Aims: The study examines the extent to which financial knowledge influences the economic empowerment of women entrepreneurs in Durban, South Africa.
Study Design: This study adopted a survey research design.
Place and Duration of Study: Data was collected from women
entrepreneurs based in the Durban Central Business District, South Africa,
during the period from May to July 2019.
Methodology: The study employed a quantitative research strategy
grounded in a positivist paradigm. Data was collected from 400 women
entrepreneurs using a convenience quota sampling technique, with the sample
size determined through the Cochran formula. A total of 500 surveys were
distributed, yielding 400 completed responses and an 80% response rate. Data
analysis involved descriptive statistics, Spearman's rho, and Chi-square tests,
all conducted using the Statistical Package for the Social Sciences (SPSS).
Results: The study aimed to examine whether there is a positive
relationship between the perceived link between economic empowerment and gender
equality, and the perception of financial knowledge's role in poverty
alleviation. Additionally, it sought to determine whether a positive
relationship exists between perceived managerial control over loans and the
perception of financial knowledge's role in alleviating poverty.
Conclusion: The study aimed to explore the need for financial
knowledge and economic empowerment, specifically examining how financial
literacy can play a pivotal role in poverty alleviation. The findings highlighted
that a significant gap exists in financial knowledge among disadvantaged
communities, where individuals often lack the necessary understanding to make
informed financial decisions. This lack of knowledge exacerbates their economic
challenges, making it more difficult for them to escape the cycle of poverty.
Moreover, the study emphasized that economic empowerment,
facilitated by financial education, is essential for fostering long-term
economic independence. It is evident that when women entrepreneurs are equipped
with essential financial skills, such as budgeting, saving, and investing, they
are better positioned to improve their financial stability and create
opportunities for sustainable growth.
Author
(s) Details
Ka Muzombo Kandolo
Durban University of Technology, South Africa.
Musawenkosi Ngibe
Durban University of Technology, South Africa.
Please see the book here:- https://doi.org/10.9734/bpi/bmerp/v9/3029
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