Elevating Financial Literacy Among Women Entrepreneurs: Cognitive Approach of Strong Financial Knowledge, Financial Skills and Financial Responsibility

Abstract

A notable challenge for Malaysian women entrepreneurs is the lack of adequate financial literacy, which leads to a major setback in their business growth.  However, it was discovered that women entrepreneurs have poor financial knowledge and a narrow-minded "just live for today" mindset when it comes to financial planning. The purpose of this study is to raise financial literacy among Malaysian women entrepreneurs to encourage accountable behavior and rational thinking to improve financial knowledge, financial skills and financial responsibility.  Thus, this study is extremely referred to in the cognitive approach of strong financial knowledge, financial skills and financial responsibility of the group to be considered, giving importance to the development of the community economic activities and program. This study adopts the theory of resource-based view and uses a mixed-method design that combines the quantitative research methods of questionnaires and qualitative research method of semistructured in-depth interviews to improve the level of financial literacy that is anticipated to advance financially literate women entrepreneurs for sustainable economic wellbeing. The outcome of this study is expected to alleviate women entrepreneurs’ economic well-being since there is no specific benchmark of financial literacy for women-based entrepreneurship currently. Integrating the standpoints of women entrepreneurs is recognized as the mission of the Ministry of Women, Family, and Community Development to increase the number of participants and raise the status of women entrepreneurs in this country as well as towards "Developing Malaysia MADANI", support the principles of Shared Prosperity Vision and the mission of SDG2030.