The Effects of Financial Literacy on entrepreneurial Success amongst University students.
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Date
2024-09-26
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Uganda Christian University
Abstract
ABSTRACT
Financial literacy has been documented as a vital factor in poverty lessening and
enhancing employability rates. However, there is a scarcity of empirical evidence on
the specific mechanisms through which financial literacy effects entrepreneurial
Success, particularly among university students. Despite the recognized importance of
financial literacy in poverty reduction and enhanced employability rates there is limited
empirical evidence on the underlying mechanisms of change in the context of
entrepreneurial Success. To address this gap, the study explores the effects of financial
literacy entrepreneurial Success, while also examining potential variations in this
relationship based on gender and socioeconomic status.
The study found that participants had average financial literacy, with room for growth
in understanding specific financial products and services. Although there was a
significant tendency towards entrepreneurship, practical involvement and training in
entrepreneurial activity differed. The study discovered a positive relationship between
entrepreneurial success amongst university students, emphasizing the importance of
financial knowledge and decision-making abilities, and awareness of financial products
and services in generating entrepreneurial aspirations.
Gender and socioeconomic status were investigated as potential moderating factors,
and while some connections were detected, they were not consistently strong or
statistically significant across all variables. This study emphasizes the significance of
focused interventions to increase financial literacy and practical engagement, notably
through integrated curriculum creation, experiential learning, mentorship, resource
centers, public awareness campaigns, and longitudinal studies.
Finally, this study adds to our understanding of financial literacy and entrepreneurial
success amongst university students. Academic institutions may equip students to
manage the difficulties of entrepreneurship with confidence by encouraging financial
literacy and an entrepreneurial mindset, ultimately contributing to economic growth
and development. Future study ideas include longitudinal investigation