorado, Virginia Polytechnic Institute and State University]. Bracksburg, Virginia, EUA.
Kpmg. (2022). Fintechs: crescimento na América Latina. Recuperado de https://kpmg.com/br/pt/home/insights/2022/04/fintechs-crescimento-america-latina.html.
Liao, T. F., & Cai, Y. (1995). Socialization, life situations, and gender-role attitudes regarding the family among white American women. Sociological Perspectives, 38(2), 241-260. https://journals.sagepub.com/doi/10.2307/1389292.
Lucian, R., & Dornelas, J. S. (2015). Mensuração de atitude: proposição de um protocolo de elaboração de escalas. Revista de Administração Contemporânea, 19(2), 157-177. https://doi.org/10.1590/1982-7849rac20151559.
Lucci, C. R., Zerrenner, S. A., Verrone, M. A. G., & Santos, S. D. (2006). A influência da educação financeira nas decisões de consumo e investimento dos indivíduos. Seminário em Administração, 9.
Lusardi, A., & Tufano, P. (2015). Debt literacy, financial experiences, and overindebtedness. Journal of Pension Economics & Finance, 14(4), 332-368. https://doi.org/10.1017/S1474747215000232.
Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and retirement planning in the United States. Journal of Pension Economics & Finance, 10(4), 509-525. https://doi.org/10.1017/S147474721100045X.
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358-380. https://onlinelibrary.wiley.com/doi/10.1111/j.1745-6606.2010.01173.x.
Malhotra, N. K. (2001). Pesquisa de marketing: uma orientação aplicada. E ed. Bookman.
Mandell, L. (2008). Financial literacy of high school students. In: Xiao, J. J. (eds). Handbook of Consumer Finance Research. Springer.
Matias, A. B, & Lopes, J. R. F. (2002). Administração financeira nas empresas de pequeno porte.
Monticone, C. (2010). How much does wealth matter in the acquisition of financial literacy?. Journal of Consumer Affairs, 44(2), 403-422. https://onlinelibrary.wiley.com/doi/10.1111/j.1745-6606.2010.01175.x.
OCDE. (2005). Recommendation on principles and good practices for financial education and awareness: recommendation of the council. Recuperado de https://www.oecd.org/finance/financial-education/35108560.pdf.
OCDE. (2011). Measuring financial literacy: questionnaire and guidance notes for conducting an internationally comparable survey of financial literacy. Recuperado de https://www.oecd.org/finance/financial-education/48303570.pdf.
OCDE. (2016). G20/OECD infe core competencies framework on financial literacy for adults g20/oecd infe core competencies framework on financial literacy for adults adult financial literacy competencies. Recuperado https://www.oecd.org/daf/fin/financial-education/OECD-INFE-International-Survey-of-Adult-Financial-Literacy-Competencies.pdf.
OCDE. (2018). OECD/INFE core competencies framework on financial literacy for MSMEs. Recuperado de https://www.oecd.org/financial/education/OECD-INFE-core-competencies-framework-on-financial-literacy-for-MSMEs.pdf.
OECD/INFE. (2020). OECD/INFE 2020 international survey of adult financial literacy. Recuperado de https://www.oecd.org/financial/education/oecd-infe-2020-international-survey-of-adult-financial-literacy.pdf.
Pinto, M. B., Parente, D. H., & Mansfield, P. M. (2005). Information learned from socialization agents: its relationship to credit card use. Family and Consumer Sciences Research Journal, 33(4), 357-367. https://onlinelibrary.wiley.com/doi/abs/10.1177/1077727X04274113.
Rogers, P., Rogers, D., Souza, G. S. (2018). Comportamento e atitude financeira: refinamento de um modelo de medida e exame de relações estruturais em estudantes universitários. In: V Encontro Brasileiro de Economia e Finanças Comportamentais. São Paulo.
Salomé, F. F. S., Sousa, R. M. N., Sousa, R. E. A., & Silva, V. G. M. (2021). O impacto da pandemia do COVID-19 na gestão financeira das micro e pequenas empresas do setor varejista de Cláudio-MG. Research, Society and Development, 10(6), e36910615303. https://rsdjournal.org/index.php/rsd/article/view/15303.
Schmeiser, M. D., & Seligman, J. S. (2013). Using the right yardstick: assessing financial literacy measures by way of financial well‐being. Journal of Consumer Affairs, 47(2), 243-262. https://onlinelibrary.wiley.com/doi/10.1111/joca.12010.
Sebrae. (2016). Sobrevivência das empresas no Brasil. Recuperado de https://sebrae.com.br/Sebrae/Portal%20Sebrae/Anexos/sobrevivencia-das-empresas-no-brasil-102016.pdf.
Sebrae. (2017a). Guia completo sobre a gestão de empresas familiares. Recuperado de https://sebrae.com.br/Sebrae/Portal%20Sebrae/Arquivos/Guia%20sobre%20gesta%CC%83o%20de%20empresas%20familiares.pdf.
Sebrae. (2017b). Vitória de Santo Antão (PE)|Cidades e Estados|IBGE. Recuperado de https://cidades.ibge.gov.br/brasil/pe/vitoria-de-santo-antao/panorama.
Sebrae. (2020). Informações atualizadas sobre empreendedorismo e negócios. Recuperado de https://agenciasebrae.com.br/.
Sebrae. (2023). Na empresa familiar, a família nunca perde seu lugar. Recuperado de https://sebrae.com.br/sites/PortalSebrae/artigos/na-empresa-familiar-a-familia-nunca-perde-seu-lugar,84f9ec1910c87810VgnVCM1000001b00320aRCRD.
Silva, B. H., Portugal Júnior, P. D. S., Souza, R. S., Piurcosky, F. P., & Lemes, P. T. (2020). A essencialidade da educação financeira na vida do gestor financeiro: uma análise com profissionais da Macrorregião de Varginha-MG. In: XIII Simpósio de Excelência em Gestão e Tecnologia – SEGeT, São Paulo, Brasil.
Sucuahi, W. T. (2013). Determinants of financial literacy of micro entrepreneurs in Davao City. International Journal of Accounting Research, 1(1), 44-51.
Talib, N. A., Yahaya, R., & Jusoh, M. A. (2017). Financial education resource, level of financial literacy and its relationship with financial behaviour among entrepreneurs at north zone mini rtc. International Journal of Accounting, Finance and Business, 2(5), 123- 135.
Yakob, S., Yakob, R., Bam, H. S., & Rusli, R. Z. A. (2021). Financial literacy and financial performance of small and medium-sized enterprises. The South East Asian Journal of Management, 15(1), 5.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Priscila Santana da Paz, Maryana Bonifácio da Silva, Alana Héllen Costa e Silva, Kécia da Silveira Galvão
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
As publicações são cobertas pelos seguintes termos:
- Autores mantém os direitos autorais e concedem à revista o direito de primeira publicação, com o trabalho licenciado sob a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License, que permite o compartilhamento do trabalho com reconhecimento da autoria e publicação inicial nesta revista.
- Responsabilidade dos artigos e resenhas cabe aos autores.
- Nenhum estágio de publicação, avaliação ou submissão envolve transações financeiras.
This work is licensed under a license 