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All Journal Journal of Applied Management and Business (JAMB)
Dwyanti, Dwyanti
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Humanities Computer Science & IT Economics, Econometrics & Finance Social Sciences Other

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The Importance of Financial Literacy in Financial Management in Micro, Small and Medium Enterprises (MSMEs) Dwyanti, Dwyanti
Journal of Applied Management and Business Vol. 5 No. 1 (2024): Vol.5 No.1, July 2024
Publisher : Universitas Dinamika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37802/jamb.v5i1.661

Abstract

This research examines the impact of financial literacy on the financial management of Micro, Small, and Medium Enterprises (MSMEs) by building upon previous studies. A robust level of financial literacy within MSMEs is crucial for enhancing the effectiveness of financial management practices. Literature review indicates that a heightened understanding of fundamental financial concepts empowers MSMEs to make informed financial decisions, contributing to their overall resilience and sustainability. A deeper comprehension of financial management aids MSMEs in identifying financial opportunities and mitigating risks when formulating long-term financial strategies. Collaborative efforts involving various stakeholders, such as government bodies, financial institutions, and non-government organizations, are essential to elevate financial literacy among MSME stakeholders. It is anticipated that this literacy enhancement will positively impact the welfare and sustainability of the MSME sector as a whole, fostering local economic growth.
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