Views of Officers from Ministry of Small and Medium Enterprise on Factors Affecting Financial Literacy Practices among Youth Entrepreneurs in Lusaka Province, Zambia: A Phenomenological Perspective

This study explored views of officers from Ministry of Small and Medium Enterprise on financial literacy practices among selected youth entrepreneurs. The objective of the study was to: identify views of Officers from Ministry of Small and Medium Enterprise on factors affecting financial literacy practices among youth entrepreneurs. A total of 10 participants who were officers from Ministry of Small and Medium Enterprises were purposively recruited within Lusaka Province. Data was collected using face to face interviews, document analysis and non-participant observations. An interpretive phenomenological research design was employed. The study elicited qualitative data strand which was analyzed using Interpretive Phenomenology Analysis. The study found that socioeconomic status, Youth entrepreneurs’ gender, availability of financial training skills, financial attitude, psychological experience based on age, access to financial education and professional financial role models as main factors that determine financial literacy practices among youth entrepreneurs. The study recommends that Youth entrepreneurs themselves also need to improve their financial management knowledge through training and development. SMEs should establish networks within their industries in order to share knowledge, best practices and skills in terms of financial management. These would allow youths to cover all aspects not only for establishment and running of enterprises but also for development of their entrepreneurial, managerial and competency supported by attractive financial literacy policies that touch on the youth entrepreneurs.