Starting a business in this era is at the click of a button. This widens the opportunity for more people to venture into the world of entrepreneurs. Little do they know, 95% of business failure is due to financial mismanagement. – Anil Lamba, Financial Literacy Activist, 2017.
Financial literacy is the foundation of good business managers and entrepreneurs. Without it, business owners’ actions and decisions would be baseless, jeopardizing their business.
What is financial literacy?
Financial literacy can be defined as a combination of awareness, knowledge, skill, attitude and behavior necessary to make sound financial decision and ultimately achieve individual financial well-being (Organisation for Economic Co-operation and Development (OECD), 2018).